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Welcome to February, and all the Daffodils poking their heads out of the ground.

Meanwhile it is Valentines Day, and while we tried everything to find a reservation at one of our favourite places for dinner, with no luck, we came up with an even better idea.  We decided to call our favourite caterer “Nicholas Waters, owner of Toque Catering,” who helped us capture the romance of Valentines Day in our own home, with our “Boy Cooper.”

New Mortgage Rules and You

With all the chatter about qualifying for a mortgage these days it may feel impossible to the first time buyer, who has saved hard, to own your own home.  But don’t fret, these measures were implemented to protect you over the long term.  It may mean you purchase a condominium, or an older home, or simply broaden your search on the map. If you are willing to be flexible, I can find a home for you.

A trustworthy mortgage broker has experience, knowledge, access to all lenders, and can get you the best mortgage for your situation.

Victoria Mortgage Broker, John Wallace from Invis Mortgage Experts agrees, “ The new rules have made the mortgage landscape significantly more confusing, and getting good, solid advice is critical.”

While 2017 was rewarding in so many ways, there’s nothing like a brand new year to mark a fresh start.

Many of you know that the charities I have supported over the years have raised more than ten million dollars for people in need, and my work as a REALTOR and PHILANTHROPIST has ‘OPENED DOORS’ in ways I could not have imagined.

One of my fresh starts in 2018 was being selected by Boulevard Magazine to appear in their upcoming “Influencers” issue. They asked what I believe it takes to be a visionary. A leader. An influencer.

Steve Jobs said, “The people who are crazy enough to change the world are the ones who often do.” While I think being a little crazy helps, I also believe it requires: kindness, passion, determination, and being open to the opportunities that are often right in front of us but are sometimes difficult to see. Most important of all, it’s being aware of the great responsibility in the choices you make.

May all your fresh starts take you to places you’ve never dreamed of before. All the best for 2018.

Are you looking to sell?  I have clients looking for properties in most areas of Victoria, and when they find them, expect to see five new executive listings come to market.  We’re looking for:

– Condo in Bayview One – Up to 1.25 M

– Waterfront or Water View Townhouse Cordova Bay

– End Unit Condo in Sayward Hill with large patio – Not yet listed

– Rancher in Matticks Wood under 1.2

– Townhouse in Wedgewood Estates with Master on the Main

2017 was a rewarding year in so many ways.  The charities I support raised many Hundreds of Thousands of Dollars for Palliative, Homeless, Veterans, Children’s Miracle Network, and the Arts.  Without a doubt, volunteering has opened many doors for me, and allowed me to meet people I would never have had the opportunity to meet, from the Her Majesty Queen to our street’s homeless; they have all left a tremendous mark on my life.

As 2017 draws to a close, I feel grateful for my family and for friends like you. I wish you a magical Holiday Season, and a happy new year.

Realtor Deedrie Ballard was named Outstanding Fundraising Volunteer for raising more than $10 million for charities ranging from the Victoria Hospitals Foundation, Victoria Hospice Society and Broadmead Care Society to the Victoria Symphony and the Art Gallery of Greater Victoria. Her efforts have ranged from sitting on high-level boards to collecting and washing coats at home to distribute to children in need.

You can read more about this event here.

Aldershot grad is only Burlington-born and bred athlete to win Olympic gold

Of all the talented athletes born and raised in Burlington, John Wallace is the only one to win an Olympic gold medal.

He turned the trick as a member of Canada’s eight-man rowing crew that edged Romania by 0.14 seconds in Barcelona in 1992.

At the time, Wallace, who grew up in the Marley Court neighbourhood in west Burlington, said the experience, especially moments just after the race ended, was a thrill he would never forget.

His sporting preference growing up was running the 800 and 1,500 metres for the Burlington Legion-Optimist Track and Field Club, often sharing the track at Nelson Stadium with fellow future Olympian Paula Schnurr.

It wasn’t until his final year at the University of Western Ontario (now Western University) that Wallace started rowing competitively, and he was 30 at the Barcelona Games.

Gruelling training under head coach Mike Sprackland, who took over coaching the rowers in 1990, made the difference.

Of those two years, he said at the time: “You basically led a one-dimensional life. It was like a nine-to-five job, but in our case it was a seven-to-five job.”

Twenty-five years later, living in Victoria, B.C. with his wife Alexandra Rose and four children, Wallace can put the accomplishment in perspective.

“It was an incredible feeling and I would have loved to bottle it and open it up again,” said the 55-year-old mortgage broker. “I feel fortunate to have had the opportunity that one time.”

The euphoria over an Olympic medal win was No. 1 on his list of life highlights until he started a family.

Content taken from insidehalton.com

The Real Estate Investment Network has ranked Victoria as the fourth best place in B.C. for real estate investment.

Victoria is the only Vancouver Island city mentioned in the top-10 list, trailing only Surrey, Abbotsford and New Westminster.

The report gives credit to Victoria’s strong rental market as a key factor, with a vacancy rate in the B.C. Capital hitting 0.5 per cent.

The study also found “a diverse economy, inherent seat-of-government stability, location, relative affordability, and high median income” helped land Victoria in the fourth spot.

The report says Victoria is quietly becoming a centre for technology and entrepreneurial opportunities and credits the local economy for being in a position to have a strong future.

Victoria’s real estate market is reported to be in the “middle to end of recovery” and researchers say the “fix and flip” tactic will be optimal for investors.

Content taken from cheknews.ca

Written by: John Wallace – Mortgage Consultant

If you’re looking to buy and will have more than 20 percent down, or if you are considering refinancing, then you might want to do so before January 1, 2018. Why? On October 17, the Office of the Superintendent of Financial Institutions (OSFI) released new guidelines for residential mortgage underwriting at all federally regulated financial institutions. Beginning January 1, 2018, a new ‘stress test’ will be applied to all new conventional mortgages – and not just those mortgages that require mortgage insurance (downpayment or equity of less than 20%).

The so-called “stress test” is designed to protect homeowners should interest rates rise. Lenders will be obligated to qualify all new conventional mortgages at the greater of the Bank of Canada’s five-year benchmark rate (currently 4.89%) or the contracted rate plus 2%. So if your contract rate is 3.29%, you will be qualified at 5.29%.

Here’s what that might mean for you:

You want to buy a home with more than 20% down. Your payments will always be based on your contract rate so this new rule isn’t costing you more. However, the new rule might change how much mortgage you qualify for. If that’s the case, you may need to look at a less expensive home, save up for a larger downpayment, or reduce any other debt. Or we can take a look at a variable rate mortgage that lowers your qualifying rate (if the rate plus 2% is less than the benchmark 4.89%) and has the option to convert to a fixed mortgage.

You want to refinance to pay off debt or buy an investment property. Here too, your actual mortgage payment will not be affected.  But the new rule could slow you down by making it more difficult to qualify for your refinance. You may need to wait and accumulate more equity, or look at a lower-rate variable mortgage.  If that refinance is important to securing your own financial health, get in touch ASAP.

Your mortgage comes up for renewal next year. This more stringent qualifying requirement will not apply to mortgage renewals. If you go shopping for a better deal with a new lender, however, that will require that you re-qualify… and the new rule will kick in for you too. It still is very important that we review your options together.

What can you afford?

New mortgage qualifying for purchases with 20% down

Get in touch now – you have the rest of 2017 to get in under the old rules. Going forward, I’m here to work with you early in the process to make sure you are fully prepared for your purchase or refinance. I’m always here to answer your questions, so feel free to call or email at any time!

Sourced from: John Wallace – Mortgage Consultant

T: 250-213-5080

johnwallace@invis.ca

johnwallacemortgages.com