In the wake of a number of mortgages being registered recently in Manitoba with unusually high interest rates, the province’s Consumer Protection Office is urging caution for people when they buy a home or use their home as collateral for a loan, such as a car loan.  Consumers who want more information about their rights can contact the office to learn how to be treated fairly.

The Consumer Protection Act requires lenders to give borrowers important information about their loan or mortgage before they sign the agreement including the amount of interest, details on optional services and information on any default charges.

The Consumer Protection Office would like to remind Manitobans that:

* Borrowers should shop around for the best deal.  Pay attention not only to the interest rates, but also the fees charged by the lender for paying off the mortgage early, documentation and mortgage registration and discharge.  All this information must be disclosed in the credit agreement.

* Lenders must give borrowers an initial disclosure statement that can be reviewed prior to signing the credit agreement.

* Credit agreements must also clearly state the payment amount and schedule, the cost of credit and the annual percentage rate.

* Consumers have the right to take a copy of the initial disclosure statement away with them to review, or have a third party review, before signing on the dotted line.

Using a home as collateral for a small loan, such as a car loan, can put consumers at risk of losing their home if they cannot make payments on the loan.  Consumers can protect themselves by:

* Never signing or initialing blank papers or papers with blank spaces.  Consumers should walk away from any business that asks them to sign blank documents;

* Asking the lender to fully explain anything about the credit agreement they do not understand or anything in the agreement they did not agree to;

* Ensuring they ask for and receive copies of the signed credit agreement before leaving the lender’s place of business;

* Making sure that if there are any changes to be made to the agreement, the lender provides a new initial disclosure statement and credit agreement that reflects the changes; and

* Not being pressured into signing any document or agreement.  If consumers are feeling pressured or confused by the process, they can take their business elsewhere.

Approximately 52,000 mortgages are registered each year in Manitoba.  According to the Bank of Canada, the average residential mortgage lending rate for a five-year mortgage in 2011 ranged from 4.35 per cent to 4.87 per cent.

In some situations, if a lender does not follow the laws by not disclosing certain information prior to a borrower signing the mortgage, the borrower may be entitled to financial relief.  In addition, anyone found guilty of having breached the Consumer Protection Act may be subject to fines up to a maximum $300,000.  They may also be ordered by the courts to pay restitution. ]]> http://www.mckillop.ca/blog/consumer-protection-high-interest-rates-mortgages/feed/ 0 http://www.mckillop.ca/blog/reason-choose-remax/ http://www.mckillop.ca/blog/reason-choose-remax/#comments Thu, 17 May 2012 17:17:46 +0000 admin http://www.mckillop.ca/?p=646 RE/MAX Working for You! ]]> http://www.mckillop.ca/blog/reason-choose-remax/feed/ 0 http://www.mckillop.ca/blog/land-transfer-tax/ http://www.mckillop.ca/blog/land-transfer-tax/#comments Mon, 30 Apr 2012 20:16:07 +0000 admin http://www.mckillop.ca/?p=644 Land Transfer Tax

The deadline to register to participate for the third annual Open Farm Day is April 30, and today Agriculture, Food and Rural Initiatives Minister Ron Kostyshyn and Culture, Heritage and Tourism Minister Flor Marcelino encouraged Manitoba farm families to sign up.

“The face of farming has changed with the times through agricultural activities, and I encourage Manitoba farmers to help tell this story and show how the agriculture industry has progressed,” said Kostyshyn.  ”The role farms play in the production and processing of food and beverages, and their unique place in the agri-tourism industry is what makes agriculture an economic driver in this province.

This year’s Open Farm Day is set for Sept. 16.

Last year, more than 40 farms participated in Open Farm Day, attracting over 5,000 people.  Farm sites can include fruit and vegetable producers along with crop and livestock farms.  Agri-tourism, horticultural operations and agribusinesses related to farming are also invited to take part.

“Opening the farm gates to rural non-farm and urban guests and out-of-province visitors has become a welcome addition to Manitoba’s tourism package,” said Marcelino.  ”This event will also help build an important connection between consumers and the food they eat.  It also highlights the wide variety of products that are produced in the province.”

Farmers wishing to participate in Open Farm Day can call the Manitoba Agriculture, Food and Rural Initiatives agri-tourism hotline at 204-821-5322.

Download the Spring 2012 RE/MAX Market Trends Report.

The RE/MAX Market Trends Report, highlighting sales, price, trends and developments in 15 markets across the country, found that 12 of 15 Canadian centres (80 per cent) were reporting year-to-date (January-February) sales activity ahead of last year’s levels, with more than half reporting double-digit increases.

Low interest rates, coupled with strong consumer confidence levels and a mild winter, played a significant role in the upswing, ushering in an early start to the spring market. Average price climbed in 14 of 15 markets (93 per cent) examined, yet appreciation was more tempered, with only three markets posting gains in excess of 10 per cent. Tighter inventory levels at entry-level price points have sparked bidding wars – particularly in Winnipeg and the Greater Toronto Area – with similar conditions starting to emerge in Saskatoon, Regina, London-St. Thomas, Hamilton-Burlington, Ottawa, St. John’s, and Halifax-Dartmouth.

“Housing values are escalating at a steady pace in most major markets,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Yet, gains are, as predicted, much more moderate than in years past. We expect this will remain the trend moving forward – in line with the Canadian economy, as GDP growth also moves ahead at a more subdued pace. Conditions will vary locally, with some markets exceeding expectations, largely due to the fact that the significant influx of inventory expected never materialized or, in the case of Saskatchewan and Newfoundland, the local economy has shown extraordinary strength. On the whole, this is a very stable and healthy housing market in line with traditional norms, with few exceptions.”

In terms of sales appreciation, the best performing markets heading into the traditionally busy spring

season were Halifax-Dartmouth (35 per cent), Saskatoon (21 per cent), Saint John (20 per cent), Regina (16 per cent), St. John’s (12.5 per cent), Greater Toronto Area (12 per cent), London-St. Thomas (11 percent), and Edmonton (11 per cent). Only Vancouver, Kitchener-Waterloo, and Winnipeg have experienced softening in housing activity so far this year. Sales are down 16 per cent in the Greater Vancouver, 4.5 per cent in Kitchener-Waterloo, and almost on par in Winnipeg.

“Given the current economic climate, the strength of the country’s housing market clearly reflects the value Canadians place on homeownership,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “One driving factor has been the overall performance of the market over the past decade. Existing homeowners have realized substantial equity gains, especially in recent years, and many are taking advantage of the combination of historically low interest rates and equity to upgrade.

“Perhaps more importantly, housing has outperformed just about every other asset class – and a principle residence is capital gains exempt – a fact that’s not gone unnoticed.”

Year-to-date average price in most major centres is also on the upswing. Winnipeg, Greater Toronto and St. John’s each posted a percentage increase of 10 per cent in the first two months of 2012. Values in Kitchener-Waterloo followed at nine per cent, while Regina and Saskatoon escalated six per cent.

Purchasing intentions have largely been driven by confidence in a buyer’s own employment and financial picture, followed by major lifecycle events. While global uncertainties caused some to pause in recent years, purchasers will only sit on the fence so long before the need to make a move becomes a stronger impetus. That reality is starting to fuel momentum, along with the domino effect of an enthusiastic entry-level segment. First-time buyers are driving demand in both the smaller and major markets, in turn sparking strong sales activity among move-up purchasers at the higher price points. As a result, the upper-end of the market has also held up well. There’s no question that the spring 2012 market will see all segments working in tandem.

Highlights:

• Halifax-Dartmouth’s residential real estate market is firing on all cylinders thanks to the $25 billion shipbuilding contract awarded in the last quarter of 2011. Renewed confidence has bolstered homebuying activity, with sales up 35 per cent over one year ago.

• Markets in Saskatchewan are also red-hot, with Saskatoon (21 per cent) and Regina (16 per cent) supported by strong economic fundamentals and increasing population levels in the province.

• Tight market conditions have seriously hampered sales activity in Winnipeg, but purchasers remain undaunted. In February, 44 per cent of single-family homes sales sold above list price, while 31 per cent of condominium sales sold for more than ask.

• In Greater Toronto, multiple offers are commonplace in blue-chip neighbourhoods, with an estimated 50 per cent of detached homes priced in the $600,000 to $900,000 price range selling for more than list price.

• The First-Time Buyer’s Tax Credit and remediation of the Harmonized Sales Tax (HST) issue in British Columbia is expected to breathe new life into housing markets this spring.

RE/MAX Affiliates may share this article, provided they do not charge for it and this notice is included. All other rights reserved.

1)Houzz Interior Design Ideas- Want to make an improvement but lacking inspiration? This app has over 200,00 high quality interior design images in which you can save and categorize (IPhone, IPad, IPod- Free!)

Benjamin Moore Color Capture- Color inspiration is all around, but it isn’t always easy to remember it and coordinate it correctly. If you find yourself suddenly inspired, simply take a photo with the app and it will instantly create a palette from a selection of Benjamin Moore paints. You can then save the palette and add notes for future reference. (IPhone, IPad, IPod Touch & Andriod- Free!)

IHandy Level- This free app makes hanging a picture a breeze. Rather than dragging a level out from the garage or basement, simple whip out your mobile device and your ready to go. (IPhone, IPad, IPod Touch & Android- Free!)

Handy Man DIY- Oh, sweet mercy. Simply input and store room measurements and the app will calculate exactly what you need for a project, whether it is paint, trim, flooring, etc. You’ll never have to calculte measurements again. (IPhone, IPad, IPod Touch- $1.99)

Space Planning Tool- Funny how when you’re in the showroom that couch looks just right, but when you get it home it won’t even fir through the door, isn’t it? This app will prevent these types of disasters. This app allows you to put in room dimensions, create floor plans, make shopping lists and note preferences for colors/fabrics/finishes, etc. (IPhone, IPod Touch-$1.99 For IPad it comes under the name “Mark on Call)

Please find below our suggestion for fixing the CANADIAN economy.

Instead of giving billions of dollars to banks that will squander
the money on lavish parties and unearned bonuses, use the following
plan.

You can call it the Patriotic Retirement Plan:

There are about Ten million people over 50 in the work force.

Pay them $ 2 million each severance for early retirement with the
following stipulations:

1) They MUST retire.
Ten million job openings – unemployment fixed

2) They MUST buy a new Canadian car?
Ten million cars ordered – Car Industry fixed

3) They MUST either buy a house or pay off their mortgage -
Housing Crisis fixed

4) They MUST send their kids to school/college/university -
Crime rate fixed

5) They MUST buy $100 WORTH of alcohol/tobacco a week …..
And there’s your money back in duty/tax etc

It can’t get any easier than that!

*
Also:*
Let’s put the pensioners in jail and the criminals in a nursing home.

This way the pensioners would have access to showers, hobbies and walks.

They’d receive unlimited free prescriptions, dental and medical
treatment, wheel chairs etc and they’d receive money instead of
paying it out.

They would have constant video monitoring, so they could be helped
instantly, if they fell, or needed assistance.

Bedding would be washed twice a week, and all clothing would be
ironed and returned to them.

A guard would check on them every 20 minutes and bring their meals
and snacks to their cell..

They would have family visits in a suite built for that purpose.

They would have access to a library, weight room, spiritual
counselling, pool and education.

Simple clothing, shoes, slippers, PJ’s and legal aid would be free,
on request.

Private, secure rooms for all, with an exercise outdoor yard, with
gardens.

Each senior could have a PC a TV radio and daily phone calls.

There would be a board of directors to hear complaints, and the
guards would have a code of conduct that would be strictly adhered to.

The criminals would get cold food, be left all alone and
unsupervised. Lights off at 8pm, and showers once a week.  Live in a
tiny room and pay $400.00 per week and have no hope of ever getting out.

Think about this (more points of contention):
*
COWS:*
Is it just me, or does anyone else find it amazing that during the
mad cow epidemic our government could track a single cow, born in
Goondiwindi almost three years ago, right to the paddock where she
slept in the feedlot at Bony Mountain?

And, they even tracked her calves to their stalls. But they are
unable to locate 125,000 illegal immigrants wandering around our
country. Maybe we should give each of them a cow.
*
Also:*
Think about this ….. If you don’t want to forward this for fear of
offending someone — YOU ARE PART OF THE PROBLEM! It is time for us
grumpy old folk of CANADA to speak up!