Your March Home Newsletter - News, Rates and Tips!

Nicole works for you, not the lenders.

Bank of Canada Announcement - Bank Rate Unchanged at 0.25%

The Bank of Canada announced Tuesday that it is leaving its key interest rate unchanged, and repeated its commitment to hold the rate steady until the second quarter of 2010, conditional upon inflation.

In its statement the Bank judges that the factors affecting its inflation outlook are "roughly balanced" at this time. "On the upside, the main risks are stronger-than-projected global and domestic demand. On the downside, the main risks are a more protracted global recovery and persistent strength of the Canadian dollar."

The Bank also noted that "the economy grew at an annual rate of 5 per cent in the fourth quarter of 2009, spurred by vigorous domestic spending and further recovery in exports."

Pricing for loans that are typically linked to a lender's prime rate (such as variable-rate mortgages, variable-rate credit cards) is expected to remain unchanged in the wake of today's announcement.

Pricing for fixed-rate mortgages is not directly affected by the Bank's key rate.

More on this: Bank of Canada Holds Rate But Eyes Inflation

Current Best Mortgage Rates

The Mortgage Centre Rate Update - March 3rd, 2010

		Closed	Quick Close Specials
First Mortgages Second Mortgages Also Available	6 month	3.85%
	1 year	2.25%
	2 Year	2.90%
	3 Year	3.29%
	4 Year	3.69%
	5 Year	3.79%	3.69%
	7 Year	4.45%
	10 Year	5.30%
	Variable	1.95%	3.05% (open)
	Prime @ 2.25%

These rates are are subject to change at any time without notice. Please contact my office for up to the minute rates.

Why it pays to buy, sell or refinance before April 19th

As we reported last month, the federal government was thinking about cooling down Canada's overheated housing market by making it more difficult for Canadians to qualify for a mortgage. In February, the Minister of Finance introduced some new rules to do just that. Starting April 19th, if you apply for an insured mortgage, here's how you'll be affected:

To qualify for a mortgage, you'll have to meet the standards for a five-year fixed rate mortgage even if you choose a shorter term or variable rate (currently, you have to meet the three-year standards). Lower rates and shorter terms will still be available, but they'll be harder to qualify for.
If you're planning to refinance to access extra funds, you'll only be able to withdraw up to 90% of the value of your home (currently, you can withdraw up to 95%).
If you're thinking of buying a revenue property, the minimum down payment will rise to 20% for non-owner-occupied properties (it's currently 5%).

Obviously, if you're thinking of buying, refinancing or investing in a revenue property, now's the time to do it, while mortgages are still easier to qualify for. Even if you're thinking of selling, you may want to act now since prices are expected to drop after April 19th. For more details on the new rules and a free analysis of how they might affect you, please call me today.

7 inexpensive facelifts that can make your home more marketable

If you're thinking of selling this spring-or any time during the next twelve months-here are some fast, easy and affordable ways to attract more offers and get a higher price.

Give your entrance a sense of occasion. Replace the standard knob on your front door with a substantial piece of hardware that lets visitors know this is a home of significance.
Spruce up your carpeting. If your carpets are in neutral colours and good condition, simply have them professionally cleaned. If they're showing their age, distract the eyes of buyers with tasteful yet inexpensive area rugs.
Add drama with light. Living rooms and dining rooms can gain instant elegance by replacing lifeless light fixtures with a contemporary chandelier or ceiling fan. Shop around and you'll find that some very expensive-looking fixtures are actually quite affordable.
Make sure your kitchen is bright and up to date. Replace the sink fixtures and cabinet door handles. Install brighter, energy-efficient light fixtures. Help your appliances look newer and more color-coordinated by ordering new face panels. If you have a little extra money, replace your cabinet doors and your kitchen will look brand new!
Transform your bathroom. Replace the toilet seat. Remove the old sink cabinet and install a pedestal sink for a spacious, contemporary look. Install vinyl floor tiles right over the old flooring. Re-grout the tile around the tub and shower. If you have the budget, get a prefabricated tub and shower surround installed.
Maximize limited storage space. Install a wire shelf and basket system in entry closets, pantries and bedroom closets for an efficient new look.
Convert your den into a bedroom. If the room's big enough, all it takes is a closet, which doesn't cost a lot to have built in. Remember, adding an extra bedroom adds to resale value!