Farrell Winchar

Open House in Barnhartvale on Saturday

2010-03-08T23:19:00Z

Barnhartvale, Kamloops - We invite everyone to visit our open house at 4966 Woodland Crt on March 13 from 1:00 PM to 3:00 PM.

Property information

Open House in Barnhartvale on Saturday

2010-03-08T23:19:00Z

Barnhartvale, Kamloops - We invite everyone to visit our open house at 4960 Woodland Crt on March 13 from 1:00 PM to 3:00 PM.

Property information

Open House in Barnhartvale on Saturday

2010-03-02T23:21:00Z

Barnhartvale, Kamloops - We invite everyone to visit our open house at 4960 Woodland Crt on March 6 from 1:00 PM to 3:00 PM.

Property information

Open House in Barnhartvale on Saturday

2010-02-27T18:57:00Z

Barnhartvale, Kamloops - We invite everyone to visit our open house at 4966 Woodland Crt on March 6 from 1:00 PM to 3:00 PM.

Property information

Open House in Sahali on Saturday

2010-01-31T21:15:00Z

Sahali, Kamloops - We invite everyone to visit our open house at 452 Tod Cresent on February 6 from 1:00 PM to 3:00 PM.

Property information

Mortgage Alliance Kamloops

2010-01-13T19:50:00Z

Prudence urged for 2010

I decided to wait until after Christmas to send my 2010 calendars as we all get so much mail from family and friends at this time of year and it’s nice to get something in the new year. I have received many positive comments about it’s usefulness and hopefully you find a spot to keep it for reference.

It has been another eventful year in the financial markets and they seem to have recovered for the most part from last winter’s problems. I sent a couple of updates in 2009 suggesting that you consider locking in the interest rate on your debt as these low rates wouldn’t last forever. Many of you have already done so and I would urge the rest of you to consider it over the next few months as well. Rates are still low with 5 year locked in rates available for under 4% and 10 year at under 5.5%. These are historically great rates and will no doubt look incredible over the next few years.

The Bank of Canada is very concerned about the level of debt that Canadians are carrying and is in a bit of a quandary as it has kept interest rates very low to get us to drive the recovery through increased spending but now is concerned that we may be saddled with unmanageable debt when rates increase this year. One bank economist says Canadians added $44 billion to our debt load in the first half of 2009 which was expected but the concern is that there will be another wave of spending over the next year that will overstretch consumers. He states that is why it is important to remind the market that those interest rates will not remain the same forever.

Another concern is that the Finance Minister is “watching and monitoring” and would consider tightening rules if necessary. This tightening will most likely be through increasing the minimum down payment to from the current 5% to perhaps 10% and/or shortening the amortization period allowed for mortgage terms to 25 years. In 2009 they already increased the required down payment to 5% from zero and lowered the amortization period from 40 years to 35 years. Neither of these moves have slowed the market. Instituting additional restrictions would likely have a huge affect on the housing market as fewer first time buyers would be able to buy which would cool the markets and lower prices.

Some things you may want to consider doing to protect yourselves.

Lock in your interest rate

Extend the mortgage term to get beyond the coming rate increases

Use the equity in your home to pay off credit card and loan debt at low rates and lower payments

Buy now in case the rules are tightened which could affect your borrowing power

Refinance your home to invest in RRSP and equity markets

Call me to review your mortgage and see if acting now is right for you.

Keith Allan

Phone: 250-374-3010

email: kallan@mortgagealliance.com

January Market Update

2010-01-11T19:26:00Z

Welcome to 2010!

Last year at this time, uncertainty from the financial sector spilled over into every facet of the economy. The housing market was hardest hit as buyers and sellers froze in fear of whatever bad news lurked around the corner. However, by April, it looked as though the worst of the crisis was over, and pent-up demand, especially amongst first-time buyers, began to thaw the frozen housing market.

Fast-forward to today and it’s almost as though the crisis never happened. In many areas, prices are back up to pre-financial crisis levels, and multiple offer situations have been occurring throughout the winter months – traditionally the real estate market’s coolest period.

This year, we are expecting that momentum to continue as the strength of the winter selling season moves into the traditionally stronger spring. The continued ascension from this most recent recession is expected to be a positive factor in the market, as will Canada’s new Approved Destination Status with China. In addition, there is mild optimism that the seven-year build-up to the Olympics will translate into greater economic activity throughout Western Canada, although the jury is still out on whether this will affect house sales activity or prices.

Regardless, 2010 is shaping up to be an interesting year on a number of fronts. I look forward to answering any questions you may have.

Open House in Sahali on Saturday

2009-12-30T18:39:00Z

Sahali, Kamloops - We invite everyone to visit our open house at 452 Tod Cresent on January 9 from 1:00 PM to 3:00 PM.

Property information

Open House in Sahali on Saturday

2009-12-07T20:12:00Z

Sahali, Kamloops - We invite everyone to visit our open house at 452 Tod Cresent on December 12 from 1:00 PM to 3:00 PM.

Property information

Ranch For Sale in Sahali

2009-12-01T03:36:00Z

Fantastic view from Solarium

• 2,540 sq. ft., 3 bath, 5 bdrm ranch - MLS® $469,900 - One of Sahali nicer homes

Sahali, Kamloops - Breath taking view from brand new solarium. Nice open floor plan with vaulted ceilings and main family room with fireplace. Updated flooring, carpets and new kitchen. Master bedroom has 3 piece ensuite. All bathrooms with slate flooring and maple cabnets. Daylight walkout basement is a two bedroom in-law suite or would work well for a family as a recroom. Yard is all usable, large and fenced with a great view and underground sprinklers. Quiet area close to university, schools and shopping. Newer furnace and heat pump, new roof in 2004 and room for RV parking.

Property information

Open House in Sahali on Saturday

2009-11-18T18:51:00Z

Sahali, Kamloops - We invite everyone to visit our open house at 452 Tod Cresent on November 21 from 1:00 PM to 3:00 PM.

Property information

Apartment For Sale in South Kamloops

2009-09-22T17:59:00Z

Fantastic view

• 517 sq. ft., 1 bath, 1 bdrm apartment - MLS®$199,900

South Kamloops, Kamloops - Huge south facing front room window to enjoy the fantastic views and sitting on your deck in the morning drinking coffee with not a care in the world. Plus a location that is walking distance to all amenities. This home features modern colors, secure concrete building very little noise, stacking washer and dryer, pets allowed, all appliances included and secure under ground parking and storage.

Property information

Real Estate in Kamloops

2009-09-14T18:24:00Z

Opportunity Knocks!

We have come out of a period of unequaled growth. Over thepast few years we have seen real estate values increase dramatically - in manycases in excess of 100%. Last year you could list your home, receive multipleoffers and accept one at more than the list price. As with all markets anadjustment was due. We are now in a period where there are more homes listedfor sale than there are buyers. The supply and demand principle says thatprices will moderate as those that have to sell must lower their price toattract buyers. This means bargains will be available for the astute investor.

It is important to note that the bottom hasn’t fallen outof the market and it won’t. This is a normal market reaction that has happenedmany times in the past and will do so in the future. These fluctuations provideopportunities for those with the ability to purchase to get tremendousbargains. Wise people make their fortunes during times similar to these. They buy when others are sellingand sell when others buy. If you haveequity in your home you can be one of these wise folks.

Interest rates are at all time lows which means a buyercan purchase a home at a lower price than was available a year ago and finance it with lower interest rates.That being said, times are uncertain and you will have to keep a close eye onfuture rate trends as we may see rateincreases sometime next year. Remember, rates have a lot more room to move onthe upside than they have on the downside. If you have a variable rate mortgageyou may want to lock it in during the coming year. If you are looking to buy you may want toconsider taking a fixed rate for stability.

I like to tell my clients that there is no bad time to buyreal estate – but some times are better than others. This is one of thosetimes. Real estate should not be looked at as a short term investment butrather should be maintained over at least a five to ten year period. Ichallenge you to find any time in the past where real estate was worth less atany point ten years after a specific date. You may find the very odd time wherethis occurs after five years but not ten. We all look back with envy at a timewhen our parents bought their homes for what now seem ridiculously low prices.But remember that at that time they probably thought they were paying too muchand wondered how they were ever going to afford it.

People’s net worth, or lack thereof, is predicated onwhether they bought real estate at some time. It doesn’t matter much when theybought, only that they did buy. Periodically I see clients who are in their50’s and 60’s who have never owned a home. Invariably they have virtuallynothing. No savings, no investments. In short they have little or no net worth.Fortunately these are few and far between.

We can sit back and lament the fact that our home is wortha bit less than it was last year or we can look at it as a great opportunity.It only matters if you are looking to get out of the market completely which isunusual. If you are looking to sell and buy something else it is all relative.If your home’s value is lower, so is the home you are looking to buy. If youare looking to take equity out of your home to pay off other higher rate debtnow is the time to do it. Although your equity position may be lower, it maystill be enough to allow you to get your finances in order or to obtain thefunds to invest. Another great opportunity may be available by using yourequity to invest in RRSP’s this spring. With the stock markets down thereshould be many bargains to be had. Consider using your home’s equity to top up your RRSP and enjoy theresulting tax saving. Most people have many thousands of dollars available inunused RRSP deposits from prior years.

Let’s be positive about our future and take advantage ofthe opportunities available now. As always I am here to help you, your friendsand family. Feel free to call me anytime or pass my name on to others. I trulyappreciate your business and referrals which form the basis of my business.

Keith Allan

250-374-3010

kallan@mortgagealliance.com

Open House in South Kamloops on Sunday

2009-09-08T22:04:00Z

South Kamloops, Kamloops - We invite everyone to visit our open house at 807-619 Victoria St on September 13 from 11:00 AM to 12:30 PM.

Property information

Open House in Sahali on Sunday

2009-09-08T22:04:00Z

Sahali, Kamloops - We invite everyone to visit our open house at 452 Tod Cresent on September 13 from 1:00 PM to 3:00 PM.

Property information