Main Street listings

Well, I'm up to date with new listings in Main Street/Mount Pleasant. I just got back from a tour of open houses. Call for an update.

Sandra

Variable mortgage update

Hi all,

Here is some thoughts on whether to lock in.

As expected by most economists, the Bank of Canada announced this morning that it will leave its key interest rate unchanged at its all-time low. The Bank also reiterated its commitment to hold its key rate at the current level until the end of the second quarter of 2010, conditional on the outlook for inflation. In its statement the Bank noted that “While significant fragilities remain, global economic developments have been slightly more positive and the global outlook has improved modestly.”

If you missed my newsletter and the Vancouver Sun West Coast Homes section of Saturday, November 28^th, we provided some very useful tips for those of you that are taking advantage of your ultra-low variable rates:

When Should We Lock In Our Variable Rate Mortgage?


One of the questions we get asked THE most often is, "When should we lock in our Variable Rate Mortgage?"



Unfortunately, there is no clear-cut answer for this. What I can tell you is that it's really up to you and your ability to tolerate the possibility of a fixed rate payment between 2 and 3% greater than what you are currently paying.

Some of you have a rate as low as 1.25% (Gasp!).
So you'll be asking, "How can I even think of locking in now, when I'm saving so MUCH money?"

You might consider locking in now, because fixed rates are at a historical low. Locking in would be the "safe, wise and responsible" choice because interest rates WILL increase!

Let's face it though, you knew when you decided to go variable, you knew you were taking a risk. A river boat gambler of sorts. So why stop now?

Well, as the old song by Kenny Rogers goes:

You got to know when to hold 'em, know when to fold 'em,
Know when to walk away, know when to run.
You never count your money when you're sitting at the table.
There'll be time enough for counting when the dealings done.

Think about this for a moment; the average mortgage size in Vancouver is about $265,000.00. If you are floating on a variable rate mortgage at prime minus .75 for example, or 1.5%, you are paying about $1059.00 per month based on a 25 year amortization. Choosing to lock in at today's best rates of about 4% would cause this payment to balloon to 1393.00 a month. This is an increase of about 32%! If you are living on the west side, a 32% increase on a $500,000.00 mortgage is over $630.00 a month. To put it into perspective; that's your groceries, gas and hydro allowance all rolled into one.

This is how much more most consumers are paying with a fixed rate mortgage.

How can you be "responsible" AND take advantage of borrowing near-free money?

First of all you have to understand that interest rates will eventually rise! Then you need to take the steps that allow you to BENEFIT from the lower borrowing costs:

• Ask your lender to increase your minimum payment by the maximum annual allowable. This is based on your original mortgage balance and you can increase by up to 25 % per calendar year under some lender guidelines.
  
  Check your flexibility features of your mortgage or give us a call to confirm. This will not only reduce you amortization significantly but better prepare you for the increase in payment that you will expect once prime goes up, or when you choose to lock in.
  
  The extra 15 to 25% increase will be applied directly toward principal.
• If you can afford to and would like to get more aggressive toward paying down your mortgage while your interest is extremely low, you can ask you lender to take the current fixed rate and apply it to your payment schedule.
  
  For example, If the current fixed rate for 5 years offered by your lender is 4.19%, you could ask that your payment be set to that rate. Because you are only being charged your VRM interest rate, a much greater ratio of your payment will be applied towards the principal portion. By doing this you will substantially reduce your amortization.
• At the very least, you should make weekly or bi-weekly accelerated payments. Every lender allows this, and it will knock substantial years off your amortization. All it takes is one quick phone call.

By taking any one of the three steps outlined above, you will leverage the low interest rates and pay down your mortgage faster. Since you will be making the same level of payment you would be making at a fixed rate, there will be NO shock when you want to or have to lock in.

If you want to discuss your current mortgage situation, please give us a call.

For current fixed and variable rates, please click below:

http://www.averbachmortgages.com/rates.php

See industry article below from the Globe and Mail:

Canucks games at 8 1/2 Restuarant

Hi Everyone,

Just wanted to share my weekend! It involved good food, cheap drinks and Canucks hockey!
I was at 8 1/2 Restaurant located 1/2 block west of Main and 8th Avenue. Wow the atmosphere was great and what a great place to hang em up with your buddies and watch the game. Food was quick and tasted great and the Thai buckets came in handy!

Also if you ever watch a 'Nucks games at 8 1/2 make sure you get a Canucks player card. If the Canuck you pick scores a goal, you get a free beer!

I'd recommend the Steak bites.....soooo yummy!

Cheers!

Jason

Person's Day at Hycroft

Livingmain.com is sponsoring the Person's Day event tomorrow. Come and celebrate how far we women have come! I have an extra ticket, so let me know if you can make it. It is sure to be an inspiring day, with speaker such as Maureen Fitzgerald and Penny Priddy. I am very excited to be involved, and hope to see you there! (hey, lunch is included and there are cool door prizes from many Main Street businesses, such as Two of Hearts Clothing.)

http://womenvoters.ca/personsday/

Just released! 2010 transportation plan

Vanoc has just launched their website which lays out road closures, restrictions, that will let residents know how we will be affected by the 2010 games here in Vancouver. http://www.travelsmart2010.ca/residents.php

How will you be affected???

You may have heard about the upcoming development called the "District" at Main and 7th. I just came from the sales centre where they had 2 display homes. They are beautifully finished with a choice of two colour schemes. Prices start at $223,900 and are expected to sell quickly.

They are not selling a single home until Saturday so, give us a call to get in priority!

Sandra

8 1/2 Restaurant (8th and Main)

Hi everyone,

Just wanted to share my dining experience at 8 1/2 Restaurant and Lounge last week. It was their grand opening where free appetizers were served from 5-9PM and cheap drinks were flowing all the time.

I was most impressed with the staff and food. Featuring west coast favorites there are items on the menu that are unique to their own. The staff is friendly and service was great!

I must say this is a fantastic spot for a well priced dinner and cheap drinks. The atmosphere is relaxed, airy and always friendly. You won't be disappointed with your experience!

You can check out their website: http://www.eightandahalf.ca/

Cheers!

Jason

All day breakfast on Main Street

I am a firm believer in all day breakfast. When my friend Kim and I meet for brunch, we really mean we want breakfast (meaning, after 11 am). So, I was very happy to discover Cafe Barney. A very nice change from the other place (that starts with a "D") ! I had an omelette, which came with toast and hash browns and Kim had eggs benny. The food was good, the service was friendly --- what more could I ask for?

mortgage info

Check out this site for helpful mortgage information: http://www.averbachmortgages.com/

New (er) restaurant on Main

I was out with clients at the new restaurant, Lattitude, on Main and 16th. Wow! Fabulous food! I had the lamb, and my clients had halibut and duck. The recommended wine was a perfect pairing as well. The decor was very modern, and even without a patio, the large open windows still gave you a feeling you were outside. A great addition to the growing number of top notch restaurants on Main Street. I will be back...

Main Street Block Party

Hi Everyone!

Just to give you a heads up there will be a block party on Main Street this Sunday August 16th from 12 Noon ~ 7PM.

It will be located near 11th & Main so come down and enjoy the party!

Have a great day!

Jason

Novo Furniture

My new, custom made ottoman from Novo Furniture arrived on Friday. Finally, a place to rest my feet! David was very patient with me as I took 4 months to make a decision, but I am very pleased with it. And, you get a bottle of wine on delivery :) Check out his store at 3868 Main Street, or online at www.novofurniture.com

MLS listings with IPHONE!

Hi everyone,

You can now check MLS listing right on your Iphone!! What's cool about this feature, your Iphone will use the Google map to know where you are and show you listings in your proximity!

Amazing! So for example if you're hanging out near Main Street and want to know which houses/condos are nearby for sale....voila use your Iphone to see what's for sale!

Directions how to use this feature:

(1) On your Iphone visit - www.livingmain.com/m
(2) That's it! Look for listings wherever you are on you Iphone!

Let me know if you have any questions about this feature or anything else about Real Estate in the Main Street area!

Cheers!

Jason

New Blog! www.LivingMain.com

Hi guys,

Just a new blog for our website www.livingmain.com

We'll be updating our blog frequently with information/experiences/life on Main Street!

We'd like to hear from you as well......or if you have any questions let us know!