Senators Games at the Scotiabank Place

 
    

If you are coming to Ottawa to house hunt and want to spend an evening getting acquainted with our hockey team then go out to a game.  If you live in the west end of the city, keeping game dates in mind will forewarn you of upcoming traffic congestion. To find the dates and more information about the Senator, go to the Senators website. 

  

Photo credit:  Scotiabank Place @ http://www.flickr.com/photos/cpstorm/137575673/in/photostream/

 

Happy Canada Day – July 1, 2009

 

 

 

Victoria Day – Ottawa

Happy Victoria Day

 

Photo credit:  J.J. Zinger

 

Instant Gardens in Ottawa

This morning I drove past the Parkdale Market, right across the street from my office at Royal LePage Office.  I know the old adage is to not plant your garden before the May long weekend but….  Almost all of the stalls are now open and there is a profusion of hanging baskets of flowers.  WOW. 

If your house is for sale, think about investing some money (around $100) in hanging flower baskets.  You can hang them from hooks from your fence or from the porch ceiling OR you can put the baskets in containers, such as the urns that are currently being sold.  The urns can sit on either side of the front door or can be on the deck in the backyard. 

Look for flowers that will give your house a terrific punch of colour. 

Hanging baskets give instant curb appeal.   

 Photo Credit:  Hanging Baskets @ http://www.flickr.com/photos/gomattolson/562725786/

Valerie Zinger ~ Ottawa, Canada ~ 613-723-5300 ~ vzinger@royallepage.ca

New Year’s Thank You to Flickr Members

Here is a big thank you to the contributing members of Flickr who have made their photographs available for viewing and use.  I have been so lucky to find wonderful photography to include in my articles.  Thank you to those photographers who have knowingly or unknowingly helped me this past year.

HAPPY NEW YEAR!

Merry Christmas – Love Hoover and Tulipe

This is just typical – the weather gets cold and she takes us to the groomer’s and has all of our hair removed.  On top of that she finds these awful headbands that make us look like White West Highland Terrier fools.  Oh well, there is often a treat involved after the humiliation so we endure.  I have the angel on my head and Hoover has the snowman.  He certainly looks like he would prefer to be miles away.  We have enjoyed having her home more this year with her strange real estate hours.  I know she likes all of her clients and helping them look for or sell their homes.  We hope she has even more fun next year.  Maybe she will stop getting us these ghastly headbands.        

HAVE A WONDERFUL HOLIDAY AND A HEALTHY AND HAPPY 2009. 

Ottawa ~ November 11 ~ Lest We Forget

Do Not Call Registry

The Canadian Do Not Call Registry came into effect on September 30, 2008.  You can register your home phone, cell phone and fax numbers to prevent unwanted telemarketing calls.  The website is https://www.lnnte-dncl.gc.ca

On the first couple of days, the website was overloaded with requests.  I recently registered my home number and found it easy to get to the site and fast.  All you do is enter your number and then the code that is provided.  The Do Not Call is effective approximately one month after registering. 

The new legislation allows calls from registered charities, polling organizations and businesses with which you are currently doing business, among others.  If you want these calls to stop, you need to contact each organization individually and ask them to place you on their do not call list.  While they must comply, it will take a few weeks for your request to be activated.

The following website http://www.ioptout.ca was created by a law professor at the University of Ottawa and provides a service where you can create your own Do Not Call List for the companies that are exempt from the Do Not Call registry.  You can choose which companies you don’t want to contact you.  The service, which is FREE, will notify those organizations of your request.

 Credit:  Thank you to my friend, ML, for reminding me about the registry and providing the two links. 

Say Bye-Bye to 40 Year Mortgage Guarantees

MortgagesThere has been significant press around the Federal Minister of Finance’s decision to no longer provide government guarantees to 40 year mortgages.  In addition, the guarantee is not available for 100% financing of a home.  The buyer will be required to provide a minimum of 5%.  This could be borrowed, but it will not become part of the government  guarantee.  These changes will become effective October 15, 2008.

What is Mortgage Insurance?  A government guarantee is actually government backed mortgage insurance.  Mortgage insurance (which is sometimes called mortgage default insurance) is a credit risk management tool that protects mortgage lenders from losses on mortgage loans. If a borrower defaults on a mortgage, and the proceeds from the foreclosure of the property are insufficient to cover the resulting loss, the lender will submit a claim to the mortgage insurer to recover its losses. (from the Department of Finance website)

What is the Impact of a 35 versus 40 year amortization period on a $200,000 Mortgage?  If you cannot get a 40 year mortgage, then 35 year amortization periods continue to be available.  The example Finance uses is:  Reducing amortization from 40 years to 35 years on a mortgage loan of $200,000 with a 6 per cent interest rate results in a $41 increase in a borrower’s monthly payment, but the borrower will save $49,000 in interest payments.

Are there other changes?  Four other changes will be taking place. 

1.  Credit Scores:  “Canadian lenders have not originated many government-backed mortgages for borrowers with low credit scores. To ensure this practice continues, the new framework will establish a credit score floor of 620. There will also be a limited “basket” to provide for exceptions to this rule, recognizing that there are some borrowers with credit scores below 620 that otherwise represent low credit risks.”

2.  Loan Documentation:  The guarantee will now require a minimum loan documentation “standards to ensure that there is evidence of reasonableness of property value and of the borrower’s sources and level of  income.”

3. Interest Only Mortgages will not be covered.

4.  The total debt service ratio (portion of gross income that is spent on debt service and housing-related fixed or essential payments) will be set at a maximum of 45%.

I have included this information to give you a briefing on upcoming changes.  If you need additional information, it is available on the Government of Canada Department of Finance site, with mortgage brokers, and at your financial institutions. 

Before shopping for a new home, shop for your financing.  Know what is available to you.

  

Photo credit:  3D Realty Handshake @ http://www.flickr.com/photos/lumaxart/2136953043/

Valerie Zinger ~ Ottawa, Canada ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca

New Identification Requirements for Home Buyers and Sellers in Canada

On June 23, 2008, new federal money laundering and anti-terrorists financing regulations came into effect.  These require real estate agents and brokers (amongst others) to collect and keep personal identification from buyers and sellers. 

REALTOR® have been required to report any suspicious or large cash financial transactions of $10,000 or greater since 2001.  This year the regulations, under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act have been changed to increase the reporting.  Real estate agents and brokers are now required to document personal information and proof of identity of their clients in each and every transaction.  This includes corporations and purchasers in another city, province or country.  If the buyer or seller is not represented by a REALTOR®, the agent for the buyer or seller is required to obtain the personal information and identification of the other party.

What will the real estate agent need for information?  Using a government issued document, such as passport, drivers license or residency card, the agent will record date of birth and occupation.  The law requires the agent to keep the information for a period of five years.

There is a lot of paperwork involved in buying and selling a home.  The forms needed for this information will be part of the package you complete.

For additional information on these and other requirements,  please go to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) or call 1-866-346-8722.

Photo credit:  Dreaming of Diamonds @ http://www.flickr.com/photos/swamibu/1182138940/

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