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Do You Know What’s In Your Furnace Room?

Your HVAC (heating, ventilation, and air-conditioning) system keeps your home breathing – consider it the lungs of your house. A strong, durable HVAC system keeps your home nice and healthy throughout the year. Homeowners play a big role when it comes to maintaining healthier homes, and it’s important to understand what’s in your mechanical room and how it’s affecting your indoor air.


The furnace (or utility) room is my favourite room in the house. It is the lifeline to your home and it often gets no attention. All the ductwork in your home is like the veins in your body. Cycling air throughout the house is the most important thing. If you unbalance the system, that will create a problem. 80% of all homes have poor indoor air quality. If you have spent your money correctly and invested in a house built by a good builder, you are protecting the health of your family. So what’s in your furnace room..


Heat Recovery Ventilator


A healthy home is one that has features that get rid of excess moisture. Although opening up windows is a good option for air exchange, that’s not practical during the winter. That’s why an HRV (Heat Recovery Ventilator) is just plain smart, and is part of the building code in most areas. It brings in air from outside, conditions it to the temperature inside the house and then feeds it throughout your home. That means a constant supply of fresh air. On top of that, an HRV is also wired to the furnace so it actually REMOVES stale air.


Some HRVs have a humidistat which should be installed in a central spot in the house. It’s usually set at around 35-40%. If the humidistat detects that there is too much moisture in the air, it starts up the HRV. How simple is that?


When it’s running well, your HRV can recover up to 80 per cent of the heat from the outgoing stream — which can go a long way to reducing your ventilation and space-heating costs. Now that’s smart.


Your Furnace Is The Heart Of Your Home


Think of your furnace as the beating heart of your home. Ducts are the blood vessels that carry heat to all parts of your home, and return cold air back to the furnace to be reheated. It’s important that you don’t restrict the airflow from your furnace through your home. A clogged furnace filter, furniture blocking cold air returns and heat registers will all help do that. A lot of people think that filters were created to help clean your air, but they were actually made to protect your furnace.


NOTE: A clean furnace filter will let your furnace work more efficiently, and work to protect the unit against circulating dust. If your filter is clogged, that means your furnace fan has to work overtime to pull in air through the filter. You’ll be making your furnace work overtime to compensate – and that means more energy output every month causing wear and tear on the unit more quickly, and a higher energy bill at the end of the month.


Managing Moisture In The Air with an ERV


ERVs manage the moisture in the air that’s being pulled into your home. Some builders install an ERV instead of an HRV. In the winter, your ERV will transfer humidity from the air being extracted from your house, keeping your humidity levels relatively stable. During the hot summer months, the opposite happens, where moisture is pulled out from the incoming air — which reduces the work your air conditioner and dehumidifier have to do to keep things even.


I love ERVs for Canadian winters, when the air coming into your house is dry. In extreme climates like ours, an ERV can take some of the load off your HVAC system.


Maintenance Tip: Pay attention to your HVAC filters. I change mine every three months – but during the summer and winter months (when our systems tend to work harder), I change them monthly. A clean filter really does make a difference in how well your unit works. That means money saved on your monthly energy bills.


By Mike Holmes

Mike’s Advice / Home Safety & Maintenance

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Getting an Early Start on Selling your Home

You've probably heard the expression, "The early-bird gets the worm." It refers, of course, to those who get in early and reap the rewards. For example, if you arrive early to a retail store for a big blowout sale, you're likely to get the deals before the inventory runs out. The stragglers who come later miss out.


Well, this same wisdom can be applied to selling your home. Starting the process early — even if that means simply doing some initial planning — gives you the edge in several ways.


First of all, you get extra time for preparation. That means you can get your home cleaned, uncluttered and staged without feeling rushed. You also get more time to find out how much your property will likely sell for on today's market. That's important information, especially if you're also looking to finance a new home.


Secondly, there's less stress. You'll have more time to make the right decisions. The last thing you want is to be scrambling around, last minute, trying to get your home ready for sale.


Finally, with your initial preparations done, you'll be able to put your home on the market at a moment's notice. That's a huge advantage that's likely to lead to selling your property more quickly and for the best price. In fact, by getting an early start on the process, you might even find that right now is the best time to list -- and you'll be able to do so, with confidence.


Want help getting an early start on selling your home? Call me.

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6 Easy Ways to Soundproof a Room
Whether it's noisy neighbours, bleeping garbage trucks or thudding footsteps, unwanted outside noise at home can be infuriating. Thankfully, there are several ways we can minimize those sounds so our home is a peaceful, tranquil oasis. Here are some of our favourite soundproofing solutions..read article here
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Benchmark vs Average vs Median — What's the Difference?

Listen closely when people are throwing around stats about home prices. First thing to ask is, which kind of price are they talking about?

Average home price: The average of all house prices within a category, for example, the total of all condo sale prices in a given area divided by the number of condos sold there.

Median home price: The midpoint of sales prices where an equal number of properties were sold above and below this sales price.

Benchmark home price: MLS® estimate of the value of a “typical” home in a community, based on the most popular combination of features, e.g., age, size, number of bedrooms and bathrooms. You’ll find separate benchmark prices for detached, attached and condo homes.

House Price Index (HPI): Ongoing record tracking aggregate sales of similar homes. MLS® has its own HPI which traces the price trends for detached, attached and apartment properties. The baseline of 100 was set on Jan. 2005 prices. Some highly populated areas have been broken down for more complete data. 

Two Canadian companies also publish HPIs. The Teranet National Bank House Price Index covers eleven cities including Metro Vancouver and Victoria. There’s also the Brookfield RPS House Price Index, starting in 2005 and covering 13 cities, including Metro Vancouver and Victoria.


One thing these indicies don’t tell us is the distribution of prices, i.e., how many homes sell at the different price points. See the Urban Futures report Trends in Lower Mainland Housing Prices to understand this important factor in our real estate markets.


What other real estate terms are as clear as mud? Let me know in a comment below and I'll endeavour to respond with an explanation just for you!


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How to Decide If You Should Replace Your Windows

One of the most prominent features of any home is the windows. If they are well maintained, they will have a positive impact on the impression potential buyers have of your property. Of course, the opposite occurs when your windows look old and worn.


So, does that mean you should replace your windows?

That depends on a number of factors. Window replacement can be an expensive renovation. Here are a few things to consider before making your decision.

  • Do you see water infiltration or mildew on the interior sides of any of the window sills? This means that moisture is creeping in from the outside, and you need to get those windows repaired or replaced as soon as possible.
  • If your windows are double-paned - (two panes of glass) - check for any signs of moisture in between the glass panes. Moisture indicates that the thermal seal is broken and, at a minimum, the glass will need to be replaced.
  • Take a look at your windows from the outside. Is the trim rotted or cracked anywhere? Are there dark spots or any signs of rotting on the wood frames? Repairs or replacement may be required.
  • Check the operation of your windows. Do they open and close easily? Some windows, such as those in bedrooms, are often designed to be big enough to use as an exit in case of a fire. It’s important to make sure those work properly.
  • Finally, are you happy with how your windows look? Do you feel that your property will look significantly better with new windows?

Although they are expensive, replacing windows can have a lot of advantages. Depending on the efficiency of your current windows, replacing them could cut your energy costs by 10-20%. In addition, new windows block out more exterior noise, making your home quieter.

Want more tips on increasing the value, and enjoyment, of your property? Call me today.


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WHY TANKLESS HOT WATER?

The scientific community is pretty much in agreement, global warming is occurring. We all want to do our part – recycling our waste, smaller vehicles with greater fuel economy, saying ‘no’ to plastic grocery bags at the local market, etc. More and more Canadians are become energy conscious when it comes to energy usage in the home, and a significant portion of energy goes into heating our domestic water.


Tankless, instantaneous, on-demand hot water heat has never been more popular. And why shouldn’t it be? Energy efficiency is reported to be in the 80-85% range (95-97% for the condensing units), tankless heaters only heat the water when you turn a tap on, they’re almost silent running, and CO2 emissions are reduced by 900-1000 pounds per year per average household installation! Time to replace your water heater? You’re of course going to want to replace it with a tankless system right? Well – maybe.


Before jumping in with both feet, know what you’re getting into. Tankless may work great for your household dynamic, but it’s not for everybody.


It’s a Tankless Job


Probably the main thing to realize is that a tankless system is just that – tankless. No water storage tank at all. With a tankless system, when you turn on a hot water tap, here’s what happens: Opening the faucet allows water to flow inside pipe and out the faucet. A flow sensor within the tankless system detects this flow usually within a couple of seconds. Once flow is detected, the system’s computer (yup, there’s a computer) tells the tankless unit to come to life, firing up the burners and starting up the exhaust fan (these are various levels of “silent”, but none as silent as not having a fan at all). The cold water goes through these burners in a series of small water channels (a heat exchanger) quickly heating the water to a predetermined temperature (also continually monitored by the computer). Once appropriately heated, the hot water is sent on its way to the open faucet. When the faucet is closed, the flow sensor notifies the computer that flow has stopped, which in turn shuts down the burner and goes back to sleep awaiting the day flow begins anew.


This flow that we’re speaking of is also important when considering a tankless unit’s practical use. Various tankless models are designed with various levels of maximum flow. This flow is measured in GPM (gallons per minute) for a set tempurature rise. Many tankless units considered to be multi-bathroom use capable, can produce 9 GPM of heated water with a 35 degree fahrenheit temperature rise. This means that if the cold water entering the house is 40 degrees fahrenheit, the unit is capable of “instantly” heating it to 75 degrees at 9 GPM of flow. This same unit would also be rated at approximately 7 GPM with a 45 degree fahrenheit temperature rise, so it can keep up with a solid 85 degrees (about the temperature of a swimming pool) at 7 gallons per minute of flow.


Energy Requirements

Tankless heaters have no time to gradually heat the water, it needs to heat the water fast, efficiently and now! This is why a typical gas tankless heater runs at a whopping 199,000 BTU. Thankfully, it only fires on demand, but when the demand is there it FIRES! If you have an hour long shower, its firing for an hour long. A typical hot water tank relies on its storage (usually 40 to 50 gallons) and an extended recovery time (30 to 40 minute range). In my previous house I installed a quick recovery 50 gallon hot water tank, that recovered quickly enough that even when we had lots of guests staying over, it easily kept our water hot. It was a 50,000 BTU tank.


Energy Efficiency

Most tankless units are energy efficient within the unit themselves. I mentioned before that typical tankless units run at 80-85% efficiency and the higher end condensing units upwards to 97% energy efficiency rating. What may surprise you is some natural gas hot water tanks have energy efficiency ratings as high as 95%. Some commercial hot water tanks are rated as high as 99.1% efficient! Modern hot water heaters are much more efficient than they used to be. If you put your hand on the side of a modern hot water tank that’s full of 140 degree hot water, the tank shell isn’t even warm, it will feel cool to the touch.

Insulate your hot water lines!

The greatest culprit in heating loss comes not from the heating system used to heat the water, but rather from hot water lines in the house that aren’t insulated. If you have a tankless water heater sending hot water down 50 feet of un-insulated water line, it loses energy the whole way along the line until the pipe is heated up to the same temperature as the water inside it. This is why the water seems to gradually get warmer until finally its hot. The same is true for typical storage hot water tanks. The tank can be as efficient as can be, but if the water lines aren’t insulated, it must waste energy heating those lines up before you finally get the full benefit of the hot water. If you have un-insulated hot water lines in your house that are also part of a recirculation system, the recirc line will actually heat your house, albeit very inefficiently.


Cold Water Sandwich

People investigating tankless systems or who’ve spoken with someone who owns this sort of system will invariably come across the term “cold water sandwich”. What does this mean? With a tankless system, let say your spouse just had a shower so the water lines between the shower and the tankless heater are all hot. Now its your turn for a shower, so you jump in and turn the water on. Immediately, there is hot water coming because the lines are all full of hot water, and you’re in there happily singing at the top of your lungs. But remember, tankless systems aren’t truly “instantaneous” – and I love this part - so while the flow sensor is waiting for a ½ gallon of cold water to go through before it decides to come to life and start heating, you’ve got a ½ gallon of cold water barreling down the line toward you while your singing in the shower. “IEee!” Cold water sandwich! Kind of like putting a bucket of cold water above a partly open door.


So what to do about this? We always, always put in a water storage tank to work in conjunction with a tankless heater. Anywhere from a 2 to 30 gallon electric works just fine for this. It acts as a buffer to ensure that any cold water is completely absorbed by the hot water tank – not by your backside. Also, the electric tank will be always be ready and waiting for you, full of hot water, so you truly get the instantaneous heat you’ve grown accustomed to. Instead of the electric tank having to heat up cold 40 degree water, it is fed only hot water from the tankless heater, making it more efficient. There are also hybrid hot water heaters that combine both tankless with a storage tank in one unit.


To be fair, many tankless water heaters now try to reduce the cold water sandwich effect using various methods. On of these methods is to measure the length of time between the last hot water usage and the current hot water request. If the time is short enough (a minute or two), the tankless unit will fire up within one or two seconds reducing the amount of cold water coming at you. Whatever method is used, the cold water sandwich is still with us, and something you need to be aware of.


Final thoughts

The biggest plus that I can give to a tankless system is that is takes up less space. It hangs up very nicely on the wall. When installed correctly, it’s a clean looking unit. However, by the time you’ve also installed the “buffer” tank, the space savings start to dwindle. When installed correctly, a tankless system can be as efficient as a high efficiency storage tank, but the installation price is certainly higher, and you end up having a water storage tank anyhow. Tankless is very trendy right now, but you might want to talk to a professional plumber about high efficiency water storage tanks that will save your pocketbook as well as the environment. If your convinced a tankless system is right for your situation, get a price quote for installing a tankless hot water heater in your home.

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  1. If your deposit was not enough to cover your entire down payment you will be expected to provide the rest of the down payment at move-in time.
  2. Real Estate commissions are paid by the seller, so you have no cost for this.
  3. New properties have a sales tax called GST; this should have been added to the price before the mortgage was obtained so that no funds are needed for this tax at the time of possession if you have a mortgage. When you arrange your mortgage loan, discuss having the GST included in the mortgage amount with your lender.
    For properties under $350,000 the net GST rate is 3.2% for homeowners. Investors who rent out their suite pay 5% GST when they purchase and in most cases get a 1.8% GST rebate when they find a tenant who makes the suite their primary residence.
  4. If you have less than 20% down you will have mortgage insurance (about 2-3% of your mortgage). This premium will be added on top of your mortgage once at the beginning, so you do not have to pay this premium in cash at possession time.
  5. In BC there is a sales tax called the Property Transfer Tax (PTT). This tax does not apply to NEW residences under $750,000 when the property is used as a primary residence by a Canadian citizen or permanent resident. The tax does apply to properties over $750,000, all used properties, bare land and commercial/industrial properties. The rate of this tax is 1% on the first $200,000 and 2% on the balance. On a $400,000 used condo this tax would be $6,000, but because the Yorkson offering is new condos, the tax will not apply.
  6. Your bank may have an appraisal fee to be paid when you buy, but most lenders will waive this fee. If they don’t it is often about $300.
  7. Your lawyer will charge you legal fees to handle your share of legal work for the purchase, these fees are often about $900 and must be paid when you take possession. There may be property tax adjustment of a few hundred dollars when you move in, depending on the time of year that you take possession. [Sometimes your bank will pay part of these closing fees as a gift to you for using them for your mortgage].
  8. Sometimes utilities will charge you a fee of $50 to $70 to hook up power for the first time.
  9. The fire/water/flood/earthquake insurance your mortgage company requires is already provided by your strata corporation.  You do not need to purchase more insurance if you don’t want to.  The included insurance does not include your contents or personal liability. Some buyers purchase additional contents and personal liability insurance.
  10. Finally, there is often the added cost of a moving van to move your possessions in.
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Rentals Allowed by a "Form J: the Rental Disclosure Statement"

A "Form J: the Rental Disclosure Statement" also determines whether strata lot owners can rent their lots despite rental restriction bylaws. The Form J:

  • describes the strata lots that may be rented and
  • sets out the date during which the rentals may occur

Under the Strata Property Act, Owner Developers must provide prospective purchasers with a Form J that has been filed with the Superintendent of Real Estate, if the Owner Developer intends to rent or preserve the right to rent any of the residential strata lots.

Rental disclosure statements are only filed by the Owner Developer and are completed individually for each strata lot.

Strata lot owners may have different rights to rent their lots depending on when the Form J was filed.

 For Form Js filed on or before December 31, 2009, a lot that has been designated as a rental lot by the Owner Developer on a Form J remains eligible as a rental lot – regardless of rental restriction bylaws – until either:

  • the lot is sold or transferred by the first purchaser or
  • the date set out on the Form J expires (whichever occurs first)

For the Owner Developer or the first purchaser from the Owner Developer, the effect of the Form J is to preserve the right to rent the strata lot for the length of time set out in the Form J, despite any subsequent rental restriction bylaws.

However, a purchaser who buys the strata lot from someone other than the Owner Developer does not have a right to rent the strata lot. For the new owners, a strata lot may only be rented if there is no rental restriction bylaw or the owner is permitted to rent despite a rental restriction bylaw because of:

  • the family member exception
  • a determination of hardship by the strata council
  • the provision that delays the application of a rental restriction bylaw. The Strata Property Act gives owners who are renting time to comply with a new rental restriction bylaw

For  “Form J: Rental Disclosure Statements” filed on or after January 1, 2010  there are different rules.  The owner-developer can now designate that a strata lot can be rented to a date specified on the Form J.

For these strata lots, a strata lot eligible as a rental remains designated as eligible until the date the rental period expires. The strata lot is not affected by any subsequent rental restriction bylaws until the rental period date on the Form J expires.

This means the right to rent a strata lot can continue from one purchaser to the next as long as the rental period on the Form J remains unexpired. This provision only applies to "Form J: Rental Disclosure Statements" filed on or after January 1, 2010.

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Mortgage penalties are probably hated about as much as taxes—but tenfold. Particularly when those penalties reach into the five figures.

Take this case of an Edmonton couple that was initially quoted $17,000 to break their five-year fixed mortgage early.

But homebuyers need not fall into the trap of being stuck with enormous penalties simply to break their mortgage early. Particularly when we know that the majority of borrowers do in fact break or refinance early.

“Internal lender statistics suggest that greater than 60% of mortgages will be paid out or restructured at an average of 36 months,” says Dustan Woodhouse, a DLC Mortgage Experts broker and author of Be The Better Broker.

Consider that the mortgage of choice for 68% of the country’s 5.78 million mortgage holders is the five-year (60-month) fixed, and you can see the issue.

As a quick overview, breaking a fixed mortgage entails a penalty that is typically the greater of three-months’ interest or the interest rate differential (IRD). To calculate your potential penalty were you to break your mortgage early, check out this calculator.

No matter how the penalty is calculated, for many borrowers that equates to some serious moola.

Woodhouse says the average penalty he sees is about 4.5% of the balance on a four-year fixed or longer fixed term, while the record was 7.7% with a major chartered bank, on a “significant” mortgage.

“We see absolute devastation when it is 5%-down buyers in a flat or declining market that also paid a 4.15% CMHC premium, and are paying Realtor fees to sell,” he says. “It is costing some of those people tens of thousands to get out of their property. And it could have been avoided.”

How to Avoid Mortgage Penalties

Being informed is a buyer’s greatest defence against punishing penalties down the road.

As Woodhouse puts it, “The greatest danger in our business is not unanswered questions, the greatest danger is unasked questions.”

This is where a broker can come in handy, particularly for unexperienced buyers, as they can help find a suitable mortgage product that balances a competitive rate with the features and flexibility that are right for the buyer, such as a reduced penalty should they need to break the mortgage early.

As we’ve written about previously, many mortgage shoppers tend to put greater emphasis on finding the lowest rate, which may save more money up front, but can potentially cost more over the long run. For example, a typical penalty on a full-featured mortgage would be three months’ interest vs. 2.75% of the mortgage balance for a “low-frills” or discount rate mortgage.

Plan for the Unexpected

Woodhouse says all borrowers need to be realistic about the possibility that they may move or refinance sooner than expected, which is why it’s one of the key discussions he has with his clients.

“The conversation around how pre-payment penalties are calculated are of just about the highest importance when it comes to how I work with my own clients,” he said. “I lead with the topic of prepayment penalties on every client inquiry, within the first 15 minutes or less.”

And while brokers may be able to assist homeowners after the fact, when a mortgage penalty is imminent, he says there is no replacing choosing a mortgage with flexible pre-payment privileges right from the start.

“Once the penalty is in play, there are some techniques for reduction that skilled brokers are aware of, but they rarely reduce it by more than 20%,” he said. “The best strategy is knowing what you are committing to upfront.”

While there are many fixed-rate products that offer flexible pre-payments and fair penalties, another option is to forget about going fixed at all.

Many variable products entail just a 0.50% of balance penalty, which is about nine times lower than the going fixed-rate penalty, Woodhouse notes.

“Life is variable, perhaps your mortgage should be as well,” he says.

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The temps are starting to drop; the smell of wood smoke is in the air. When temps are more chilly than warm, that's when veteran homeowners know it's time to do these six things if they want to avoid grief or over spending:

1. Buy appliances - Manufacturers bring out their latest models during the fall, and store owners offer big sales on appliances they want to move out - like last year's most popular dishwasher. So, the fall months are a great time to buy.

2. Switch the direction of ceiling fans - Most have a switch to allow the ceiling fan blades to rotate either clockwise or counter clockwise - one way pushes air down to create a nice breeze and the other sucks air up, helping to distribute the heat.

3. Clean windows - Clean off all the bugs, dust, and grime from your windows while the weather is still warm enough to do so.

4. Schedule a heating unit check-up - To ensure your family will be able to feel their toes all winter, schedule a service for your heating unit. As temperatures drop, service companies get busier.
 
5. Get a chimney sweep to inspect the fireplace - A professional chimney sweep will ensure your wood-burning fireplace burns more efficiently and will help prevent chimney fires and carbon monoxide poisoning during the winter.

6. Insulate exposed pipes - The most at-risk pipes are often those in unheated areas such as attics, crawl spaces, and garages.

Source: Stacy Free

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For those having trouble qualifying for a traditional mortgage, other solutions are still available, one of which is a private mortgage.

And with increasingly stricter mortgage regulations and qualification requirements being introduced by the government, they’re growing in popularity.

Private lending accounted for approximately 4-5% of Canada’s overall mortgage market in 2015, according to data from Teranet. Anecdotally today’s number is higher and growing fast, and is set to grow even faster if the new B-20 guidelines are implemented as proposed.

“What makes interest only loans appealing is that you are not required to pay down the principal of your mortgage, therefore reducing your monthly payment,” said Maya Schenk, managing broker and owner of Pacific Lending in Vancouver. “Interest-only payments improve the monthly cash flow, but for obvious reasons they are not a viable long term solution.”

This is why private mortgages are meant to be short-term solutions—typically one to three years—to help borrowers achieve their goals while they improve their credit, or for emergency lending situations.

Private mortgages have their place in the market, and are commonly used in some of the following cases:

  • Borrowers with inadequate credit to qualify for a traditional bank mortgage
  • Self-employed borrowers with unverifiable or unsteady income
  • Non-residents
  • Emergency funding for those going through foreclosure, or those with property/income taxes in arrears
  • For mobile homes or micro-condos (less than 600 square feet) that often can’t be financed/refinanced through a bank
  • For second mortgages/investment properties

In terms of the key benefits of a private mortgage, Schenk cites the need for less documentation as part of the approval process, which he says can be useful for self-employed applicants who can have difficulty proving their income.

“Private lenders are also much more flexible when it comes to your credit history,” she said. “As long as you have sufficient down payment or equity in your property, private mortgages are relatively quick and simple to obtain.”

While traditional bank mortgages are qualified primarily on the borrower’s financial standing and his or her ability to service the debt, private lenders place more weight on the quality of the property itself, in addition to the down payment and the client’s ability to repay to loan.

Because properties in more marketable urban areas carry less risk for the lender in the event of foreclosure, they can offer slightly more favourable rates and go up to a higher loan-to-value compared to properties in rural areas or undesirable neighbourhoods.

The higher cost of private mortgages

Schenk notes that in addition to the interest-only payments, private mortgages typically come with higher interest rates to compensate the lender for the increased risk they are taking on.

Interest rates can range anywhere from 10-18%, making them much more costly compared to a traditional prime mortgage starting as low as 2.50% for a 5-year fixed term. For this reason private mortgages are usually considered a last resort.

Additional fees can be involved with private financing, including lender, legal and broker fees.

Whereas broker fees are almost always paid as a commission directly by the lender in the case of traditional mortgages, the borrower must cover this cost when turning to a private mortgage.

Adding in lender fees and legal costs, total fees can amount to anywhere from 1-4% of the loan amount, though this can be rolled into the mortgage.

“It is important to understand the risks before getting a private loan,” Schenk adds. “The first questions to ask yourself are, ‘Will my financial situation change in the near future so that I can switch to a conventional lender soon?’ and ‘Will I need this mortgage only for a short period of time?’ If your answer is ‘no’ to both of these questions, private mortgage might not be a suitable solution.”

For anyone considering a private loan, a mortgage broker can help weigh the benefits against the costs to determine if one is right for you.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.