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With so many people on facebook, we decided to add a Invis on the Peninsula page to give you easier access to news that affects you. Simply click on the link below and then click the "like" button and you will be a fan of Invis on the Peninsula...we will update your news when things like today happen, rate changes etc.
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Ask the Expert!
HST and the effect on used residential housing
There has been a great deal of confusion on how HST is affecting the used housing market. HST does NOT apply to the purchase price of a used home. HST only applies to the purchase price of a new home. Property transfer tax, does however, still apply. These taxes have not changed from before July 1, 2010.
HST does apply to realtor's commissions on the purchase and sale of a used home. Prior to July 1, 2010, GST of 5% was chargedto the seller on real estate commissions. After July 1, 2010 that changed to 12% HST.
On legal fees, prior to July 1, 2010, GST and PST applied to solicitors services. Now the two taxes have been combined into HST. There should be minimal changes on the cost of the solicitor's services.
Other services such as moving companies, home inspections, staging services, cleaning services and repair services to make your home ready to sell will now have HST applied rather than only GST. This change applies only to the services and not purchases of tangible "things" such as paint or moving boxes which had both GST and PST at 12% combined.
Raymond Friesen, CMA raymondefriesen@telus.net
Ph. 604-309-1695 |
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| Mortgage Update
September 8, 2010 |
Bank of Canada raises Prime .25% to 3.00%
Despite negative economic news seemingly everywhere in the past few weeks, the Bank of Canada kept the raise train rolling by increasing their overnight rate rate by .25% which will cause the Prime rate to increase correspondingly to 3.00%. With the Bond yields dropping all summer and in turn fixed rates, some think the Bank could "get away" with this increase without causing as much damage. Perhaps the Bank feels they may need the 3 increases (.75% since June 2010) later if we do see a double dip recession so they have something to drop.
We expect little chance of a further increase this year unless there is a lot of very strong economic news from the US and abroad.
Our current best variables are now running at Prime -.60-.70%, so with Prime at 3.00% currently that equals 2.40% - 2.30%.
5 year fixed rates now hover in the 3.69 - 3.89% range with some lenders offering "quick close" specials below that.
We have had a more historical summer with Real Estate slowing down and overall the lenders are hungry...we anticipate more specials and discounting going into their year ends.
Now is the time to have a strategy in place, make sure you have had a chat with us!
As always, if you have any questions or concerns, please email or call us at anytime. |
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IOP Summer Contest extended!
We wanted everyone to have a chance to get in on this great contest, so we have extended it to September 30th. Simply refer a friend or family member to us and we will enter you and them in a draw for an Apple iPad!
Simply click on our refer a friend link below or on our website and you will be entered! Once your friend contacts us, they will be entered as well...it's that simple!
Contest runs till September 30, 2010, no purchase neccesary, draw to be made October 1st, 2010, must be at least 19 years old to enter...full contest details are available from our office. |
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About Us
Invis on the Peninsula is a team of Mortgage Professionals led by Michael Anthony Lloyd.
With a combined 75 years plus in lending and one of the highest volume teams in Invis, Canada's largest mortgage brokerage, we have the experience and relationships with lenders to get not only an approval, but the best overall package for you.
Our philosophy will always be based on long term relationship building with our clients...we always offer objective advice, and will be here in the long run. |
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