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Curb Appeal

January 20, 2017

 

Check out this educational video, part of RE/MAX Fit to Sell campaign

 

 
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The power of consumer confidence is often addressed in economic forecasts by the various charter banks and government agencies. For many the impact is not appreciated or realized...but make no mistake it is a powerful mass dynamic.
 
In their book, SWITCH, the Heath Brothers talk about the impact of "peer perspective" rather than "peer pressure". It seems that people will respond to any given dynamic based on what others around them are doing. In research it has been observed that an individual in a room with smoke coming through the vents will respond differently than one sitting with others in a room with smoke coming through the vents. The individual will immediately leave to look for assistance, while those sitting together will wait and see what the others do. That same response is often seen in an audience watching a film, or play. People will laugh or applaud based in part on what they see their peers doing.
 
Recently I succumbed to the power of peer perspective when a young paperboy came to my door. I didn't have any intention of signing up for paper delivery until he casually mentioned that "all of your neighbours are chosing the pre-payment plan via cheque". Before I realized what I was doing, I had my cheque book out.
 
Consumer confidence has the same power as peer perspective but on a larger scale. Mass media has used their influence in steering consumers. This was displayed recently in Canada when, despite the fact that we were not directly part of the American mortgage meltdown, the housing market dropped  for a number of months. It was only after restoring the confidence of the consumer that the market came back in any signicant way.
 
The Bank of Canada recently signalled an upward move in the prime lending rate...and the Bank of Montreal responded by lowering their 5 yr mortgage rate. Both acting in different directions in an attempt to address the consumer in Canada. Like it or not, we work as a group...and part of our actions and responses are due to peer perspective. People see, people do...

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January 20, 2017


First-time buyers interest-free down payment program


The new BC Home Owner Mortgage and Equity (HOME) Partnership program helps eligible BC residents purchase a home.

The program offers first-time home buyers who have saved a down payment:

  • A down payment loan of up to 5% of a home’s purchase price to a maximum of $37,500, on a home with a maximum price of $750,000.
  • This loan matches the buyer’s down payment and is interest-free and payment-free for five years.
  • After five years, buyers can either repay their loan or enter into monthly payments at interest rates that are current five years from the date of the loan.
  • Loans through the program are due after 25 years – the same length as most mortgages.

To qualify for the program, home buyers with a registered interest on title must reside in the home and be a:

  • Canadian citizen or permanent resident for at least five years;
  • resident of BC for at least one year immediately preceding the date of application; and
 
  Click here for larger version of infographic
 
  • first-time buyer who has not owned an interest in a residence anywhere in the world at any time.

The home buyer must:

  • use the property as their principal residence for the first five years;
  • obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price; and
  • have a combined, gross household income of all individuals on title not exceeding $150,000.

Buyers can begin gathering the documents they’ll need to submit an online application. Buyers will need:

  • Proof of status in Canada and residency in British Columbia.
  • Secondary identification (must include your photo).
  • Proof of income and tax filings.
  • Insured first mortgage pre-approval.

 

• Information and application details
• Questions and answers 

  

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