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Posted on: August 4th,2016 By Rod Friesen

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Vacant Possession of a Foreclosure – They’re still here!

Posted on: December 19th,2014 By Rod Friesen

Just a quick thought, as recently I have had a few experiences where the owner living in the home has been foreclosed on and once the property sells they do not move out on time. I was surprised to learn the process can take up to 3 weeks to get the person removed from the home.

The police cannot do anything about it. The process is to go back to the lawyer for the lender who foreclosed on the property and have them file for a writ of possession. They are then in a position to get a sheriff and/or a bailiff involved to evict the person living there.

I have had 2 recently where the day of possession came and the new owners were greeted with people living in their home and refusing to leave. You would think with a moving truck in tow and a court order granting ownership of the property to the new owners that the police would be able to evict the person living there for trespassing. Not the case (although, I still do not understand why).

With that said, there are ways to ensure this does not happen to you. You can have the lawyer for the lender file a writ of assistance on the day the court approves the sale. This does allow the police to assist. I have yet to see a lawyer do this, but it is an option.

It is a sad thing to see a family trying to move into their new home with kids, dogs, movers etc… waiting to go in, only to have someone deciding they are going to trespass.

Can your real estate agent trust you?

Posted on: March 5th,2014 By Rod Friesen

Realtors are generally normal people with kids, lawns that need to be cut, golden retrievers and mortgages just like you.

They have chosen a difficult but rewarding career.

Difficult because they are expected to always be on call and work many days of the week totally unpaid, willingly offering free advice and showing properties to folks who don’t buy.

Difficult because of the mountains of legislation and legal updates they need to be aware of so they don’t get sued while navigating a normal working day in the real estate business.

A trusted agent will jump on-line or step away from a turkey dinner with all the fixins’ to answer your question on the phone about the size of a second bedroom.

Don’t break your agent’s heart by being disloyal

You used good judgement in choosing your agent and you have promised to communicate all your thoughts, ideas and questions to them as you navigate this process together.

Believe it or not you have to trust each other through over 200 steps in a normal real estate transaction.

Great agents live by their positive reputation. Don’t worry.
Pushing you to sell your home for under market value or not representing your interests is not
beneficial to their long term careers in any way.

Allow yourself to trust your agent and stick with them through the ups and downs that always happen in the market.

This will go a long ways towards your agent trusting you.

It’s just human nature

A great agent that trusts you completely will always go the extra mile.

CMHC validity being challenged by International Monetary Fund (IMF)

Posted on: November 27th,2013 By Rod Friesen

The International Monetary Fund says Canada is exposing itself to risk by insuring mortgages through the Canada Mortgage and Housing Corporation and recommends winding down the federal housing agency.

The advice is contained in the IMF’s latest economic report card on Canada, which projects modest economic growth of 2.25 per cent in 2013, but warns of “downside risk” from the unstable U.S. economy.

CMHC ‘exposes the fiscal budget to financial system risks and might distort the allocation of resources in favour of mortgages and away from more productive uses of capital’
– IMF report
The IMF notes that Canada’s hot residential property market is a risk going forward, because household debt is so high.

Canada’s relatively robust consumer spending has powered the economy while corporate investment and exports slowed in 2013, the IMF said. But if the housing bubble pops, that could weigh on consumer confidence and hurt the economy, it added.

At the same time, it noted the moderation in housing sales and new building over the past three months.

In its concern about the housing market, the IMF is echoing federal Finance Minister Jim Flaherty, who has moved several times over the last 18 months to cool house prices by demanding banks tighten mortgage rules.

Risks from CMHC mortgages

In late spring, Flaherty announced CMHC would not insure mortgages of longer than 25 years, down from 30. That helped raise the monthly cost of a mortgage and could discourage some families from buying.

Housing affordability eroding, RBC says
Stricter mortgage rules still slowing CMHC lending

Flaherty has also mused about privatizing the CMHC, but that could remove from government hands the very instrument he used to cool housing sales.

Like Flaherty, the IMF is worried about the risk to taxpayers from the federal agency, which insures second mortgages for people who cannot afford a full downpayment.

In recommending that Ottawa consider winding down CMHC, the IMF said the agency “exposes the fiscal budget to financial system risks and might distort the allocation of resources in favour of mortgages and away from more productive uses of capital.”

Flaherty takes credit for cooling housing market
No plans to intervene in housing market, Flaherty says

The IMF had praise for Flaherty’s policies, which were aimed at stemming off the kind of housing bubble that afflicted the U.S. and brought down U.S. housing agencies Fannie Mae and Freddie Mac.

Recommends private sector take on 2nd mortgages

“Against this background, the government’s recent initiatives to impose limits on government-backed mortgage insurance have been appropriate,” the IMF report said, recommending that Ottawa take measures to encourage the private sector to take on second mortgages.

CMHC, established in 1946 to house war veterans and promote home building, evolved into a backer of mortgages in 1954, when the chartered banks first began offering mortgages. It has a mandate to ensure Canadians have affordable housing and has shouldered part of the risk of mortgages for three generations of Canadians.

Likes low-rate policy

The IMF report backed the Bank of Canada’s policy of keeping interest rates low until the economy picks up, probably at the end of 2014 and said it expects Canadian exports will pick up next year as the U.S. economy recovers. But it warned there is downside risk to Canada because there is no guarantee of a U.S. recovery and things are looking doubtful in the rest of the world as well.

Bank of Canada ends rate hike warning, cuts growth outlook
“Renewed political standoff [in the United States] over spending appropriations and the debt ceiling and a faster than expected increase in long-term rates in the context of exit from quantitative easing could negatively affect the U.S. recovery and hence demand for Canadian exports,” the IMF said.

“Protracted weakness in the euro area economic recovery and lower than anticipated growth in emerging markets would also hurt the prospects for Canada’s exports, including through lower commodity prices,” it added.

Courtesy of CBC.ca

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