Where have you been bringing your pooches on these fine sunny days? Here’s a list of some awesome off leash dog parks around town you can visit. 1. Charleson Park (False Creek)
2. Devonian Harbour Park (Coal Harbour)
3. Spanish Banks Dog Beach (UBC/ Point Grey)
4. Kits Dog Beach/ Hadden Park (Kitsilano)
5. McDonald Beach (Richmond)
6. Sunset Beach Park (West End)
7. Crab Park/ Portside Park (Gastown)
8. Buntzen Lake (Anmore)
Meet the TeamW Pooches Hazel and Rolo!
Choosing the right mortgage By Alisa Aragon – member of the Greater Vancouver Home Builders Association
Fixed or variable rate? Fixed Rate: The fixed rate is usually higher than the variable rate. The interest rate will remain constant or fixed for the term of the mortgage, which means your mortgage payments will remain the same throughout the term, offering buyers a peace of mind.
Variable Rate: A variable rate will be lower than a fixed rate, but can change during the term of the mortgage, which means your actual mortgage payments can increase or decrease during the term of the mortgage. A variable rate can be a higher risk for some clients as rates can go up, which will increase your mortgage payments. But the great thing about a variable rate is that you have the option to lock into a fixed rate at any time if you start to feel uncomfortable. Your interest rate will not double overnight and even if it did go up by 0.25%, the savings you would have already earned would put you on a level playing field.
Another big difference between a fixed and a variable rate is how the penalty is calculated should you need to get out of the mortgage early. Such fees can end up being a large sum, so it’s very important that you work with your mortgage expert to understand the potential penalties.
“Term” refers to the length of a mortgage contract. There is such an intense focus on the interest rate that the mortgage term is often overlooked. Typically, long-term refers to between four- and ten- year fixed terms, while short terms include one- to three- year fixed terms and variable mortgages.
A longer term generally means a higher corresponding interest rate, and a shorter term generally means a lower rate. While this may lead you to believe that a shorter term is the preferred option, this isn’t always the case. If paying your mortgage each month places you close to the edge of your financial comfort zone, you may want to opt for a longer fixed term, so that you can ensure you will be able to afford your payments should interest rates increase. But if you know you will not be staying in the same home long term, opting for a shorter term may save you significant fees in payout penalties.
Amortization periods (the total number of years you will take to pay off your mortgage) can vary wildly, but rarely go above 30 years. The most common choice, especially for younger buyers- is 25 years. The shorter the amortization period, the higher your mortgage payments will be. But the quicker you pay your mortgage off, the less interest you will pay in the long term.
That doesn’t mean you should choose a short amortization period. I always recommend going for a longer amortization period than you need, and use alternative strategies to pay off your mortgage faster. By doing this, it gives you the flexibility to keep your payments lower when you need it, and increase your monthly payments and make lump-sum extra-payment options without a penalty.
Choosing the right mortgage is a very important decision for each individual. By understanding your financial situation and tolerance for risk, a mortgage expert can assist you in choosing the mortgage that will work best for you.
Want to contact someone to discuss about a mortgage? Feel free to reach out to TeamW Realty. We have a few amazing mortgage broker’s we work closely with and would be glad to give you a recommendation.
NEW LISTING- 212- 8460 Jellicoe Street, Vancouver. Completely renovated spacious 2 bed 2 bath corner unit. Steps away from the Fraser River and Riverfront park. Check out our new videographer’s amazing work. Press play!
Real Estate Board Softball Tournament
On June 24th Izabela and Ben (our former client care manager) took a break from work to get sporty! They participated in a softball tournament for the Greater Vancouver Real Estate Board. The team included colleagues from our RE/MAX Select Properties office, and sister RE/MAX offices in Richmond and East Vancouver. It was too much fun, we’ve even got our junior mascot and woofles here is our team photo!
BEAUTIFUL STEVESTON- 4611 St. Brides Place, Richmond.Spacious mansion located in Steveston North. Enjoy all that Steveston Village has to offer. This quaint fishing village where you buy fresh fish on the wharf, restaurants, antique shops, boats, great fish & chips & board walk.
Market Update: Housing supply up, demand down across Metro Vancouver
July’s residential housing sales in Metro Vancouver has reached it’s lowest levels for that month since the year 2000.
The Real Estate Board of Greater Vancouver reports a 30.1 per cent decrease from July 2017. Last month, there was a 37.7 per cent decrease in comparison to June 2017.
“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president. Moore also mentioned that summer months are always slower in real estate but this trend is particularly pronounced this year. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”
Due to the increased mortgage rates and stricter lending, buyers and sellers are opting to take a wait-and see approach. The biggest dip in the recent months are seen in detached homes. However, there is also a dip in condo prices this past month. The benchmark price for a condo unit is now $700,500 a 0.5 per cent decrease from last month. This is the first time condo prices have dropped since the beginning of 2017.