Vancouver for under $1,000 per month!!

THOMASINA BARNES

From Friday’s Globe and Mail

March 13, 2009 at 11:09 AM EDT

• 8988 HUDSON ST., UNIT 306
• ASKING PRICE: $239,900
• SELLING PRICE: $234,000
• PREVIOUS SELLING PRICE: $158,900 (2004)
• TAXES: $958 (2008)
• DAYS ON MARKET: five
• LISTING AGENT: Keith Roy, Macdonald Realty

Low interest rates mean low mortgage payments, a combination that is bringing buyers back to the market, agent Keith Roy says.

“Most people don’t care about the price of the home as much as they care about the monthly payment for owning the home,” he says.

“With interest rates at historic lows and prices down year over year, first-time buyers and renters are returning to the market.”

Enlarge Image

The suite sold to a first-time buyer after the first open house.

While the unit is small, the new owners were “attracted by the modern design and steel construction” of the five-year-old building, Mr. Roy says.

The bachelor suite also has reclaimed fir floors, a gas fireplace and stainless steel appliances. “Even though it is only 470 square feet, this unit is well laid out and has a separate area for the bed, a walk-in closet and large soaking tub,” he says.

The loft-style apartment also has 10-foot ceilings, granite countertops and a balcony for barbecues.

Other amenities include ensuite laundry, an underground parking stall, a three- by six-foot storage locker and communal bike room.

A $136 monthly maintenance fee covers garbage pickup, gardening, hot water and the maintenance and use of an in-house fitness centre.

“You should not be fooled by size,” Mr. Roy says. “The new owners of this suite found true value and will pay less than $1,000 a month to own this home.”

Save Thousands off of your – IRD Discharge – IRD Penalty – IRD Settlement

Save Thousands off of your – IRD Discharge – IRD Penalty - IRD Settlement Ird discharge Fee Reduction, save on your IRD

 

What the banks don’t want you to know…..

Hidden Money!

 

• The majority of the B lenders that I have come across do not permit this option and perhaps it’s a time for a change, might I suggest TD CanadaTrust

 

 

• - Most major lending institutions allow a yearly pre-payment allowance on fixed/closed term mortgages. BMO allows up to 8% of the mortgage to be repaid, RBC allows 10% to be repaid and TD CanadaTrust allows 15% per year to be paid down.
• - Verify from your lender that this is on the ORIGINAL MORTGAGE AMOUNT. If you don’t and you have been aggressively paying down your mortgage using some of my other tips you will be burning those extra payments in seconds. For example;

 

Original mortgage amount               = $125,000 Current mortgage after two years    = $ 115,000 15% pay down on current balance   = $  17,250 15% pay down on original balance = $  18,750

 

 

                                            

Sample IRD Penalty Reduction and I mean sample/example/for discussion only/subject to change so please no fan mail

 

Original mortgage amount = $125,000Current mortgage amount = $115,0005 year fixed term 5.94%    - 3 ½ years remain-   IRD Before TDDave               $4, 687   IRD After    TDDave             $3,450

 

 

It is free, quick and painless. You must have access to the capital to pay down the amount, even using a LOC for the few days will cost you a fraction of the money you will save.

 

For other tips and tricks check out my website!

Canadian banks ranked soundest in the world

Canada has the world’s soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as a financial crisis and bank failures shake world markets.

Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after its government pledged the equivalent of $97 billion Cdn this week to bolster bank balance sheets.

The United States, where some of Wall Street’s biggest financial names have collapsed in recent weeks, rated only 40th, just behind Germany, at 39th, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.

On Thursday, the U.S. was considering buying a slice of debt-laden banks to inject trust back into lending between financial institutions now too wary of one another to lend.

The World Economic Forum’s Global Competitiveness Report based its findings on opinions of executives and assigned banks a score between 1.0 (insolvent and possibly requiring a government bailout) and 7.0 (healthy, with sound balance sheets).

Canadian banks received a score of 6.8, just ahead of Sweden (6.7), Luxembourg (6.7), Australia (6.7) and Denmark (6.7).

U.K. banks collectively scored 6.0, narrowly behind the United States, Germany and Botswana, all with 6.1. France, in 19th place, scored 6.5 for soundness while Switzerland’s banking system scored the same in 16th place, as did Singapore (13th).

The ranking index was released as central banks in Europe, the U.S., China, Canada, Sweden and Switzerland slashed interest rates in a bid to end panic selling on markets and restore trust in the shaken banking system.

It is certanly reasuring to be a proud part of a sound economic banking system. Canada’s banking system has been underrated for years, TD Canada Trust is infact the 5th largest Bank in America, yes you read that correctly in America! It has very strong US base with TD BankNorth group, and is infact the namesake of the Celtic’s home in Boston MA !!!

TDdave

Bank of Canada’s half-point cut becomes a quarter-point cut for borrowers

Canada’s central bank moved Wednesday to cut short-term interest rates by half a percentage point, but Canadian banks are cutting rates only half that much.

Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and TD Canada Trust said they will trim their prime lending rates by 25 basis points — meaning a quarter of a percentage point — effective Thursday.

The prime lending rate is what banks charge credit-worthy business customers on short-term loans. Other interest rates, including certain mortgage rates, may be linked to the prime rate but set several points higher.

Tim Hockey, CEO of TD Canada Trust, issued a statement saying his bank is doing its best to help the central bank.

“Continuing market turmoil has steadily driven up the cost of borrowing for financial institutions. This makes it challenging to match the Bank of Canada rate cut at this time,” he said.

“We recognize the efforts the Bank of Canada is making and, despite the fact that our cost of funds remains high, we have decided to reduce our rate by 25 basis points. We see this as a balanced move in managing our funds and passing along the intended benefits to our customers.”

The other banks issued one-sentence notes saying they will cut their prime rates to 4.5 per cent from 4.75 per cent, the same cut announced by TD.

The Bank of Canada, in a move co-ordinated with the U.S. Federal Reserve and other central banks, cut its target for the overnight rate half of a percentage point to 2.5 per cent. The central bank describes that rate as its key policy interest rate, signalling its intentions to credit markets.

http://www.cbc.ca/money/story/2008/10/08/prime-rate.html?ref=rss&loomia_si=t

TD Canada Trust is leading the way for lending practices in Canada, with the ripple effects from Global Economic concerns tricling down it is interesting to note why the banks are only following with half of the centeral banks discount.

Liquidity on the international market has lead to higher expectations for for gin investors, simply put for gin investors want a higher return on lending funds to Banks- this premium demand has forced the Canadain banks to pay higher returns in exchange for forgin cash infusions. This has the bank changing it’s pricing policys in these unprecedented times. It will be interesting to watch what other actions will be taken in the near future with regards to Mortgage rates and HELOC produts from all of the Canadian lending institutions.