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August 2010

1. Welcome to a Buyer's Market!
2. Real Estate Humour
3. Ways to Save Your Money



Term	Rate
Prime	3.00%
Variable	2.90%
1 Year	2.89%
3 Years	2.69%
4 Years	2.95%
5 Years	3.09%
10 Years	3.89%

Interest rates effective on the date this email was sent




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Hello {subscriberFirstName},

Welcome to a Buyer’s Market!

• The Canadian Real Estate Association (CREA) revised its forecast downward for home sales activity via the Multiple Listing Service® (MLS®).
• Weaker than anticipated sales activity prompted the revision.
• The decline is consistent with the exhaustion of pent-up demand from deferred purchases during the economic recession, and sales having been pulled forward into early 2010 due to changes in mortgage regulations.
• National sales activity is forecast to reach 459,600 units in 2010, representing an annual decline of 1.2 per cent.
• Expected variable interest rate increases will keep home-buyers in a cautious mood.
• In 2011, weaker economic growth and consumer spending will contribute to a decline in national sales.
• “The Bank of Canada recognizes that inflation remains well contained and that economic growth will soften, so interest rates will rise slowly and at a measured pace, which will keep home financing within reach for many home-buyers,” said Georges Pahud, CREA President.
• More difficult qualification rules and inaccurate fears of HST will decrease first home buyer activity
• “Slowing first-time home buying activity means lower- and mid-priced homes are making a smaller contribution to the average price calculation, causing the average price to be skewed upward as a result,” said Gregory Klump, CREA Chief Economist.
• However, sales activity and new supply are both expected to continue to ease, so inventories are unlikely to pile up the way they did during the recession.
• Home-buyers will no doubt welcome a more relaxed housing market in places where there was a shortage of supply earlier in the year.
• Welcome to a buyer’s market!

(Source: notes from the CREA)

Ways to Save Your Money

Many Canadian families are working hard to save money and reduce debt. By saving modest amounts, however, you can reap big rewards over time. Here are easy ways you can save $100 or more this year.

1. Pay Off Your Plastic: If you carry a credit-card balance from month to month, pay it back pronto. A $10,000 balance at 18 percent blows nearly $2,000 a year in interest. If you can’t pay it off in full, transfer your debt to a lower-rate card.
2. Challenge Your Property Tax: Go to your local assessor’s office and find out what property taxes your neighbours are paying. If your house is similar but your taxes are higher, you may want to challenge your bill. Also, read the description of your home. Errors in square footage or the number of bathrooms could mean an overcharge. The assessor’s office or local board of tax review can tell you how to file an appeal.
3. Plug into Bargain Electricity: Are your electricity bills excessive? Maybe you’re using too much power at peak hours. For instance, try running your dishwasher at night, rather than during the day. By taking advantage of off-peak rates, most consumers can save about $100 a year. Replace pre-1992 appliances when they break down with the news ones with the Energy Star label.
4. Say No to Car Extras: A navigation system through your dealer will cost you upwards of $3,500 but a good quality Garmin portable unit is as low as a hundred dollars. See for yourself by clicking here
5. Skip the Service Contract: Extended warranties on electronics are rarely a good deal. Experts say most product breakdowns occur in the first year and are covered by the manufacturer’s warranty.
6. Buy in Bulk: Meat is a fraction of the cost when purchased in bulk and outside of the city. Your freezer can be your best friend!
7. Rethink Your Vacations: The “staycation” (relaxing at home) is becoming a popular way to save a bundle on a vacation. Just remember to turn your phones off and don’t tell anyone where you are! If you still want to travel, consider using a “homestay” program.
8. Use Online Banking: Online Banking can save you time and money. If you sometimes forget to pay bills, set up automatic payments in order to avoid potential late fees. It also allows you to monitor your cash flow more easily. Plus it saves you time and money driving to the bank!

(Source: notes from the Reader’s Digest)