Salt Team Vernon BC Real Estate Market Update

Vernon BC Real Estate Market Update - September, 2010

2010-10-20T21:21:00.000-07:00

Vernon and North Okanagan Market Update - September, 2010

Finally we see some inventory dropping - the moment we have all been waiting for!!

There are some excellent buys out there if you know where to look. Inventory has dropped, sales were marginally better, so we feel there may be some light at the end of this distant tunnel. We aren't expecting miracles, but would like to see a more balanced market.

North Okanagan overall statistics September:
* Total Units Listed: 296 listings, down 10.57% from September, 2009. There has been noticeably less inventory coming on the market in the last 2 months. Last week RE/MAX cancelled office tour due to lack of listings!! Shocking!

* Total Units Sold: only 134 sales, which is down 28.72% from last year (but up from 105 last month) - out of those 134, 69 were residential sales. These 69 residential sales represent a 21.59% decrease from September 2009.

The North Okanagan currently sits with 19.2 months of inventory which is heading in the right direction - 2583 listings on the market now. This is still a very large number, but at least it's dropping. For a balanced market we still need to get back to 6-9 months of inventory.

9.29% of the residential inventory sold in September, which means approximately 90.71% of what is on the market did NOT sell. This is however an improvement, however small, from the 6.57% we saw last month. Sellers still need to be sharp on their prices.

The overall market improved for September, which gives us a glimmer of hope. With sales up and inventory dropping, this was good to see since June through August sales numbers were down sharply. We saw a number of price reductions late August and early September which seemed to spur more buyers into stepping into the market.
Wrap Up:

Sellers: the buyers are in the market! Make sure you price your home well to attract their interest. They will buy if they see value. The Canadian Real Estate Association and many analysts believe the Canadian real estate market is still overinflated 15% to 30%. Buyers are well educated and are not willing to waste their time on properties that they feel are overpriced.

Buyers: there are some incredible buys coming onto the market - be prepared and have your financing all arranged in advance. We are seeing multiple offers on the best buys in the market, so don’t be left out because you have not planned your purchase.
In our opinion, Sellers and Buyers should be using a highly experienced agent that works full time in the business and is doing transactions on a regular basis. Working with part time or inexperienced agents in this market could cost you thousands of dollars. Don’t be fooled- ask your agent to prove to you they have the experience and knowledge you need to help you make a good decision.

Thank you to those of our clients who showed up at the Pumpkin Patch for free hot dogs and pumpkins! We also want to sincerely thank those who donated to the Children's Miracle Network - we were able to raise $483 to donate to the cause!

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt, become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX Vernon)! Also, check out our housing videos (and home staging tips) on our Youtube channel at www.youtube.com/lisalt001.

Watch for our website's new look coming up soon at http://www.saltteam.ca/!
Cheers!
Lisa and the Salt Team, RE/MAX Vernon Real Estate

Run for the Cure raises over $90,000 in Vernon, BC!

2010-10-06T10:18:00.000-07:00

This year's CIBC Run for the Cure at the Vernon, BC site raised a staggering $90,000+! Congratulations to all my fellow committee members, and a sincere thank you to all the participants as well as those who donated to the cause. "Cheers" to another step towards a future WITHOUT breast cancer!

Enjoy this video:

Keep Your Head Up

2010-10-01T09:12:00.000-07:00

The real estate market is going through a tough time right now and realtors are feeling it as much as mortgage brokers. In a time when all that seems to consume the news is negativity, here is an article which might help to brighten your day. There is no doubt the real estate market is in a slump right now, however, when you read articles such as the one attached which shows that 66% of home buyers will buy over and over again, it does help those involved in real estate regain confidence in the market as a whole. The survey conducted by TD Canada Trust showed on average people will consider moving every six years. http://www.canadianmortgageprofessional.com/news/two-thirds-of-repeat-homebuyers-buy-again-and-again/58676

Shaun Pierce, AMP
Mortgage Consultant
(250) 717 – 8949 (Ext. 102)
spierce@creativemortgage.ca

9405 Shamanski Drive, Coldstream and 11700 Tassie Drive, Coldstream, There will be an Open house, Sunday October 3

2010-09-30T10:57:00.000-07:00

We are proud to announce that this Sunday October 3, 2010, 1:15pm to 2:15pm we will be hosting an open house at 9405 Shamanski Drive, Coldstream, BC. This is an excellent opportunity to visit this Fabulous renovated home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

We are proud to announce that this Sunday October 3, 2010, 12:00pm to 1:00pm we will be hosting an open house at 11700 Tassie Drive, Coldstream, BC. This is an excellent opportunity to visit this lovely home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

Deteriorating Economy

2010-09-24T09:37:00.000-07:00

The Bank of Canada raises rates when they begin to see sign of the economy recovering. The economic indicators are forecasted based off of their current figures. The past 3 rates hikes have been predicated on the notion the Canadian economy was strengthening and to a certain degree it was. However, the growth which we began to see in the spring may have been brought on by special events such as the Vancouver Olympics, the rush to purchase major investments such as real estate before HST, recent automotive incentives and of course the fiscal stimulus package implemented by the government. Recent economic data is now showing our economy is beginning to weaken again and even more so than our neighbouring country to the south. The first quarter momentum we experienced in consumer sales, job growth and real estate has stalledand in some cases shown real signs of deterioration. Economist are now looking for our third quarter growth rate to fall under 1%, far below the 2% we experienced in the second quarter of this year. Brian Bethune, the Chief Economist at IHS Global Insight sees the Bank of Canada's projected growth rate as being too optimistic and believes the Bank of Canada should look at reconsidering their recent rate hikes. At worst, he sees the Bank of Canada "taking a break" from raising rates. http://www.financialpost.com/news/Recovery+declining+dramatically+economist/3563588/story.html

Shaun Pierce, AMP
Mortgage Consultant
(250) 717 – 8949 (Ext. 102)
spierce@creativemortgage.ca

Commercial real estate investments

2010-09-20T09:53:00.001-07:00

Commercial real estate investments are very different from residential real estate investments. These types of properties primarily consist of apartment buildings, shopping malls, office buildings, retail outlets, industrial parks and vacant plots of land.

The money involved in such investments is more, not to mention the various legal and other technical specificities. There are provincial and local zoning laws to be considered; then there are the permits and insurance which need to be acquired before leasing the space to tenants.

There are building permits which property owners need to obtain from their country’s zoning commission. Vacant lands need to be inspected upon purchase before any construction can take place, as well as conduct due diligence to ensure properties are zoned for commercial use before submitting a purchase offer.

There are some instances where several investors join forces and invest in Okanagan real estate, be it commercial properties or underdeveloped pieces of land.

The management, that is, maintenance, rent collection, or tending to the needs of the tenants is different in different types of property. Residential real estate such as apartment buildings has on-site managers, while smaller apartment building management is often dealt by leasing agents. Commercial malls and office complexes however have off site management through an independent office.

If there are not enough occupants to fill up the vacancies in a commercial property, the operating expenses exceed the rental incomes. Investors should keep that gap in mind when determining the actual cost of the commercial Okanagan real estate. Operating costs cannot be ignored when investment in a commercial property is involved.

Investors of a commercial property have to be well versed with the nuances regarding legal statutes, landlord/tenant laws and property management. There are many legal formalities involved and contracts need to be executed by experienced lawyers who deal with such laws.

There are higher profits as well when investing in commercial properties. Take for example the high lease rate which rises up to 10-15$ per square foot, as opposed to the $5 per square foot in residential real estate. But there are higher risks involved as well. Profits are hard to come by as a minimum 50% occupancy rate is required merely to break even. Then there are possibilities of foreclosures, lawsuits and defaulting tenants.

It is advised only people who have knowledge about the various aspects of commercial Okanagan real estate get involved in this high risk investment opportunity.

Vernon BC Real Estate Market Update - August, 2010

2010-09-17T09:07:00.000-07:00

We unfortunately did not see any light at the end of the tunnel in August, however we are seeing an almost city-wide series of price reductions on overpriced product. That is a good sign. With this being the fourth month in a row where sales have decreased relative to 2009, the market is finally adjusting to new levels.

"Now" Buyers are buying - a good deal is still a good deal, and more and more of them are popping up. Hopefully the activity on these homes will keep our market moving through the Fall and Winter months. Once again, if you are a buyer - excellent value out there right now. We can watch out for those great deals for you, just let us know what your criteria is and we'll do so! Click here and we'll get you started right away!

Sellers - prices have fallen. It's time to face reality. If you haven't already reduced - it's time. And if you have had no second showings and/or no offers - you need to reduce more. Get ahead of the market and you will sell - prices are soft and getting softer so don't delay!

North Okanagan overall statistics August:

* Total Units Listed: 326, down 9.44% from August, 2009.

* Total Units Sold: only 105, down 32.69% from last year. This number is flat from last month.

* Residential Sales of houses (not condos, townhomes, mobiles, etc.) only amounted to 54 out of that 105, again similar to last month. This is down 19.4% from August 2009.

The North Okanagan currently sits with 26 months of inventory with 2729 properties in total on the market - still over 2 years of properties currently on the market at this rate of sales. Inventory remains about the same as last month, with little noticeable change. We keep expecting to hit that 3000 property inventory level, but as yet we haven't yet crossed that dangerous peak, mostly due to properties expiring and being removed from the market.

Only 6.57% of the residential inventory sold in August, which means approximately 93.5%% of what is on the market did NOT sell. This means to a Seller - be sharp on your price or you will sit until the market comes back. Why not wait until the market comes back you say? You can! That is of course your choice - but note that a real estate cycle usually is in 7 year increments - and we are 2.5 years into this one. Are you OK to wait for another 4-5 years before prices bounce back? If so, then you are in a strong position and should be all means wait it out. However if you feel there may be a 'need' for you to sell (versus the 'want' you feel now), you will need to price your home at today's fair market value to ensure it sells now versus in 6 months. In 6 months, we expect prices to be lower than they are today.

Wrap Up:

The summer of 2010 has been a very disappointing one for Sellers. September has not started much better. However, when we look at the tremendous gains made over the boom times, many Sellers are in strong positions. For Buyers, it's a great time to buy. Rates are low, prices are down, choices are plentiful - and you'll know when a good deal comes up. They are obvious. We can help both Buyers and Sellers make their dreams a reality - in this market and any market! It's all in knowing how to move forward. We have the experience to help you make the best decisions whether you are buying OR selling.

Thanks to all our past clients who attended our private viewing of "SALT" - the movie - at the Towne Theatre in Vernon on August 19th at 7:30 PM. It was such a great time and we feel a huge success. Thank you everyone for your business and referrals over the years!! And keep your fingers crossed for the sequel!

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt, become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX Vernon)! Also, check out our housing videos (and home staging tips) on our Youtube channel at www.youtube.com/lisalt001.

Please feel free to visit our website at http://www.saltteam.ca/ for more information on the North Okanagan.

Cheers!

Lisa and the Salt Team, RE/MAX Vernon 250-549-SALT

6801 Foothills Drive Open house, Sunday September 19

2010-09-16T11:02:00.000-07:00

We are proud to announce that this Sunday September 19, 2010, 2:00pm to 3:00pm we will be hosting an open house at 6801 Foothills Drive, Vernon, BC. This is an excellent opportunity to visit this lovely home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#50 6688 Tronson Road Open house, Sunday September 19

2010-09-16T10:55:00.000-07:00

We are proud to announce that this Sunday September 19, 2010, 1:45pm to 3:30pm we will be hosting an open house at #50 6688 Tronson Road, Vernon, BC. This is an excellent opportunity to visit this Fantastic custom built home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#2 1902 46 Avenue Open house, Sunday September 19

2010-09-16T10:51:00.000-07:00

We are proud to announce that this Sunday September 19, 2010, 12:45pm to 1:45pm we will be hosting an open house at #2 1902 46 Avenue, Vernon, BC. This is an excellent opportunity to visit this perfect home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#67 3900 27 Avenue Open house, Sunday September 19

2010-09-16T10:44:00.000-07:00

We are proud to announce that this Sunday September 19, 2010, 12:00pm to 1:30pm we will be hosting an open house at #67 3900 27 Avenue, Vernon, BC. This is an excellent opportunity to visit this 55+ Townhome.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

# 5 1000 Mt.Ida Drive Open house, Sunday September 19

2010-09-16T10:37:00.000-07:00

We are proud to announce that this Sunday September 19, 2010, 11:30pm to 12:30pm we will be hosting an open house at # 5 1000 Mt.Ida Drive, Vernon, BC. This is an excellent opportunity to visit this Fabulous home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

A Guide for Buying Repossessed Homes for Sale

2010-09-16T10:17:00.000-07:00

If you are looking for Vernon properties or Okanagan homes for sale then you can also consider the foreclosure houses. You can also consider a brand new house but it is always better to keep your options open. If you are seriously interested in buying your own house then you should try to get a quality living space at a great deal. So when you are into investing for property try to figure out the different pros and cons of the property before you take the final decision of purchasing it.

Before you start looking for homes for sale in Vernon, make sure to check with your own finances. If you are into investing for buying property then spending it for foreclosure property does make sense. You may strike a real great deal with a foreclosure property. But it is also true that there are so many cases of foreclosure as the owners rushed into the deal without having arrangement for down payments. So before investing in a Canada home for sale calculate whether you can manage the required amount of down payment or you already have a huge amount of debt to be paid back.

Once you have decided to buy a home for sale in Vernon or Okanagan area, you can get in touch with your local bank, home loan providers and real estate agents. From real estate sites on the Internet, you can also go for a good round of search for Canada homes for sale with emphasis on repossessed and foreclosure property. You can pick some of the real estate property from the different websites and get in touch with the concerned agents. With help of the agents you can also arrange a small tour to the foreclosure properties in your area.

Once you have almost selected an Okanagan home for sale or a property in Vernon make sure to go through the initial application fully. It is also important to note the amount your banks and agents are charging from you. You can also look out for the slashed prices or any discounts offered before you finalize a property deal. And there is one more thing you should never hesitate to enquire about things that you think are necessary before investing a huge amount of money.

When To Buy

2010-09-15T09:34:00.000-07:00

There was alot of excitement last week when the Bank of Canada Increased ithe Bank rate for the 3rd straight time, which then prompted the Banks to increase their Prime Lending rate to 3%. Will they raise the rates again in October? Economists are pretty much divided on this topic - I guess we'll just have to wait and see.

At the same time as we've seen increases in Prime Rate and therefore any Home Equity Secured Credit lines or variable rate mortgage products (which in my mind is still a great bargain at about 2.5% or sometimes lower) , we've seen our long term mortgage rates drop to a fantastic level of approx 3.89% for 5 yrs. Its great to see these low rates, and with House prices stabilizing or even softening in some markets - increased affordability is an obvious positive side effect.

For those purchasers waiting to see if prices will decrease more consider this.

for a 1% increase in long term interest rates this equates to a change in your mortgage payment per month on a 5 year term of approx $60 per month per $100,000 of your mortgage amount - multiply this by 60 months (5 yrs) and again by 2.5 (average mortgage amount in this market is approx $250,000) and you the buyer have just spent an additional $9000 in additional costs over the term.

Something to think about as in many cases it may not PAY to wait

Ask your Real Estate professional to assist you with your unique situation

I always recommend all clients considering a new home purchase to call Pauline First for a free no obligation and consultation to not only confirm your borrowing ability, but also to ensure you have a LONG TERM RATE COMMITMENT from the bank to HOLD THESE LOW RATES NOW.

Of course I am always here to answer your questions and will look forward to hearing from you soon.

Looking for experienced advice? Call Pauline today

Pauline Mountain
TDCanadaTrust
Mobile Mortgage Specialist
Bringing you over 24 yrs Experience.
Cell 250-307-4860
Toll Free ph 1-800-673-1525
Toll Free Fax 1-866-225-8206
pauline.mountain@td.com

What You Should Not Overlook as You Search for Condo for Sale

2010-09-15T09:24:00.001-07:00

Looking for a suitable condo for sale is quite time consuming and tedious. Finding a Vernon condo for sale is almost as tedious and exhausting as it is while looking for traditional houses. Compared to single houses there are some advantages as well as disadvantages of living in condominiums. It depends on the buyer to decide whether to go for a condo or not. But be it buying a condo or a single family house in Vernon, the aim of a buyer is always about striking the best deal at best price.

Often it is seen a condo buyer tends to overlook some important aspects. So as you look for Vernon condos for sale, try to carry out some basic research so that you can have one of the best living spaces and you are also content with its price.

• Considering all the Costs and Fees: Living in a Vernon condo means you get access to a number of amenities. The amenities that generally come with condo living can be private parking areas, access to swimming pool, fitness center etc. For the amenities or facilities available at condominiums, you have to pay certain fees on a quarterly, monthly or yearly basis. When you will be considering the total cost of ownership of living in a condo you should not forget about the common charge fees. This charge can vary from one community to the other. Sometimes certain communities in order to lessen the common charges use green technology. So when you look for condos for sale you can always enquire about the different things in order to judge a suitable common charge fee.

• Considering Your Neighbors As You Search for Condos: Depending on the residents each community develops its own different culture and outlook. It is also true that you can not know your neighbors from the very first day until and unless you have lived in the community for quite some time. But at least one can conjure up some idea about the community and the neighbors from initial interactions. If most of the condominium units are owned then you can expect better maintenance of the common areas and at the same time they will look forward in establishing stability in the community.

• Considering Insulation and Noise Level: As you look around for the different condos for sale in Vernon, make sure to check with the insulation in your selected unit. Residents of the same community may have different tolerances of noise levels. Some may be accustomed to live in the hustle bustle of big cities while some may prefer calm and quiet surroundings.

While considering a Vernon condo you can check with the insulation used for the condo ceiling, floor and walls. The location of the condo is also an important factor. If you have selected the top floor then it will definitely have less noise from outside compared to other floors.

Tips for successful real estate investments

2010-09-10T09:57:00.000-07:00

With the economy slowly recovering, this is the right time to invest in Vernon properties! The real estate market can provide huge gains if only the tactics of the market can be learned. Here are some tips to guide both the buyer and seller through the process.

For buyers

House over apartment
A house is always a better real estate investment than an apartment or a condo. There are many Canada homes for sale and with the recovering economy and its low interest rates, getting mortgages for houses are much easier. It’s an ideal time to look up Vernon homes for sale.

Location is the key
Location is the most important aspect when you start looking for the different home for sale in Vernon. More than the size of the house, the location counts especially when you would want to sell the house. If the house is situated near shopping centres or university/college or has easy access to transit, it scores an edge above the others.

Outskirts of a city
Most people, looking to buy a house instead of an apartment, look for Vernon properties a little outside the city. Not only are these more economical, it is a good option for raising a family for the space and the freedom that it provides.

Budget
Fix your budget beforehand when looking for the various Vernon homes for sale. Obtain some pre-approved mortgages and establish the maximum amount you can afford to spend. Look at homes within the pre determined budget so that you do not exceed your budget.

For sellers

Give your house a makeover
Before putting your homes for sale in Vernon, make sure to give your house a much needed makeover. Get rid of dated items, tidy up the house and keep the yard clean. The old furniture should either be replaced or reconditioned and the best part of the house should be highlighted.

Adequate advertising
The advertising of your property depends totally on you and your requirements. If you want to save some money and are not in a hurry to sell then you could opt for online real estate classifieds. And if you urgently need to sell then hiring a real estate agent is your best bet even though it would cost more.

Hit the right price at first go
A lot of people believe that setting the initial price steep and then negotiating down for the final price will get them a better deal. However it may not always be so. You may lose potential buyers by the initial high price and raise suspicion in others as to why the price keeps falling. It is better to set the selling price right at the beginning following a study of the current market conditions.

Flexible closing dates
Do not cancel a deal just on the basis of the closing date even if the date is 30-60 days after your moving date into your new property. Many mortgage lenders have the provision for bridge financing if all other aspects are taken care of and the sale is sure. You can even call your lender to confirm if they do offer this facility.

How To Make Your Kitchen Greener!

2010-09-07T13:48:00.000-07:00

The modern kitchen is not only a place where food is prepared, but also where the whole family gathers - so it should be strategically designed to be a healthy and eco-friendly space. There are many ways to make your kitchen healthier for your family and the planet. From lighting to interior finishes, the kitchen is packed with opportunities to optimize form and function while minimizing its environmental impact.

Save money and the planet with these tips:
Use Your Dishwasher Efficiently - Dishwashers and clothes washers are most efficient when they are run fully loaded. You'll use up to 35% less water by doing a full load of dishes, and prevent energy waste from water heating.

Power Down - Put electronics such as microwaves and coffee makers on a power strip and turn it off when you are not using it.

Reduce your Waste - Think green before tossing something into the trash. Approximately 70% of all household and yard waste can be composted or recycled. Find out if your community has a green waste or recycling program.

Use Energy Star® - Energy Star products help you save energy and reduce greenhouse gas emissions. The government's Energy Star label is on more than 40 different kinds of products for the home, such as lighting and appliances.

Eat and Shop Locally - When you buy from local food producers, you reduce your family's carbon footprint and help local businesses.

Cabinets - Cabinetry is the greatest source of formaldehyde emissions in the home. If you are considering a home renovation, opt in for formaldehyde-free adhesives and solvent-free stains or coatings.

Change a light bulb - Replace the bulbs in your kitchen with LED or CFL light bulbs and save energy and money.

For more tips on how to improve the energy efficiency of your kitchen, please contact us below

Craig Hostland, David Kilby, Dwight Carroll

kelowna@pillartopost.com

http://www.pillartopost.com/

1012 32 Avenue Open House, September 5

2010-09-01T15:53:00.000-07:00

We are proud to announce that this Sunday September 5, 2010, 1:00pm to 2:00pm we will be hosting an open house at 1012 32 Avenue, Vernon, BC. This is an excellent opportunity to visit this Spacious family home on desirable East Hill

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#205 3700 28A Street Open House, Sunday September 5

2010-09-01T15:48:00.000-07:00

We are proud to announce that this Sunday September 5, 2010, 2:00pm to 3:00pm we will be hosting an open house at #205 3700 28A Street, Vernon, BC. This is an excellent opportunity to visit this great starter home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

11700 Tassie Drive Open House, Sunday September 5

2010-09-01T15:45:00.000-07:00

We are proud to announce that this Sunday September 5, 2010, 12:00pm to 1:30pm we will be hosting an open house at 11700 Tassie Drive, Coldstream, BC. This is an excellent opportunity to visit this Beautifully renovated family home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#124 8000 Highland Road Open house, Sunday September 5

2010-09-01T15:39:00.000-07:00

We are proud to announce that this Sunday September 5, 2010, 1:00pm to 3:00pm we will be hosting an open house at #124 8000 Highland Road, Vernon, BC. This is an excellent opportunity to visit this Labour Day Special!

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

SALT Movie Testimonial

2010-08-21T10:36:00.000-07:00

Evelyn,

Thanks so much for hosting last night. The documentary film was a fun thing to hold an event around. The kids and I had a blast, and Marilyn got some quiet time which is pretty rare in her life.

I notice the director left room for a sequel. We hope we get to see the story of how you got from the Potomac River to being a realtor in Vernon.

Have a Great Day!

Stew'ard•ship': the moral responsibility for the careful use of money, time and talents.

Dominik Dlouhy, P. Eng, MBA, CFA

The Fraser Financial Group LLP

Partners in Planning Financial Services Ltd.

3108 33rd Street, Vernon, BC V1T 9S7

Tel.(250) 545-5258

Fax (250) 545-6679

e-mail mailto:dominikd@fraserfinancial.com

website http://www.fraserfinancial.com/

SALT Movie Night - A Video Recall of the Vernon BC Event!

2010-08-20T09:09:00.000-07:00

A great time was had by all - what a fun event! It's was a great night for celebrating our past and present clients for our Vernon BC Real Estate business!

SALT Movie Night - Is your Database Big Enough to Fill a Movie Theatre?

2010-08-20T08:13:00.000-07:00

Is your database big enough to fill a movie theatre?

Lisa Salt is the Owner of The Salt Team, a Vernon, B.C. Real Estate Team. Last night she held a private viewing of SALT, the movie, for all of her clients. The place was packed. She had to start the movie about ten minutes late to process her clients (including my husband, our two boys and me) through the popcorn and pop line-up. Everyone got a free ticket to the movie and one free pop and popcorn.

She began the evening thanking everyone in the theatre for all of their referrals to friends and families over the years and especially in this market. "This is our little way of giving back." She said. "I can only hope they make a sequel."

She and her agents (real estate that is) were dressed in black with T-shirts that said "Who is Salt team." They greeted everyone at the door and thanked us for coming. There was a large RE/MAX balloon propped outside the theatre at the front door.

It was brilliant of her to capitalize on Hollywood's millions of marketing dollars to promote a movie with her same name. All of it was possible because she keeps a very good database of clients. Invitations were sent by email first, and then I received a follow-up physical invitation by postal mail.

Do you have a list of email and postal mail addresses you could access if the right marketing opportunity came along?

By the way, we loved the movie. It was action-packed and had a great twist at the end.

Thanks for reading.

Written by Courtenay Pitcher, Lava Marketing

Whether to Buy a Condo or a House?

2010-08-19T08:52:00.000-07:00

During buying a property in Vernon, it may come to you whether you should buy a condo or a residential house. If you can browse through the websites, dealing in real estate or through classifieds you will come across ads for both acreages for sale and condos for sale in Vernon. People are generally confused, as they often do not have a very clear idea about condos. If you can not decide yourself, it is better for you to visit the homes for sale in Vernon you think would suit to your familial requirements and are within your budget. Vernon condos also come with a number of facilities and if you are looking out for spacious living spaces in your house, then condo is the right choice for you.

Buying a condo means purchasing a part of a larger building. Once you buy a part of it you will be treated as an equal owner of the property. But if other condo owners find you to be a troublesome neighbor then they can try to force you to move. This can be true even if you are planning to own a house.

While living in a house you may have to deal with certain expenses that crop up all of a sudden. You may need to repair some part of your house or spend money on its refurbishing. If you are living in a condo, you may have to pay for maintenance of your condo or may have to pay a special levy.

Many have the misconception that if you live in a condo then you have to pay an exuberant amount of fee. But this is not always true for all condo associations. If you can roughly calculate the amount of money you have spent for maintenance and repairing of your house for the last five years, you will find that it would amount to more than that you have spent while living in a condo.

Based on your lifestyle you should decide whether you would like to spend for a condo or a house. If you are living all by yourself and traveling a lot round the year, then you can get a condo for yourself, which will be a privately owned unit of a multi-unit complex. But if you want to share your home with your family members and relatives then you can definitely go for buying a house.

6610 L&A Road Open house, Sunday August 22

2010-08-18T13:33:00.000-07:00

We are proud to announce that this Sunday August 22, 2010, 12:00pm to 12:45pm we will be hosting an open house at 6610 L&A Road, Vernon, BC. This is an excellent opportunity to visit this Large family home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

2704 41 Avenue Open house, Sunday August 22

2010-08-18T13:29:00.000-07:00

We are proud to announce that this Sunday August 22, 2010, 1:00pm to 1:45pm we will be hosting an open house at 2704 41 Avenue, Vernon, BC. This is an excellent opportunity to visit this charming home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

48 7760 Okanagan Landing Road Open house, Sunday August 22

2010-08-18T13:25:00.000-07:00

We are proud to announce that this Sunday August 22, 2010, 02:00pm to 2:45pm we will be hosting an open house at # 48 7760 Okanagan Landing Road, Vernon, BC. This is an excellent opportunity to visit this lovely Seasons home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

SALT Movie Customer Appreciation Event!!

2010-08-18T10:52:00.000-07:00

We have rented the historic Towne Theatre in downtown Vernon for a private showing of the movie SALT starring Angelina Jolie! Looking forward to our 7:30 showing tomorrow night. Last count: 260 people attending! Hope to see all our past and current clients there!

Click here for more information.

Lucrative investments in foreclosure properties

2010-08-18T10:31:00.001-07:00

Foreclosure property can be a very profitable investment if only one learns the tricks of the trade. A wide variety of property including residential homes, vacant plots, or commercial real estate is available under this system.

A lot of research is required to make sure that the investment is a profitable one. Information regarding sales reports, home inspections and property appraisals must be acquired and carefully reviewed.

Even though these properties are marked below the market price, added costs of renovations and possible repairs should be considered to estimate the true cost of the foreclosure property for sale.

There are several ways by which foreclosure homes for sale can be acquired. By public foreclosure auctions; Short sales; or by purchasing real estate owned (REO) homes.

The public auctions are of course the most common way. All foreclosure properties for sale are put up for auction and given to the highest bidder. Once the bid is accepted, the buyer has 24 hours to submit payment. In these cases the property comes in “as-is” condition where property owners are responsible for removing creditors and tax liens and necessary repairs.

In case of short sales, the foreclosure homes for sale are involved in an ongoing process of foreclosure with price negotiations with the lenders' loss mitigation department. In these cases, the lender accepts less than the principle amount lent out to the home owner. The property is then either listed through realtors or sold directly through the bank.

The short sale process is a tedious and lengthy one, often taking up to three to four months to complete. It also requires submission of pre-qualified financing before making an offer. But for those willing to endure the process, it’s a highly profitable investment, where the foreclosure homes for sale can be acquired for 10-20 percent less than the appraised value.

However, it is not suitable for those participating in house flipping or generating rental incomes.

Some investors and investment groups purchase a bulk of bank owned foreclosure properties. These properties also known as real estate owned homes (REO) can often be purchased 20-30 percent below market value. And since banks remove attached creditor and bank liens and commerce with eviction action, they come with a clean chit, providing instant home equity.

The inexperienced investors are often lured by the low prices of foreclosures and fail to realize the hidden costs of repairs and renovations. But once all the strategies are learned and followed it is highly lucrative.

Choose the right realtor for better deals

2010-08-17T13:27:00.001-07:00

The Vernon real estate market can indeed be a formidable field for the inexperienced. The process of buying or selling of property is largely dependant on your real estate agent. A skilled real estate agent can make the whole procedure smooth and profitable. However, the wrong agent can make it a troublesome and unpleasant affair.

A good Vernon BC realtor must have a good knowledge about the current state of the market. He or she should be well informed about the various Vernon homes for sale and how to give you your money’s worth on these homes. Such an agent could be very difficult to find, some tips are provided to help you in your search:

Information Gathering - There is no dearth of Vernon BC realtors in the city so the first step should of course be preparing a list of potential candidates. Take suggestions and recommendations of friends and family who have availed to such services.

Personal research - Instead of depending blindly on your agent, you should develop some basic concepts of Vernon real estate as well as be aware of your own personal preferences. Increase your awareness about the different Vernon homes for sale, their comparable prices and mortgage rates. This way you would be better prepared to question and assess the knowledge of a prospective candidate.

Screen Potential Candidates - With the world now caught in the World Wide Web, every one leaves footprints. Do a research on you potential list of candidates and see what is being said about them. Often a fair amount of information about realtors, comments, whether good or bad, is available on the net.

Personal interview - This interview would be the ultimate step in your selection. By questioning them on their Vernon real estate knowledge, you can understand how skilled they are. Their attitudes too are an important aspect as a good attitude is essential in making a good impression on the potential buyer or seller.

Contract - Once you select your real estate agent, a contract needs to be signed concerning their fees as well as their “exclusive” limitations.

The amateurs in the world of real estate require a strong back up to succeed. A good Vernon BC realtor should also have good contacts and get you the best deals with mortgage brokers, and develop successful selling strategies. A skilled agent can not only help in the selling of your own home but also get you great deals on other Vernon homes for sale.

Tips for First Time Residential Real Estate Buyers

2010-08-12T11:41:00.000-07:00

If you are a first time buyer of residential real estate, it is recommended that you stay careful and knowledgeable about the property you are willing to buy. A small mistake at the time of real estate dealings can turn out to be a grave one that will ultimately lead to home repentance. Here we bring for you some guidelines and tips to follow, especially for first time property buyers.

Most of the time it is found that residential real estate buyers are people dealing in property for the first time and they do not have adequate knowledge of the process. If you are planning to know about the homes for sale in Vernon, you should invest wisely with the help of a professional real estate agent.

While buying a home for sale in Vernon, make sure to check out whether it is located at the right location in accordance to your convenience. Always remember that buying a home is an investment that you will avail as a long term prospect. There are many homes for sale in Canada, but to get the right home according to your choice is tricky. To be able to buy the perfect home of your choice, you must have adequate funds for investment so that you do not miss any opportunity. Just because it is said that one should not miss the opportunity of availing his/her dream home, rushing into financial dealings is also not suggested in the real estate market.

When buying a Canada home for sale, discuss the terms and conditions of the property in detail, before opting for the opportunity of buying it. Even if you miss any opportunity of bargain, don’t worry as there will be better deals coming your way.

Another thing to remember when buying residential real estate is that you should check the house properly. The rooms and its related spaces along with the outer look of the house should also be checked thoroughly to ensure there is no damage to the house. Your relation to your home will be for long term and therefore you will surely want your home to be the best.

The final guideline to remember for the first time buyer of real estate is never to exceed your budget. Have an estimate of your financial ability made beforehand and stick to it even if you have to opt for a reasonable house instead of your dream house.

Vernon BC Real Estate Market Update - July, 2010

2010-08-11T09:47:00.000-07:00

July was yet another dismal month in terms of home sales. This is the third month in a row that sales have moved down in 2010 compared to 2009, which was in itself not a great year. The market is a strong buyers' market with higher and higher levels of inventory in all price bands.

However, don't be depressed - there ARE Buyers in the market! They are ready to buy when they see a good deal, or what they perceive as a good deal. We just had a multiple offer on a home we have listed on Inverness Drive - there is proof that people are still buying and there even is a possibility of multiple offers! Buyers want good buys - and there are lots of them out there right now. If you are a buyer, and you don't act fact on the best buys, they will disappear quickly and you will miss out. We can watch out for those great deals for you, just let us know what your criteria is and we'll do so! Click here and we'll get you started right away!

Sellers need to price their homes ahead of the market in order to be able to sell in this market, and monitor house prices weekly.

North Okanagan overall statistics July:

* Total Units Listed: 410, up 3.8% from July, 2009.

* Total Units Sold: only 103, down 49.76% from July 2009. This number is also down from the 130 sales in June of this year.

* Residential Sales only amounted to 49 out of that 103, similar to June of this year at 50 sales. This is down 51.49% from July 2009.

The North Okanagan currently sits with 26.85 months of inventory with 2766 properties in total on the market. Inventory dipped ever so slightly this past month, obviously not due to a whole ton of sales, but from people removing their homes from the market.

Only 5.04% of the inventory sold in July which means nearly 95% of what is on the market did NOT sell. As a Seller, you need to make a choice - it's either price, or patience. Reduce your price to compete and sell more quickly, or wait it out. Bearing in mind that waiting it out could be a long time - could be years. We are hoping not, but all the signs are there that this is not over yet. Price your home right and it will sell. Maybe not in 24 hours like we were seeing a few years ago, but maybe in 30-60-90 days - but again, only if it is priced well.

Wrap Up:

We are used to seeing brisk sales in the summer. July has always been one of best months usually due to families wanting to purchase and be settled prior to school starting. We did not experience anything like that at all this year, which was disappointing. Our winter market may have started early! As we discussed last month, the world economy, the rising mortgage rates and the implementation of the HST are not helping our market grow stronger.

For all our past clients, we look forward to seeing you at our private viewing of "SALT" - the movie - at the Towne Theatre in Vernon on August 19th at 7:30 PM. Please RSVP to our office if you are available to attend.

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt, become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX Vernon)! Also, check out our housing videos (and home staging tips) on our Youtube channel at www.youtube.com/lisalt001.

Please feel free to visit our website at http://www.saltteam.ca/ for more information on the North Okanagan.

Cheers!

Lisa and the Salt Team

2004 Heitman Street, Enderby, BC Open House, August 8

2010-08-05T10:59:00.000-07:00

We are proud to announce that this Sunday August 8, 2010, 11:00pm to 12:30pm we will be hosting an open house at 2004 Heitman Street, Enderby, BC. This is an excellent opportunity to visit this Fabulous custom built family home

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

6610 L&A Road, Vernon Open House Sunday August 8

2010-08-05T10:54:00.000-07:00

We are proud to announce that this Sunday August 8, 2010, 12:30pm to 1:30pm we will be hosting an open house at 6610 L&A Road, Vernon, BC. This is an excellent opportunity to visit this Large family home!

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#67 3900 27 Avenue, Vernon Open house, Sunday August 8

2010-08-05T10:50:00.000-07:00

We are proud to announce that this Sunday August 8, 2010, 2:00pm to 3:30pm we will be hosting an open house at #67 3900 27 Avenue, Vernon, BC. This is an excellent opportunity to visit this lovely home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

11700 Tassie Drive, Coldstream Open house, Sunday August 8

2010-08-05T10:46:00.000-07:00

We are proud to announce that this Sunday August 8, 2010, 1:00pm to 3:00pm we will be hosting an open house at 11700 Tassie Drive, Coldstream, BC. This is an excellent opportunity to visit this Wonderful home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

Real Estate Market of British Columbia

2010-07-30T02:54:00.001-07:00

British Colombia, Canada, is well-known throughout the world for its gorgeous and dazzling mountain views, vibrant and bustling cities, a strong and diverse culture, and its numerous recreational activities such as the stunning golf courses and exciting ski resorts. In British Columbia, the real estate market has always been a booming business. However, due to the recent down turn in the economy, the British Columbia real estate market had experienced a brief cooling off period. Now, this exciting and beautiful Canadian province has started to make a strong recovery. A distinct bounce back in consumer demand has turned a possible gloomy 2010 into a very strong year for home sales. A boost in consumer confidence, increased consumer demand, and low mortgage interest rates, have all played an important role in improving the British Columbia real estate market.

The Canadian Real Estate Association has lowered its 2010 national sales forecast following a weaker than anticipated start to the year in some provinces, especially British Columbia.

CREA said Wednesday it has reduced the number of resale transactions it expects countrywide by nearly 40,000 from its previous forecast of 527,300.

British Columbia accounted for more than half the reduction and the rest came primarily in Alberta and Ontario.

CREA now expects 490,600 resale units will be sold nationally this year through the Multiple Listing Service, still up 5.5 per cent from 2009's activities.

Although mortgage rates have gone up and are expected to rise further, the association says the higher cost of borrowing will have a minimal impact on the market this year.

"Interest rates are expected to rise slowly and at a measured pace during a new era of government spending restraint, so home financing will remain within reach for many homebuyers," CREA president Georges Pahud said.

Instead, sharp price increases appear to have been the main factor for the downward revision for British Columbia and Ontario.

"While sales activity is unfolding as expected in Ontario, the decline in affordability in British Columbia impacted sales in the province during the first quarter," the association said.

CREA now expects only 80,000 resoles in B.C. this year, nearly 22,000 fewer than previously anticipated and a decline of 5.9 per cent from 2009, when the province had by far Canada's strongest housing market.

The association's initial 2010 forecast issued in February had projected there would be 101,900 resale transactions in British Columbia this year, which would have been up 19 per cent over last year.

General concepts for home buyers

2010-07-28T02:59:00.001-07:00

Buying a home is indeed a huge investment for most of us. Purchasing a real estate property can be both frightening and exciting as well. But before buying your home you need to be clear on basic facts like what are your housing needs, what can you afford to spend and what are the choices. This information will permit you to use your precious time looking effectively at homes which are inside your predetermined price range.

Getting a loan for financing the purchase of your home will perhaps need you to sign some documents which are known as mortgage. These documents will begin the conditions and circumstances for your home loan and its repayment. If you do not succeed to convene your debt obligations, the lender can have the right to claim your property to pay off what you owe. Two types of Mortgage loans are there such as conventional mortgage loan which permits borrowing up to 75% of buying price. The British Columbia Provincial Government entails a property transfer tax that must paid before the home can be lawfully transferred to a new proprietor. If you buy a newly build home, you could be subject to GST on the price. Some discounts are available depending on the different values of house.

If you want to hire a real estate licensee it is important to that the agent you hire is licensed under the provincial Real Estate Services Act. The licensee will help you to clarify what type of home you can afford. They can arrange appointments to view accessible properties and also explain the terms used in real estate transactions.

#5 1000 Mt. Ida Drive Open house, Sunday July 25

2010-07-21T15:46:00.000-07:00

We are proud to announce that this Sunday July 25, 2010, 12:00pm to 1:30pm we will be hosting an open house at #5 1000 Mt. Ida Drive, Vernon, BC. This is an excellent opportunity to visit this magnificent home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

7112 Jasper Drive Open house, Sunday July 25

2010-07-21T14:22:00.000-07:00

We are proud to announce that this Sunday July 25, 2010, 2:30pm to 4:00pm we will be hosting an open house at 7112 Jasper Drive, Vernon, BC. This is an excellent opportunity to visit this wonderful home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

1602 36 Street, Vernon, BC Open house, Sunday July 25

2010-07-21T14:17:00.000-07:00

We are proud to announce that this Sunday July 25, 2010, 1:00pm to 2:00pm we will be hosting an open house at 1602 36 Street Vernon, BC. This is an excellent opportunity to visit this family home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#50 6688 Tronson Road Open house, Sunday July 15

2010-07-21T14:11:00.000-07:00

We are proud to announce that this Sunday July 15, 2010, 1:45pm to 3:30pm we will be hosting an open house at #50 6688 Tronson Road, Vernon, BC. This is an excellent opportunity to visit this custom built home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

# 67 3900 27 Avenue Open house, Sunday July 25

2010-07-21T14:06:00.000-07:00

We are proud to announce that this Sunday July 25, 2010, 12:00pm to 1:30pm we will be hosting an open house at # 67 3900 27 Avenue, Vernon, BC. This is an excellent opportunity to visit this lovely townhouse.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

General concepts for home sellers

2010-07-19T02:32:00.005-07:00

Selling a home is indeed a major transaction for most people. There are a number of facts you need to keep in mind before selling your home including what should be the best possible cost, where you can find a buyer, what type of paper work is required and what are the procedures for transferring ownership etc. You should be aware about the existing mortgage rates and whether the buyer can qualify for mortgage or not. In British Columbia it is a very important factor for home sellers that the people whom you want to sell your property should be licensed under the provincial Real Estate Services Act.

When a seller employs a real estate licensee to for assistance to sell home, the associated brokerage and licensee become the agent of the seller. Generally licensees work on commission basis and take his or her payment after the completion of the sales. Once you choose a licensee to sell your home, your licensee will go through the market research and assist you in finding the correct price for your home. You should provide correct information to your licensee about the home such as the age of your home, recent financing agreements, property taxes and overall condition of the home. Two common types of listing contacts in British Columbia are the Exclusive Listing and the Multiple Listing. Both types of listings will last for the time period specified in the agreement. An Exclusive Listing provides the seller’s brokerage the solitary right to sell the home

Selling or buying home is quite complicated as too many real estate frauds are there. You should hire a lawyer to protect yourself in such cases.

General concepts for home sellers

2010-07-19T02:32:00.003-07:00

Selling or buying home is quite complicated as too many real estate frauds are there. You should hire a lawyer to protect yourself in such cases.

CREATIVE MORTGAGE corp. July 16, 2010 - Mortgage News and Rates

2010-07-16T08:40:00.000-07:00

Rate Forecast - Long Term
Everyone wants to know where rates are heading long term in order to properly align themselves today. The top Canadian Bank economists have expressed their opinions of where they see rates heading but no one has a crystal ball and can positively predict the future……that we know of anyway. The best that economists and analysts can do is base their opinions on the facts which have been presented to them today. Case in point is the rates they are predicting today are dramatically lower than predicted a year ago. To us this shows how the economic recovery has taken much longer than originally predicted. On average the 5 major banks see the overnight lending rate or Prime Rate rise 2.07% by the end of 2011. This would leave Prime Rate at close to 4.50%. The Bank of Canada's 5 year bond rateis predicted to be 107% higher than where it currently stands right now. If lenders were to look for a 1.20% spread above the Bank of Canada's bond rate, that would leave the 5 year fixed rate mortgages in the 4.80% range. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2010/07/long-term-mortgage-rate-forecast-down-big.html

Prime Rate Rising
Nothing is guaranteed in life and there is no telling for sure whether the Bank of Canada is in fact going to raise the key lending rate up 0.25% thus making Prime Rate 2.75%. More economic data has been coming out to back the Bank of Canada's reasons for raising rates especially with the most recent job figures that came out last week. Canada's employment numbers were very positive in June with the total of new jobs created sitting close to 93,000 which was far higher than most analysts expected. Unfortunately for BC, close to 90,000 of those jobs were created in Ontario and Quebec. A Reuters poll shows every primary securities dealer in Canada is now predicting a rate increase not only during next Tuesday's meeting but also again in September. This is not to say a rate hike will come to fruition but with the economy improving as much as it is outside of the real estate market, there is more reason to believe that rate hikes are required to slow down the potential growth level (inflation) the Bank of Canada is forecasting. Keep in mind when the Bank of Canada changes their rates; it usually takes 6 months for the affect to be felt throughout the economy. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2010/07/market-projects-prime-rising-to-275.html

Bucketlist
This may not be the bucketlist for things to do before you die but it is a bucketlist of what you should look at doing before interest rates begin to rise. Granted not everyone owns some real estate or has a sophisticated stock portfolio but of the 5 suggestions that Stephen Simpson of the Globe and Mail states, one or two of them will usually pertain to every individual. The first suggestion is a little more relative towards the real estate market as it says that now is time to buy a house before rates increase. We don't necessarily think that buying a house due to rising ratesshould be the sole reason to make a big splash into the housing market but itis definitely a good reason. An increase of 1% in mortgage rates can drastically affect your purchasing power as well as cost you thousands more in interest payments over the course of your mortgage. A simpler and less drastic step could be to get a rate hold from a mortgage broker which can be held for up to 4 months in duration. This provides you with the ability to feel less rushed to jump into the market right away as it gives you a chance to search for the property of your choice. Also, with mortgage rates set to start rising, it has turned the real estate market from a sellers market to a buyers market which implies to us that there are better deals to be had now. http://www.theglobeandmail.com/globe-investor/personal-finance/five-things-to-do-before-interest-rates-go-up/article1634969/

Our Value
Our main objective in working with your clients is to educate them on their financing options as well as provide them with adequate financing to help them purchase their home, investment or vacation property. We help clients see what they are capable of affording based on the rates we are able to offer. With our ability to fund mortgages with a high efficiency, we are able to pass along special rates that lenders offer us to your clients. We have the ability to set up mortgages all across Canada.

If you know of anyone who would enjoy reading our weekly Newsletter and Rate Sheet, please let us know and we can add their e-mail address to our growing list.

BROKER'S BEST RATES
TERM RATE* PMT/$1,000** APR

1 YEAR CLOSED 2.60% $3.62/$1,000 2.62%
2 YEAR CLOSED 3.10% $3.89/$1,000 3.12%
3 YEAR CLOSED 3.40% $4.06/$1,000 3.43%
5 YEAR CLOSED 4.09% $4.46/$1,000 4.13%
7 YEAR CLOSED 4.95% $4.98/$1,000 5.01%
10 YEAR CLOSED 5.49% $5.32/$1,000 5.57%
3 YEAR VARIABLE PRIME - 0.70% $3.21$1,000 1.82%
5 YEAR VARIABLE PRIME - 0.50% $3.30/$1,000 2.02%
PRIME RATE 2.50%
RED Indicates a Recent Rate Change

Shaun Pierce, AMP
Mortgage Consultant
(250) 717 – 8949 (Ext. 102)
spierce@creativemortgage.ca

Lesley Pierce, AMP
Mortgage Consultant
(250) 717 – 8949 (Ext. 103)
lpierce@creativemortgage.ca

Paul Cescon, BBA
Mortgage Consultant
(250) 717 – 8949 (Ext. 101)
paul@creativemortgage.ca

For more information, visit our website http://www.creativemortgage.ca/
Join our Facebook Group http://www.facebook.com/group.php?gid=137244795963
Follow us on Twitter - @MORTGAGE_BC
* Rates are subject to change and Lenders approval
** Payments based on a 35 year amortization and monthly payments

If you would like to be removed for our weekly rate sheet mailing, please reply to email asking to be taken off list

Thank you, Shaun Pierce for this, Creative Mortgages.

Residential real estate homes for sale in Vernon

2010-07-15T15:59:00.001-07:00

Vernon, a popular city of British Columbia, Canada is situated towards the south central region of the province. Considered as one of the largest cities of the Okanagan, Vernon has rapidly gained importance as one of the industrial and economical hubs since the year of 1990. As more and more people visiting to Vernon settle down, the real estate market of Vernon has become one of the most flourishing businesses in recent times. With increasing population, accommodation and housing are one of the two most needed things in the city of Vernon according to surveys of present days. To help buy and sell homes in Vernon, there are many real estate companies that offer a variety of accommodation facilities in accordance to the requirement and need of individual clients.

Buying real estate property in Vernon is considered as a profitable investment in present days. Many people buy residential real estate in Vernon with consideration that it is one of the most important and profitable options of investment keeping in view the rapid increase in demand for accommodation. If you wish to buy residential homes in Vernon for accommodation or investment, there are a variety of homes on sale in Vernon to choose from. For residential purposes, you will get homes with a different number of bedrooms in accordance to need and budget. Residential homes in Vernon are available with bedrooms ranging from single, double to six and seven bedrooms.

The moderate budget residential homes for sale in Vernon are equipped and furnished with all the facilities that are needed for daily use. But if you are willing to spend more for luxurious homes on sale in Vernon, you will get to enjoy various other features as well which includes the following:

• Living room and halls along with bedrooms

• Modular kitchen

• Storage locker

• Laminated flooring

• Guest rooms

• Gym and work out area

As the price range of Vernon real estate is soaring on a high scale, condos or townhouses also makes a good option to avail for people with a tight budget. Moreover if you have a big family having many members, townhouses or condos are the right option to avail. Furnished and decorated condos and townhouses are available in a reasonably affordable budget.

When planning to buy or sell a home in Vernon, it is always suggested to opt for help from a professional and legal real estate agent who can guide you through the whole process. There are lots of agencies that are ready to help you buy the right residential home on sale in Vernon as per your need, budget and convenience.

Vernon BC Real Estate Market Update - June, 2010

2010-07-14T09:01:00.000-07:00

June was another disappointing month for sales in the Okanagan. This is the second month we have seen sales move down in 2010. The earlier activity in the year has proven to be an obvious pent up demand of buyers who did not make a home purchase in 2009. The market continues to be very much a strong buyers' market with extremely high levels of inventory in all price bands.

Buyers are in the market and are ready to buy when they see great value. We have seen multiple offers even in these current market conditions, although few and far between, they are still there. Serious buyers are all over the best buys and they still sell quickly. Sellers need to be aware that 2007 prices are long gone and adjust to the current market if they wish to sell.

Hiring an experienced realtor with the right marketing program is the best way to a successful home sale in 2010! We can help!

North Okanagan overall statistics June:

* Total Units Listed 477, down 2.85% from June 2009

* Total Units Sold only 130, down 31.22% from June 2009 (and June 2009 wasn't that great!)

* Residential Sales only 50, down 49.9% from June 2009

The North Okanagan currently sits with over 21 months of inventory a whopping 2824 properties in total on the market.

Only 4.6% of the inventory sold in June which means 94.4% of what is on the market did NOT sell. Pricing a home in this market is tricky - do not base your asking price on the competition or even the last few sales in your neighbourhood - the market price is declining (as can only happen when you have not enough demand and too much supply) and you need to be ahead of the market. Sellers - if you get an offer, it's like gold! Don't get emotional and upset with a lower offer. Be grateful, work with it, and hope you can secure an accepted offer before there is any more market softening.

Wrap Up:

In terms of the number of sales, June's numbers were down 49% for residential sales over 2009. The world economy, the rising mortgage rates and the implementation of the HST are not helping our market grow stronger.

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt. Become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX Vernon)! Also, check out our housing videos (and home staging tips) on our Youtube channel at www.youtube.com/lisalt001.

Please feel free to visit our website at http://www.saltteam.ca/ for more information on the North Okanagan Real Estate market.

Cheers!

Lisa and the Salt Team

Changes in the British Columbia economy that may affect house prices province wide

2010-07-11T23:10:00.000-07:00

British Columbia is situated in the westernmost part of Canada. This awesome place lies between the Pacific Ocean and the magnificent Rocky Mountains. The pleasant weather condition and great scenic beauty attracts people to make this place their home. British Columbia has witnessed solid financial development in recent months. As the entire world recovers from the universal recession, British Columbia is recovering too. The official reports forecast that British Columbia will guide Canada in economic development in 2010 and will carry on rising during 2011.

The weekly wage in British Columbia during the month of May 2010 was nearly $829 which is considered to be the third highest in entire Canada. This amount has risen by approximately $181 or 28 per cent compared to 2001 when the amount was only $648. It is a very positive sign for B.C.’s economy. Almost 896 major construction projects of estimated record of $191 billion were designed or in progress in British Columbia throughout the first section of 2010. Compared to 2001 the total number of housing projects has almost tripled and their prices have also more than quadrupled. A Canadian report says that the price of building authorizes issued in British Columbia throughout April 2010 was $676 million which is almost 77 percent increment over April 2009. Residential building permits increased 91 per cent compared to last year. According to CMHC report British Columbia is the leader in Canada in terms of housing start growth. From the month of January to May 2010, approximately 9,400 new housing schemes have been proposed in British Columbia which is 120 percent increment compared to last five months of 2009.

Things to consider before buying condos for sale in Vernon

2010-07-09T11:22:00.001-07:00

Vernon, situated towards the south central region of British Columbia of Canada is rapidly gaining in importance as a thriving economical hub of the region. The scenic beauty along with pleasant climate adds to the importance of Vernon. As the place becomes more famous and well known to visitors, more and more people are flocking to the city for visits as well as business purposes. This in turn has made the business of real estate the most flourishing and thriving industry in recent time. Availability of home and accommodation is at present the most important need for anyone visiting Vernon. To help people get the right accommodation, there are lots of real estate consultancies and agencies who can help you with budget homes or condos for sale in Vernon.

Condominium or condos make a good choice for accommodation in Vernon. If you have a big family comprising of many members, condos make the right choice for you to avail. A condo can be stated as a piece of housing property that is shared by many people as joint ownership. Condos are also known as an ‘apartment’ that is owned and not rented. When looking for condos for sale in Vernon, there are mainly four things that you should consider before buying:

• Condos should be spacious and not crowded

When searching for accommodation in Vernon, you should maintain to choose a comfortable and clean home having modern and open space. Attraction or the look of the condo makes another important thing to consider before buying. If you are a social person and love to unwind with friends and family, your home needs to be roomy and elegantly designed having private space.

Moreover environment and lifestyle of other people living in the condos need to be considered as you will have to share space with them.

• Location of the condos

Another important thing to judge while considering condos for sale in Vernon is to check out the location. Consider the things that you will need close at hand and the places that are within easy reach from the location of the condo. If the condo for sale in Vernon is situated close to market, entertainment area and other activities, it is always a good option to avail.

• Amenities included in the price of condo sale in Vernon

Many expensive condos offer a variety of features and facilities to their buyers such as energy efficient appliances, washers, dryers, private parking, gym and fitness centre, children’s play ground and many more. Before buying, it is therefore important that you look for the amenities that are considered in the selling price of the condo in Vernon.

• Well kept common areas

In condos or apartments, there are many common areas that are availed by all the owners jointly such as parking lot, park, sitting rooms, health clubs and more. Hence it is the responsibility of the buyer to consider and settle for accommodation in condos that are clean and well kept. Proper maintenance in condos is very essential as the common areas are used by all and therefore is sure to pick up extra dust and germs.

While deciding on condos available for sale in Vernon, it is always advised to consult a professional agent or consultant who will guide you through the legal process of buying condos in Vernon.

Buying homes: Things to remember while buying homes in Canada

2010-07-08T15:36:00.000-07:00

In recent times, real estate makes one of the most booming businesses throughout Canada. Investors who are willing to buy residential real estate in Canada can take the help of professional agents and companies to get information about the best available Canada homes for sale. The Okanagan makes an important region of Canada where homes are sold and bought for both accommodation and profitable investment. As buying and selling of real estate properties involve lots of financial and legal aspects that need to be dealt with properly, opting for Okanagan realtors is always suggested as a better option.

To enjoy a smooth and hassle free process of buying homes for sale in the Okanagan, ensure to follow the following points:

1. Find yourself a reliable and reputed agent

The foremost principle of investing in real estate is to find a reliable agent who is knowledgeable and informative about the available Okanagan homes for sale. Buying a house comprises of various financial implications such as choosing of location, legal matters to settle and also setting the right value for the property. To settle the whole process of transaction along with the benefits of buyer’s act, real estate agents make the ideal guide and option to avail.

Before opting for an Okanagan realtor for buying a home in the region, check him or her out properly. Understand the type of work he or she does and know if he or she abides by all the responsibilities of an agent that comprises of promoting, negotiating, maintaining the legal instructions, funding, respecting all confidence and many more.

2. Safeguards

Another major point to remember while investing in real estate is to ensure the security and safeguard of your transactions, both monetary and legal. As real estate broker companies are audited once a year by the provincial commission, it is best to opt for Okanagan realtors to be sure that the real estate company will abide by the legal rules of investment regarding Okanagan homes for sale.

3. Real Estate rules for non residents

When you are buying any Canada homes available for sale, there are certain real estate rules of the nation that non residents need to follow. For investment in real estate property in provinces such as British Columbia, Ontario, Quebec, Nova Scotia, Newfoundland and New Brunswick, there is no restriction. But in Canada there are many provinces where the property amount allowed for non resident buyers are limited. Again it is therefore advised to take the help of professional provincial realtors who know the rules well.

4. Financial Recommendations

Before buying residential real estate property, the buyer needs to have a clear idea about the whole process. It is important that you know the total amount of monetary transaction you will undergo. If you want to avail a loan from any financial organization, determine beforehand about the total amount including purchase price, tax amount, transfer amount, inspection fees, insurance costs, closing fees/legal fees and many more. Non residents should be aware of the financial options available in their country of origin before deciding to buy Canada homes for sale.

Avail a professional realtor in Canada to get the best deals in real estate.

7809 De Jong Drive Open house, Sunday July 11

2010-07-07T16:37:00.000-07:00

We are proud to announce that this Sunday July 11, 2010, 1:00pm to 2:30pm we will be hosting an open house at 7809 De Jong Drive, Coldstream, BC. This is an excellent opportunity to visit this Gorgeous home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

314 Inverness Drive Open house, Sunday July 11

2010-07-07T16:28:00.000-07:00

We are proud to announce that this Sunday July 11, 2010, 11:00pm to 12:30pm we will be hosting an open house at 314 Inverness Drive, Coldstream, BC. This is an excellent opportunity to visit this child friendly home, in a popular family neighborhood.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

Benefits of buying foreclosure homes for sale in the Okanagan

2010-07-07T15:15:00.001-07:00

The Okanagan is an area of Canada that is situated in the province of British Columbia. Popular for the Okanagan Lake and Okanagan valley, the region is flocked by more and more people every year because of its commercial based outdoor activities such as water sports, boating, snow-skiing and hiking. With the number of people visiting the Okanagan to settle down soaring to new heights, real estate is the most flourishing business of the Okanagan in recent days. If you are also planning to buy accommodation in the Okanagan, the foreclosed homes in the Okanagan can be a good option. There are many real estate agents who can help you buy homes in the Okanagan.

You will find lots of foreclosure properties for sale in the Okanagan as per buyer’s budget, need and convenience. There are many benefits of buying foreclosure Okanagan homes rather than opting for investment for new accommodation.

1. Better Price: Foreclosure homes are normally found to be sold at a price range lower than the market value. As foreclosure homes are sold immediately and in a hurry, both mortgager and banks are open to flexible pricing in order to sell off the home. If you are interested in buying real estate property in a profitable budget rate, foreclosure homes in the Okanagan are the right option for you to bank on.

2. Watch out for pitfalls: Foreclosure homes are mortgaged property that has been in use for long. It is therefore important that the buyer checks out for any pitfalls before buying and settling all financial matters. It is always suggested that you engage your own team of professionals to look for drawbacks and longevity of the property. Sometimes, buyers get the chance to bargain and negotiate on the price of the property because of the pitfalls of a used home.

Moreover it is always better to take the help of a legal company or consultancy while buying foreclosure Okanagan homes. The professional team of these real estate companies can help you with proper guidelines of investment and legal issues related to buying foreclosure homes in the Okanagan.

3. Ask for professionals to help: Many a time buyers face the rage and grief of the owner who has to leave his or her home. If you do not want to face these awkward circumstances by yourself, avail the help of your agent or financing bank in settling the issues legally and smoothly.

4. A Middleman: Sometimes it is better to take the help of a middleman who is also known as a “broker”. If you can select a reliable broker who provides you with profitable information about foreclosure homes on sale in the Okanagan, you can have a better deal in comparison to the ones offered by banks and other financial institutes.

But it is equally important for the buyer to stay careful while investing with brokers. Sometimes brokers can land you in bad deals also. It is therefore needed that the buyer stays well informed about the market of foreclosure properties for sale in the Okanagan beforehand.

Rising/falling interest rates in Canada which may affect the economy and specifically mortgage rates

2010-07-02T21:05:00.000-07:00

The Canadian Economy is considered to be the eight largest economy in the world. It accounts for almost 2% of world output in terms of trade. Economic development has been vigorous from the 1990s. The average MLS cost moved to the top during the year 2009 and in the beginning of 2010. The price reached almost $341,893 as sales increased ahead of the latest listings. House cost actions in the real estate market are predictable to be modest during the last part of 2010 and into 2011, since rising account levels will push resale market towards a very balanced situation. It is predicted that in the year 2011, the housing price starts will decline to 179,600. Mortgage market in Canada is at present increasing at 7.7% on year-over-year basis. The market is currently rising by a monthly rate of about 0.6%. The housing market of the entire region is evidently in the early phases of adjustment. It is estimated that the housing supply i.e. new listings of houses has increased by approximately 3% in the second quarter of this year whereas demand has cut down by above 9%.

In the Mortgage market in Canada, the arrears rate is now 0.44%which is almost 0.25% higher compared to early 2006. From this analysis it is clear that the arrears rate will be impacted by differing forces of increasing interest rates and a growing labor market. Following a 6.1% GDP expansion in the initial months of this year, overall financial activity will reduce remarkably in the next quarters with second quarter development expected at 3.5%.

Recovery of economic conditions indeed proved as a very good sign for housing Market in Canada. Outstanding Mortgage rates increased the real estate business in the entire region.

HST on Real Estate Commissions - How Much do you Pay as a Seller?

2010-06-30T10:29:00.000-07:00

The transitional rules explain how HST will apply to real estate transactions that straddle the July 1, 2010 HST start-up date. As you are aware, commissions become due and are payable on the closing of the purchase and sale of a property.

The HST applies to a REALTORS® services to the extent, expressed as a percentage, that the services are performed on or after July 1, 2010. However, if 90% or more of the services are performed before July 1, 2010, the HST will not apply (only GST will apply).

For example, if the services provided to a client are performed from June 1, 2010 to July 2, 2010 with the sale of the property closing on July 2, 2010, as more than 90% of services were performed before July 1, 2010, only GST at the rate of 5% will apply to commission earned for the services and NOT HST.

In another example, if the services that are provided to a client are performed from May 1, 2010 to July 31, 2010 with the sale of the property closing on July 31, 2010, as 2/3 of the services were performed from May 1, 2010 to June 30, 2010 and 1/3 of the services were performed from July 1, 2010 to July 31, 2010, GST at the rate of 5% will apply to 2/3 of the commission earned for the services and HST at the rate of 12% will apply to the remaining 1/3.

For more information on this and other Vernon BC Real Estate, please contact the Salt Team, RE/MAX Vernon at 250-549-7258.

Housing prices in the Okanagan Valley

2010-06-26T01:04:00.000-07:00

The North Okanagan presents individuals and businesses a range of available and inexpensive real estate options. The average residential listing cost was $368,000 for the entire North Okanagan region last year, which is inexpensive compared to some other regions of the province or Canada as a whole.

In the month of January this year the total number of property listings on the real estate market finished at 1193 residential units which includes apartments, condos, houses and duplexes. 272 new property listings were included this year. The average residential house cost has been $335,730.31 for the initial months of this year.

According to the real estate statistics of April 2010 the total number of residential property listing was 205 and total sold number was 87. The average price was $378,263 during the month and the range for real estate property was $50,000 - $774,000. The average price for apartment and condos was $211,378 during this month. The price range for apartment and condos were $112,500 – 267,000 during this period. The average price of townhouse was $278,750 for this month and the range of townhouse was $129,000 – 427,900.

It is very important to choose a good real estate agent for buyers and sellers to establish the right price for real estate property. Compared to last few years statistics, this year is going to be another tough year for the Okanagan.

Hot items of interest such as the new HST

2010-06-25T23:46:00.000-07:00

Harmonized Sales Tax OR HST was announced on 23rd July 2009 for British Columbia and this rule will come into effect on 1st July 2010. This notice assists the people of British Columbia who are constructing their homes, who have planned to buy new homes and also builders to make a good transition from the present PST to the planned HST. HST is the combination of provincial sales tax or PST, which is 7% and federal goods and service tax or GST, set at almost 5%.

The execution of HST in British Columbia will augur well for the financial system, and consumers and job-seekers will benefit as well. It eliminates consumer tax (PST) which is expensive for the industries and government to control. Under HST, there would be no entrenched tax other than the full 12% HST and this would be relevant to the latest housing plans. Harmonized sales Tax partial rebate on new housing will provide buyers an amount which is equal to almost 5% of purchase cost up to a ceiling discount of $20,000. This discount would reduce any taxes on housing trade for a purchase cost of up to $400,000. Residential property-owners can take advantage of improved prices under the HST, as some possessions and services which are not subject to PST at present will be taxed. Charges will be subject to Harmonized Sales Tax in a similar way as they presently attract GST. Vendors can claim input tax credits on HST.

Service providers and retailers should start to improve their point of sale, price and accounting process as soon as possible to make sure that they convene the execution date of 1st July 2010.

#39 4910 25th Avenue Open house, Sunday June 27

2010-06-24T15:29:00.000-07:00

We are proud to announce that this Sunday June 27, 2010, 2:00pm to 2:45pm we will be hosting an open house at #39 4910 25th Avenue, Vernon, BC. This is an excellent opportunity to visit this family townhouse.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine townhouse here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#5 1000 Mt. Ida Drive Open house, Sunday June 27

2010-06-24T15:26:00.000-07:00

We are proud to announce that this Sunday June 27, 2010, 1:00pm to 1:45pm we will be hosting an open house at #5 1000 Mt. Ida Drive, Vernon, BC. This is an excellent opportunity to visit this lovely home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

9405 Shamanski Drive Open house, Sunday June 27

2010-06-24T15:22:00.000-07:00

We are proud to announce that this Sunday June 27, 2010, 12:00pm to 12:45pm we will be hosting an open house at 9405 Shamanski Drive, Coldstream, BC. This is an excellent opportunity to visit this fabulous home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#6 12560 Westside Road Open house, Sunday June 27

2010-06-24T15:18:00.000-07:00

We are proud to announce that this Sunday June 27, 2010, 11:00pm to12:30pm we will be hosting an open house at #6 12560 Westside Road, Vernon, BC. This is an excellent opportunity to visit this great Manufactured Home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine Manufactured Home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

Changes in the Local Okanagan Valley Economy That May Affect House Prices

2010-06-21T02:04:00.000-07:00

The economic changes that have taken place in North Okanagan have been very rapid. Most residents of North Okanagan are involved in different phases of employment and are well supported by the social planning council. There has been significant amount of investment in medium and small enterprise (SME) growth as people have realized the entrepreneurial support accessible for the SME community. The Social Planning Council of Okanagan valley presents a stabilizing role for society stakeholders to make sure that schemes are strategic and synchronized. SPCNO has always focused on goals including providing an overview of home affordability in Great Vernon, making suggestions for stakeholders on address gaps within each division of the housing range, and investigating financial models for joint venture between non-profits, developers and various levels of administration for achievable housing.

During the economic slowdown the inventory was too low as it has ever been but it has started to increase. This is a pretty good indicator that the market is going to correct itself during the latter half of 2010.

Absorption rate which is the percentage of total residential inventory that sells during the month has risen during the recent months.

Real Estate and Homes for Sale in Vernon, BC

2010-06-18T13:03:00.000-07:00

Vernon is a prominent city of Canada that is situated towards the south-central region. Being the largest city in the North Okanagan Regional District, Vernon has been recognized as the economical hub during the 1990s. With rapid growth in population, accommodation and housing became the most needed things in Vernon in recent days. Real estate is therefore no doubt the most flourishing business in the City of Vernon in recent times. Many companies are working in the real estate industry in Vernon providing homes for sale in prices according to the budget of customers. They offer a variety of unique Vernon homes for sale as per the need of clients.

Vernon has been experiencing a rapid growth in population in the recent years which has resulted in high demand for accommodation, i.e. buying of homes. Lots of migrants from other nations settle down in Vernon because of favorable factors such as climate, lifestyle, high quality facilities, economical growth, employment and resource sectors to name a few. According to recent analysis of Vernon’s housing development, it has been found that 10,000 housing units can be added for residential purpose without disturbing the Greenfield sites. The price of homes on sale in Vernon will cost more with time as more and more people come to Vernon to settle down. With steady rise in price of Vernon BC homes, people are seeking multiple family living options like the condo townships rather than single individual homes.

If you are planning to buy a Vernon BC home, there are various types of Vernon homes for sale that you can choose for accommodation. From condo townhouse, single bedroom and double bedroom, you will find homes for sale in Vernon with six and seven beds. Perfectly furnished and decorated, the condo townhouse homes on sale in Vernon are a good option for families having more members. Equipped with all things that customers will need, the Vernon homes on sale includes the following features as per the need and price:

• 2 to 6 bedroom according to the choice of the buyer
• Wide halls and living rooms
• New modular style kitchen
• Nicely painted
• Close to the important places such as schools, shopping center, bus routes etc
• Laminated flooring
• Storage locker
• Gym and work out areas
• Guest rooms

If you want to buy a home in Vernon according to all legal rules of the city, it is always advised to take the help of a professional real estate counseling agent who has expertise in this industry. There are lots of agents and brokers of real estate who can help you select the right home from the Vernon BC homes for sale that suits your need and budget well.

Weekly New North Okanagan Listings!

2010-06-17T14:41:00.000-07:00

New Salt Team North Okanagan Listing MLS - 9405 Shamanski Drive, Coldstream,BC

New Salt Team North Okanagan Listing MLS - #39 4910 25th Avenue, Vernon, BC

New Salt Team North Okanagan Listing MLS - 4505 29 Street, Vernon, BC

New Salt Team North Okanagan Listing MLS - #57 5484 25th Avenue, Vernon, BC

The Real Estate market of Okanagan Valley

2010-06-09T22:14:00.000-07:00

The Real Estate market of Okanagan Valley

The Okanagan Valley situated in Southern British Columbia, Canada has an excellent and moderate climate. In the summer time this region is flooded with tourists who take pleasure in outdoor activities such as sunbathing, sailing, horse riding, playing golf, and water sports. During the winter season the temperature is very pleasant and snow fall is lighter compared to the other regions of Canada.

In North Okanagan the real estate absorption rate reached 50% in 2005. This means 50% of inventory was selling during this time. In the later part of 2008 the absorption rate decreased to 3.5%. But now this rate is around 7% and continuously increasing. This is undoubtedly a good indicator that the real estate market of Okanagan Valley is on its recovery path.
New listings for real estate properties in North Okanagan have risen 29% over previous year at this time which is from 422 to 548. Inventory has risen 9% from 2009 which is to 2,719 from 2,558 in April, and sales have reduced 20% compared to May 2009. Overall sales declined up to 14% in May compared to the amount of units sold last year. Total residential sales fell 14% more than last year which is 150 from 175. Sole family units sales went down by 31% as compared to last year (to 68 from 99) and fell 12% compared to last month. The sales activity year-to-date has enhanced by 31% over 2009 which is 686 units compared to 520.
So as you can see there are mixed trends in the real estate market in the Okanagan valley. But things are starting to improve in favor of the buyers and sellers. Some important factors which every real estate investor should keep in mind is a fast increasing population which absolutely impacts the requirement for housing and a fast growing infrastructure which gives credibility to a city and the Okanagan valley is moving ahead in both these aspects.

Trends in the Housing Market for British Columbia

2010-06-09T21:44:00.000-07:00

The housing market in British Columbia took off in 2010 exactly the same way as it had ended in 2009. From a local viewpoint, significant decline in affordability took place in British Columbia mainly for two-storey houses and bungalows, although the deterioration trend was universal across all regions. Average price of houses were up 16.6% year-over-year in the initial three months of this year, down from 19.1% in Q4. Residential real estate units sales through the Multiple Listing Service in British Columbia are estimated to ease back 3% to 82,350 units in 2010. Unlike 25 percent sales in 2008 the real estate properties sales saw a rise of almost 10 percent in 2009 and with that impetus climb 30 percent higher in 2010. The medium sales price for an enhanced residential property which is of less than 2 acres in British Columbia climbed to $369,000 this year from $360,000 in 2008.

The existing house prices in British Columbia increased stridently throughout the later part of 2009. During the later part of 2010 the single-detached home will increase in response to rising homeownership requirement. Growing home demand, combined with declining and low record of fresh and existing multiple-unit houses will encourage additional multiple-unit schemes.
Sales of separate properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 separated sales recorded in May 2009. The standard price for detached real estate properties improved 19.1 per cent as of May 2010 to $810,175. Sales of apartment building reached 1,354 in the month of May 2010, a turn down of 7.1 per cent compared to the 1,458 deals in 2009 and an increment of 8.8 per cent compared to the 1,244 sales in 2008. The standard value of an apartment house property increased 13.9 per cent from the month of May 2009 to $398,783.

British Columbia is famous for its luxurious real estate investment. White Rock-South Surrey, Greater Vancouver, the upcountry-located Kelowna and Victoria represent the main locales of superfluity real estate in this region. Growing economy and increased real estate market is a very good sign for its investors. Improving financial situation, however, are expected to balance some of the corrosion in affordability caused by high mortgage interest tax and tighter loan. Strong economic and employment development in 2011 will boost housing requirement and push house sales amount higher.

Vernon BC Real Estate Market Update - May, 2010

2010-06-08T12:25:00.000-07:00

May, 2010 - Vernon and North Okanagan Statistical Market Update:

Sales for May fell 20% from April’s 189 units sold to a whopping 150 units. 548 new active listings were taken, which was about the same as April, bringing our current level of inventory at an exorbitant 2719 active properties on the market at the end of May. Days on market for May sits at 127 days for those that have sold, slightly above the year’s average of 119 days on market.

The North Okanagan currently sits with over 18 months of inventory. These are scary numbers that sellers need to pay attention to, and we are seeing a record number of price reductions coming through the MLS the last few weeks.

This market is very easy to read as to what direction it is going. Only 5.52% of the inventory sold in May which means 94.5% of what is on the market did NOT sell. Pricing a home in this market is tricky - do not base your asking price on the competition! Most of it is overpriced and you will be the same if you follow suit. A smart seller today has to forget about what their home was worth 2 years ago and listen very closely as to what their real estate professional is advising on pricing. This is a new era in real estate with little absorption taking place of what is out there – again, only 5.52% of the properties are selling. There is plenty of room for prices to go lower with the current supply and demand situation. Sellers – don’t be cocky or greedy or you may be in your current home for a long time waiting for the market to rebound. Buyers are there and want to buy but understand this market direction and are only looking at and offering on what they consider great value - and they have that luxury which they have not seen in years.

For professional real estate advice, call us. We have 1000’s of transactions and experience under our belt will put you on the right track to a successful purchase or sale.

Wrap Up:
In terms of the number of sales, in May we saw yet another decline. We had high hope in April, only to be dashed by May's lacklustre numbers. May should be a great month while June is normally below average due to kids getting out of school, etc. However we are hoping this year we will see the reverse. Fingers crossed...

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt. Become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX Vernon)! Also, check out our listing videos and information on schools/parks/lakeshore developments on our Youtube channel at www.youtube.com/lisalt001.

Please feel free to visit our website at www.SaltTeam.ca for more information on the North Okanagan.

Cheers!
Lisa and the Salt Team

PlusOne Movement. We need your help.

2010-06-06T19:09:00.000-07:00

Weekly New North Okanagan Listings!

2010-06-03T12:13:00.000-07:00

New Salt Team North Okanagan Listing MLS- #5 8856 Adventure Bay Road, Vernon, BC

New Salt Team North Okanagan Listing MLS- 8060 Jackpine Road, Vernon, BC

New Salt Team North Okanagan Listing MLS- 1012 32nd Avenue, Vernon, BC

New Salt Team North Okanagan Listing MLS- #410 3300 Centennial Drive, Vernon, BC

New Salt Team North Okanagan Listing MLS- #17 900 43RD Avenue, Vernon, BC

New Salt Team North Okanagan Listing MLS- #124 8000 Highland Road, Vernon, BC

Striking Great Deals in Buying Okanagan Real Estate - For Sale by Owners

2010-06-02T09:58:00.000-07:00

Many buyers prefer to directly purchase a home or property from the owner without the intervention of a middleman or property agent. You can buy Okanagan real estate directly from their owner, which is after all not a very difficult task to handle. When it comes to buying a property from its existing owner, one may be left with more scope to negotiate and strike a good deal.

When a property deal is conducted between its owner and the prospective buyer, it may so happen that due to the absence of a real estate agent, the buyer is paying more than the present market value. Thus it becomes necessary to understand whether the owner of Okanagan real estate for sale is hiding any essential details. The prospective buyers should make sure that the owner has abided by the law and has disclosed all the mandatory material facts about the Okanagan real estate for sale.

For a great deal, a property buyer in the Okanagan can follow some easy and simple strategies. First and foremost a buyer is required to set up a budget. It is advisable not to stretch beyond the limit he can afford. For this, a buyer can use mortgage calculators to find out the price he or she can pay for Okanagan real estate for sale. Before going for an Okanagan real estate deal, a buyer should make sure to get prior approval from a financial institution for finances required to buy a house or property.

For buying Okanagan real estate or property one can look up the classifieds and local property listings published in newspapers. Buyers searching for homes 'for sale by owner' can also consult the different websites for real estate listings and details.

Once a buyer has found suitable Okanagan real estate for sale he can get in touch with its owner. He can fix up a convenient time with the property owner to visit it. A thorough inspection of the selected property has to be done. It would not be wise to go only for the look of the property or the house instead several other factors should be considered that are essential before investing in a property.

Valuation of the house or property in the Okanagan is also necessary. For a fair valuation of the property a buyer can go for a comparative study with properties of nearby sites. He can find out about the present market value of Okanagan real estate or Okanagan homes for sale/resale.

An Okanagan real estate buyer can also consult a laweyer. A local lawyer can advise the buyer and can handle legal matters if any, although likely will not advise on value. If the property owner and the buyer agree on the deal, then the buyer can opt for a professional home inspection. For this he can appoint an experienced home inspector who can provide a detailed inspection report.

Finally while buying Okanagan real estate or any home the buyer should include his financier as well as his or her lawyer in the process. The paper work is to be kept simple and they should abide by the local laws set for real estate.

Tips for Investing in Real Estate in Vernon, BC

2010-06-02T09:53:00.000-07:00

If we get hold of some extra money, we tend to invest it in a proper way for long term benefits. Investing in Vernon BC real estate is a great way to earn a huge amount of money. Buying a second home in Vernon is generally a lucrative investment that can draw large profit for the owner. You can resell Vernon real estate after some time or rent it out.

Investing in Vernon real estate requires some strategies that will fetch a good amount of profit for the investor. Before anything else, you need to scrutinize the property you wish to buy in Vernon. A professional inspector can be hired to examine the Vernon property before it is bought.

Before purchasing a property in Vernon, it is important to go for a comparative study with other available property nearby. Thorough research is always recommended before you invest in any property or real estate. The present market value of the concerned property has to be found out while buying it. This will also decide the resale price of the Vernon property. Even if you are planning to rent your Vernon, BC real estate, it is necessary to find out the market value of the property in Vernon. If you decide to rent your Vernon BC real estate at a higher price then it would be difficult to convince your customers. If customers are willing to pay higher rates they will try to look for other property that will offer them more amenities at the same cost.

There are a few important things that you should know before you invest in Vernon, BC real estate or put up your Vernon, BC home for sale. As a homeowner or investor you should be aware of the Vernon real estate loans, cash flow statements, loan payments and most importantly current tax laws followed in Vernon. You can go to a tax advisor or thoroughly study the taxes applicable to your Vernon, BC real estate. It is also necessary to find out your advantage. For any legal issues related to Vernon homes, you can take the matter to a real estate attorney.

To strike good deals with Vernon real estate, it is also necessary to become a good negotiator. During selling your Vernon, BC home you have to put forward the positive points of your property in order to convince your customers.

While investing in Vernon real estate, you should be careful about negative cash flow. Several financial problems can cause you to resale the Vernon property before you could earn profit from it. As you decide to invest in Vernon real estate, make sure to go for insurance coverage. In this regard you can also undertake some thorough research in order to find out which real estate insurance coverage will suit you most.

Mandalay Complex Open House Every Saturday Sunday 1:00pm to 3:00pm

2010-06-01T15:50:00.000-07:00

We are proud to announce that every Saturday,Sunday from 1:00pm to 3:00pm at the Mandalay Complex we will be hosting an open house at address 7922 Okanagan Landing Road, Vernon, BC. This is an excellent opportunity to visit this Luxurious Complex.

Please come with any questions you may have. In the meantime you can view details and take a virtual tour of this Complex

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

Vernon BC Real Estate Market Update - April, 2010

2010-05-31T14:45:00.000-07:00

April, 2010 - Vernon and North Okanagan Statistical Market Update:

We are happy to see sales increase slightly over March. However, inventory is up over 2550 units already this year!

Inventory - What Is For Sale:
In April the number of listings on the market ended at 1719 total residential units (this includes houses, apartments, condos, duplexes, etc.), up 6.24% from last year and unfortunately up over 207 units from the 1512 units that were listed at the end of March this year. 548 new residential listings came on the market and were added to inventory, down from the 573 that came online in March and up 34.16% from the properties that were added to inventory this same month last year.

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is at 778 homes currently on the market, up from the 727 reported in March. There are now 2558 total active listings in the North Okanagan - already up 180 units from March’s numbers at 2378.

Lots and Acreages (including waterfront) inventory is up marginally to 553. Lot sales have increased over March by 4 units to 12 sales. That number is however down from the 13 sales total in the same month last year. Once again, our subdivision that we have listed at Silver Ridge in the Foothills accounted for a number of these sales (still some nice lots available, with now over 60% of the subdivision sold out). Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.

Sales - What is Selling:
This has been a decent April at 172 units sold. Last year we had only 126 sales, so this is up 37% from last year. Sales have improved over month to month in 2010 but inventory is outpacing sales - this will start to put pressure on pricing as we continue to move through the year.

Prices - Averages and Medians:
The average total residential house price for April is $378,867.53 and the median is now at $358,000. These numbers are up from last month.

Further to this, the average number of days that it takes a house to sell (days on market) is up slightly from last month at 97 days - similar to last month but up from last year - i.e. houses are still taking at least 3 months to sell, not including relists and expiries.

Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2558 active listings on the market, and with 172 total sales, we now have 14.8 months of inventory (down from the 17.6 months of inventory last month), on the market (i.e. it would take 14 and a half months to sell all the properties that are currently for sale, not including any new listings that come along). This number is going in the right direction at least - to make a stronger market, we just need more sales or less inventory. Preferably both!

My advice right now for Sellers:
As we did last month, if we do the math, only 6.72% of the properties on the market are selling. Which means that 93.28% are NOT selling. We are still in a buyer's market. If your home is in the $500+ price range, these numbers are lower still, as the 6.72% is based on the total market with all price ranges. That is not a strong market - to get to the front of the line and have your house actually get sold rather than just listed, you need to be aggressive with your pricing or other houses will sell instead. Buyers are picky and can afford to continue to be picky with all the selection they have.

My advice right now for Buyers:
The market is still ideal for buyers with low rates and lower prices. Make sure you have a preapproval in place to insulate you from further rate hikes. For questions around this, we can certainly help you. Please contact us at 250-549-7258 or via email at webinfo@saltteam.ca. Call us to set up your custom computerized search with your home buying criteria and get started! Or visit www.NewestListings.info.

Wrap Up:
In terms of the number of sales, April has been the best month we have seen in a very long time. We were hoping this meant the market was coming back - however sneak preview of next month (as this market update is late) - May is not turning out to be a very good month. We have inventory climbing nearly out of control, and many foreclosures are coming on the market as well which always affects market values of similar homes. With the economic news, the HST and the falling dollar, people seem skeptical about investing at all. However we will review the results next month.

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt. Become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX Vernon)! Also, check out our housing videos (and home staging tips) on our Youtube channel at www.youtube.com/lisalt001.

Please feel free to visit our website at www.SaltTeam.ca for more information on the North Okanagan.

Cheers!
Lisa and the Salt Team

On Part Timers and the Competition Bureau

2010-05-30T11:52:00.000-07:00

The full page ad in the March issue of REM from Michael Polzler, executive VP of Re/Max Ontario – Atlantic Canada, caught my eye – hope it did yours. Nothing to do with recruiting, being above the crowd or being better than just about everyone else in the world, although you could be forgiven for not reading the ad if you made one of those assumptions.

Au contraire mes amis, the ad was written to all of you under the heading Taking back the industry. Considering the current rumble in Ottawa with the Competition Bureau commissar, you might also be forgiven if you thought Mr. Polzler’s ad was his position on proprietary rights and access to Realtor.ca by the great unwashed.

Wrong again.

One shocking statistic forms the root of his observations, that one in five members of the Toronto Real Estate Board failed to sell a home in 2009 and that more than half fail to do a deal every three months. With 28,000 or so members, I think it might be fair to assume those numbers are a representative statistic for the rest of Canada.

If you missed the ad and REM’s March issue has followed the recycling path to your bird cage, there’s a website at www.takingbacktheindustry.com (Editor’s note: This site is no longer active) with a survey and an opportunity for readers to weigh in. So weigh in.

One man and one ad and one organization will not sustain this issue – but they can start the ball rolling. In my October 2009 column (REM #178) on this very topic I wrote, “We will not stop turnover until we change entry standards to incorporate training and mentoring. We will not achieve higher standards of ethics, if in fact we lack them, until we have lifelong commitments to the profession – if it in fact is one. We will not instill a voluntary culture of learning until young people, comfortable in a learning environment, see real estate as a lifetime career path.”

So I’m aboard. But in my 40th year in the business I’ve seen this theme wax and wane with gradual improvements along the way. Slow and steady drips don’t extinguish those whose hair is on fire. More than 50 years ago, in B.C., a commission studying the real estate industry recommended progressive licensing, standard forms and practical education. Well, two out of three isn’t bad.

Back to the Competition Bureau – got another idea. I’m going to ask the Competition Bureau to force Coca-Cola to let me use their bottles, brand and distributors to sell the concoction I whipped up in the laundry tub last week. Based on the commissar’s approach to Realtor.ca I can’t see a problem. Of course, I’ll have to promise the ingredients are accurately displayed on the label, aren’t toxic and that I have the requisite liability insurance and bonding to cover any consumer complaints. I’ll promise to stay in the vicinity and be accountable because I value good references and repeat business. As for experience in the ‘concoction’ business, don’t you think that’s a little over rated? I mean they recognize the rookie of the year in every sport don’t they? Give me a break! Would I buy the product myself? Are you kidding me? Wouldn’t bathe your cat in it but I do need to get it out of the sink – it’s causing a stain and it bubbles something fierce!

As I write this column, the verbal sword fight is well underway between Commissar Aitken and CREA. CREA’s letter of March 25 made me proud. Nervous but proud. I mean two pages of tongue lashing for her “unfounded allegations” and twice using the word “disingenuous” is hardly a sissy taunt. It’s a slap across the face with a leather gauntlet, suggesting that seconds and pistols at dawn are in the near future.

There’s not much room for interpretation. “Unfounded allegation” strictly means an accusation with no basis in fact. While the Canadian Oxford Dictionary gives “disingenuous” a break by offering “insincere, lacking in frankness” the Canadian Thesaurus is much bolder. In alphabetical order, “deceitful, dishonest, duplicitous, false, fallacious” – my favourite because it sounds dirty –“sly, sophistic and specious.”

Phew. Pretty much called her a liar, didn’t we? If her pants aren’t on fire, they are smoking. We’re all in this together so none of that, “Not me, I wasn’t there!” or “I was only following the orders of the Grupenfuhrer!” or “Don’t blame me, I voted NDP!” No doubt there’s an appetite to tussling with the bureaucratic bully once and for all. At a recent meeting of VIREB’s managing brokers, one asked about our commitment to fighting the Competition Bureau over agency and the pillars of membership: “Is this the hill we want to die on?”

By the time you read this, all may be dishwater long under the bridge. But I doubt it. And that’s the problem facing Michael Polzler’s campaign to take back the industry. While he is trying to rally the troops inside the moat, a dragon is at the gates and we are on the barricades facing out. But our industry challenges will be here when the Competition Bureau has gone away.

Where will you be?

Article reprinted from REM Magazine online: Written by Marty Douglas, who is a managing broker for Coast Realty Group (Comox Valley) Ltd., managing two of 15 Coast Realty Group offices on Vancouver Island and the Sunshine Coast of B.C. He is a past chair of the Real Estate Errors and Omissions Corporation of B.C., the Real Estate Council of B.C., and the B.C. Real Estate Association, and is a current director of the Vancouver Island Real Estate Board. Email mdouglas@island.net; 1-800-715-3999; Fax (250) 897-3933.

Taking Back the Industry

2010-05-30T11:46:00.000-07:00

Taking back the industry

2009 proved to be a defining year for real estate, creating two very separate and distinct categories of realtor.

Experienced professionals, who stayed the course, adjusting to new conditions and adhering to solid business plans, were ideally positioned for the turnaround and emerged victorious from the downturn. The fair-weather realtors who were ill-prepared and panicked, who chose to bury their heads in the sand, were not.

I think it's time we formally acknowledge the elephant in the room.

Last year, one in five realtors failed to sell a home on TREB -- the largest board in the world. From what I understand, the same problem exists in smaller boards across Ontario and Atlantic Canada.

No one in the industry, however, has mentioned how this threatens both the consumer and the profession. Our industry is overrun by part-timers who lack the knowledge and experience to service their clients adequately. The ease with which they can hang a shingle and tarnish our profession is astounding.

Personally, I can't believe that no one has challenged this reality. With the exception of those sales associates that are new to the business - and we have some stellar rookies who have already achieved Platinum Club in their first year in the business -- and those that are winding successful real estate careers, I find it hard to fathom that one in five agents sell nothing at all. Fifty-three per cent do not do a deal a quarter yet are prepared to provide guidance to buyers and sellers making the largest single financial transaction of their lifetime.

Just who is looking out for the real estate consumer? Cab drivers? Waiters? This trend is not in the best interest of our clients, and if we, as realtors, want to raise the bar in the industry, this simply cannot continue.

Here are my thoughts on the issue. For starters, at least one-quarter of agents should be barred from trading in real estate...it's time to put the professionalism back in the profession. It's time we raise the bar and set new standards. If we don't, this group of unqualified realtors will continue to have a serious negative impact on the industry.

If this sounds familiar, it's because you've heard it before. One year ago, I talked about how uncommitted realtors were creating problems within the industry. However, at that time, economic concerns loomed overhead, a global financial crisis was brewing, and home sales had slowed to a crawl. We thought that the downturn would clean house, effectively purging the industry of non-producers and part-timers.

But the slowdown proved short-lived. And as real estate gained momentum, everyone jumped in it to make a fast buck. So it's time to get serious. We need to enlist your help and create a plan of action. After all, the greatest opportunity to raise standards is through licensing and we'd like to see stricter rules governing the registration of realtors. What about introducing a minimum sales requirement before licensing? Or an apprenticeship program where new sales associates gain valuable insight before they are licensed?

I challenge anyone in the industry to argue why a part-timer or non-producer should be allowed to trade in real estate. Stand up and please tell us how consumers benefit. Explain why Ontario needs 57,000 realtors.

My commitment to you will be to pursue this issue at all levels of government and associated organizations. I will call upon the leaders and directors of CREA, OREA, RECO and real estate boards in Ontario and Atlantic Canada to support me in this cause. These are excellent organizations, but all have built their infrastructure based on membership numbers. Is that in the best interest of the full-time real estate professional? Join us in writing to the Minister of Government Services, the Honourable Harinder S. Takhar at htakhar.mpp.co@liberal.ola.org and the Minister of Consumer Services, the Honourable Ted McMeekin, responsible for the Real Estate and Business Brokers Act, 2002 at tmcmeekin.mpp.co@liberal.ola.org to request sweeping changes to rules governing registration and licensing to protect the integrity of the profession and consumer interest.

We'd all benefit from an industry overhaul. We see the impact of those mistakes time and time again. The committed, dedicated professionals that have devoted their lives to selling homes would give their eye tooth to get rid of the clutter and restore honour and dignity to the profession. After all, the lack of commitment and expertise among part-timers affects the entire industry.

We need to send the message, once and for all -- real estate is not a fall-back profession. This industry is not a circus. It's time we rid ourselves of the elephant in the room.
Sincerely,

Michael Polzler
Executive Vice President and Regional Director
RE/MAX Ontario-Atlantic Canada Inc

7112 Jasper Drive Open house, May 30

2010-05-27T10:34:00.000-07:00

We are proud to announce that this Sunday May 30, 2:00pm to 3:00pm we will be hosting an open house at 7112 Jasper Drive, Vernon, BC. This is an excellent opportunity to visit this Lovely newer home.

Please come with any questions you may have. In the meantime you can view details and take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

2029 Mountainview Avenue Open house, Sunday May 30

2010-05-27T10:30:00.000-07:00

We are proud to announce that this Sunday May 30, 12:00pm to 1:00pm we will be hosting an open house at 2029 Mountainview Avenue, Lumby, BC. This is an excellent opportunity to visit this Wonderfully maintained Home.

Please come with any questions you may have. In the meantime you can view details and take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

3922 15 Crescent Open house, Sunday May 30

2010-05-27T10:21:00.000-07:00

We are proud to announce that this Sunday May 30, 12:00pm to 2:00pm we will be hosting an open house at 3922 15 Crescent, Vernon, BC. This is an excellent opportunity to visit this Fantastic family home.

Please come with any questions you may have. In the meantime you can view details and take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

2004 Heitman Street Open house, Sunday May 30

2010-05-27T09:55:00.000-07:00

We are proud to announce that this Sunday May 30, 12:00pm to 2:00pm we will be hosting an open house at 2004 Heitman Street, Enderby, BC. This is an excellent opportunity to visit this Great Family Home.

Please come with any questions you may have. In the meantime you can view details and take a virtual tour of this Fabulous custom built home.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

7204 Silver Ridge Lane Open house, Sunday May 16

2010-05-13T09:53:00.000-07:00

We are proud to announce that this Sunday May 16, 3:00pm to 4:00pm we will be hosting an open house at 7204 Silver Ridge Lane, Vernon, BC. This is an excellent opportunity to visit this Fabulous home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#48 7760 Okanagan Landing Road, Vernon, BC Open house, Sunday May 16

2010-05-13T09:47:00.000-07:00

We are proud to announce that this Sunday May 16, 1:00pm to 2:00pm we will be hosting an open house at # 48 7760 Okanagan Landing Road, Vernon, BC. This is an excellent opportunity to visit this lovely Seasons home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

#5 1000 Mt. Ida Drive, Vernon, BC Open House, Sunday May 16

2010-05-13T09:41:00.000-07:00

We are proud to announce that this Sunday May 16, 1:00pm to 2:30pm we will be hosting an open house at #5 1000 Mt.Ida Drive, Vernon, BC. This is an excellent opportunity to visit this half duplex.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine duplex here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.
Lisa Salt and Salt Team

2029 Mountainview Avenue, Lumby,BC Open house, Sunday May 16

2010-05-13T09:20:00.000-07:00

We are proud to announce that this Sunday May 16,1:00pm to 2:30 we will be hosting an open house at 2029 Mountainview Avenue, Lumby,BC. This is an excellent opportunity to visit this Great family home.

Please come with any questions you may have. In the meantime you can take a virtual tour of this fine home here.

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.
Lisa Salt and Salt Team

Weekly Hot New Price Reductions!

2010-05-11T10:31:00.000-07:00

14 - 3211 Centennial Drive, Vernon, BC Has been reduced to $274,900. To see more information on this fabulous Vernon apartment click here: http://saltteam.ca/silver_listings.asp?id=429570

7800 Cactus Drive, Coldstream, BC Has been reduced to $429,000. To see more information on this fabulous Coldstream home click here:http://saltteam.ca/silver_listings.asp?id=433667

2360 Fletcher Avenue, Armstrong, BC Has been reduced to $199,990. To see more information on this fabulous Armstrong home click here:http://saltteam.ca/silver_listings.asp?id=439418

7204 Silver Ridge Lane, Vernon, BC Has been reduced to $509,900. To see more information on this fabulous Vernon home click here:http://saltteam.ca/silver_listings.asp?id=415954

112 - 3304 35 Avenue, Vernon, BC Has been reduced to $109,900. To see more information on this fabulous Vernon apartment click here:http://saltteam.ca/silver_listings.asp?id=440333

Weekly New North Okanagan Listing!

2010-05-10T15:08:00.000-07:00

New Salt Team North Okanagan Listing MLS- 7112 Jasper Drive, Vernon, BC

New Salt Team North Okanagan Listing MLS-6916 Rugg Road, Vernon, BC

New Salt Team North Okanagan Listing MLS- 2709 Mable Lake Road, Enderby, BC

Ideas on How to Stage Your Home for Selling

2010-05-07T07:47:00.000-07:00

Ideas On How To Stage Your Home For Selling
by Lisa Salt

Selling a home can be a tiring and disheartening feat, especially when your house has been sitting on the market for a considerable time or isn't showing signs of selling anytime soon. Whether or not your house has been on the market for a significant amount of time or just starting, it is always a good idea to know how to stage your home for selling in order to attract and keep potential buyers.

With staging, the priority of the seller is to make their home visually appealing to a variety of different potential buyers, all of who may have a varying sense of style. Often enough, sellers can fall into the habit of leaving their personal-themed items out, as well as too much clutter, which can distract or overwhelm people who come to view their house. This can make it difficult for others to visualize living there.

Clean Up and Spruce Up

When a home that is open for viewing is not kept up on, cleaning and repair-wise, this can immediately turn off buyers. Not only will they be distracted and put off by messiness, but the idea of having to do extra work and possibly paying more to fix the place up, even with little odds and ends, can turn them away just as fast, if not more so. By making sure the place is spotless, well-kept, and ready for buyers to move in with little to no work to do, a seller can increase a faster sale on the house, and might possibly give the sense of higher quality and being worth more. The bottom line is putting yourself in the buyer's shoes and treat your house like what is is--a business. If you would shy away from or avoid an ill-maintained restaurant or any other type of business, there's a good reason why and the same goes in this case.

Curb appeal is often what initially draws in buyers, though it is also something that is overlooked by those who are trying to sell their place. First impressions are key, and this is what the exterior of the house represents. If someone sees that the front looks dingy or ill-kept, then they are likely to assume the same fate on the interior and will walk away. By adding a mix of color, cleaning things up and maintaining a good-looking exterior to the best of your ability, you will have a better chance of charming potential viewers into making their way through the front door, as well as giving them something to hit them again as they walk out.

Neutralizing and Opening Up a Space

While we may hold our family photos, collectibles, memorabilia or favorite knickknacks dear and close to our hearts and out for all to see, or leave out the kids toys or baby furniture for sake of convenience, such things can pose as a severe distraction to buyers. Not only is it distracting, but it can always take away from the space by taking up too much room, which can also be a negative against the house and make it appear smaller and as if there's no storage. Too much clutter or too many personal items can lead to buyers seeing more of your life, rather than your main goal of getting them to see their own lives within the house enough to purchase it. So, consider organizing and hiding away items that take away from the house or that others might find to be unappealing. Donating or renting a storage place for items you can live without can also make a world of difference. The key is to keep every thing clean, fresh, simple and versatile enough so as not to overwhelm the strangers who are coming through the door, hopefully planning on bearing hearts as well as their checkbooks.

De-personalizing and de-cluttering a space may seem trivial, but it can often be difficult for prospective buyers to visualize their own selves living in a space, especially when they might feel visually overwhelmed by another person's lifestyle, different tastes, and sense of style. Instead, consider going neutral when it comes to colors of paint, carpet and other types of flooring, decor, or even bedding and curtains. By removing or replacing pieces that may be too much or too little for one particular space, you can help ensure a better show of both function and flow within an area, as well as optimizing the space itself. Make sure to show each room's potential and give it a sense function such as the dining room looking like a dining room, rather than an out-of-place office, and to encourage a sense of space.

With a little bit of a research, hard work, creativity and looking at things from the buyer's perspective, you can increase your chances of hitting that appeal factor that will drive buyers closer toward making a purchase. However, if you feel overwhelmed or if you're still struggling with how to stage your home for selling, there are always numerous staging consultants for hire that may be able to assist you for a reasonable fee.

Discover those home staging tips that may help you sell your home quicker. Talk to your Vernon BC real estate agent for those tips. Head online and find out more today.

Things You Should Not Overlook While Investing in Vernon Real Estate

2010-05-07T07:36:00.000-07:00

A beautiful home means a lot for many people, but the choice may differ from person to person. So it is important to know exactly what you are investing in.

While investing in Vernon real estate you should know the tactics of investment. If somebody is pushing you hard for a decision then something is wrong in the deal.

Some Crucial Points
In the entry level of real estate, the common point is to buy a residential property that a person will use to generate rental income. Based upon the fact you are investing to generate rental income, you must consider a few points. Do you want cash flow from the investment or are you in need of capital appreciation? Different areas tend to have a higher concentration of one or the other. Though in some cases, investors get attracted to some areas chasing the cash flow and all of a sudden, they get low entry prices in the game. To avoid these kinds of capital disasters, you must tread cautiously while making an investment in the Vernon real estate market, because a slight mistake can snowball into a major financial crisis.

Break-Even Model
The Break-even model or the capital appreciation investment is basically an idea where you purchase in an area where approval is actually the focus. Following this concept the investors are eager to break-even or even accept a loss on operating cash flow. The logic is that when you sell property, the price of the property at the end of your investment time will exceed your yearly operating losses.

Learn The Secrets of Investment
This business also includes the secret information on what is occurring in the market that is secret or not commonly discussed; like - lease terms or the rates or the concessions, and many more. It is extremely important, in the real estate business, to have a good real estate professional who can help you with valuable input that can help you avert possible financial disaster.

Weekly Hot New Price Reduction!

2010-05-05T11:33:00.000-07:00

#14 3211 Centennial Drive, Vernon, BC has been reduced to 274,900.00. To see more information on this fabulous Vernon Apartment, click here http://saltteam.ca/silver_listings.asp?id=429570

Weekly New North Okanagan Listings!

2010-05-04T14:12:00.000-07:00

New Salt Team Okanagan Listing MLS- 214 3304 35 Avenue, Vernon, BC

New Salt Team Okanagan Listing MLS- 2004 Heitman Street, Enderby, BC

New Salt Team Okanagan Listing MLS- 9654 Wolfe Drive, Coldstream, BC

New Salt Team Okanagan Listing MLS- 1803 Pine Court, Enderby, BC

Weekly New North Okanagan Listings!

2010-04-21T09:09:00.000-07:00

New Salt Team North Okanagan Listing MLS- 6800 Cameo Drive, N Vernon, BC

New Salt Team North Okanagan Listing MLS- 112 - 3304 35 Avenue, Vernon, BC

Vernon BC Real Estate Market Update - March, 2010

2010-04-17T09:17:00.000-07:00

March, 2010 - Vernon and North Okanagan Statistical Market Update:

We are happy to see sales increase again for March. However, inventory is way back up again with the usual Spring rush starting right on time.

Inventory - What Is For Sale:

In March the number of listings on the market ended at 1572 total residential units (this includes houses, apartments, condos, duplexes, etc.), up 4.59% from last year and unfortunately up over 200 units from the 1338 units that were listed at the end of February this year. 475 new residential listings came on the market and were added to inventory, up from the 323 that came online in February and up 36.49% from the properties that were added to inventory this same month last year.

Residential (just single family non-waterfront homes - not condos or duplexes, etc.) inventory is at 727 homes currently on the market, up from the 604 reported in February. There are now 2378 total active listings in the North Okanagan - up 282 units from February's numbers at 2096.

Lots and Acreages (including waterfront) inventory is up marginally to 526. Lot sales have decreased to less than half of February to only 8 sales. That number is however up from the 5 sales total in the same month last year. Once again, our subdivision that we have listed at Silver Ridge in the Foothills accounted for nearly half of these sales (still some nice lots available, with now over 60% of the subdivision sold out). Again, this does not include all the unlisted lot inventory in the many developments in the North Okanagan.

Sales - What is Selling:
This has been a decent March at 141 units sold. Last year we had only 94 sales, so this is up 50% from last year. It is looking like the increases will continue through Spring, which we are happy to see.

Prices - Averages and Medians:
The average total residential house price is $364,715.81 and the median is now at $332,500. These numbers are up slightly from last month.

Further to this, the average number of days that it takes a house to sell (days on market) is down 25.78% at 95 days - similar to last month but up from last year - i.e. houses are still taking at least 3 months to sell, not including relists and expiries.

Months of Inventory - How Long Will It Take to Sell Everything Listed:
Right now with 2378 active listings on the market, and with 141 total sales, we now have 17.6 months of inventory (down from the 21.6 months of inventory last month), on the market (i.e. it would take 17 and a half months to sell all the properties that are currently for sale, not including any new listings that come along). This number is going in the right direction at least - to make a stronger market, we just need more sales or less inventory.

My advice right now for Sellers: If you do the math, only 5.9% of the properties on the market are selling. Which means that 94.1% are NOT selling. We are still in a buyer's market. If your home is in the $500+ price range, these numbers are lower still, as the 5.9% is based on the total market with all price ranges. The market is not strong as many would like to think - basic economics tells us that if there is too much supply and not enough demand, prices go down. In our case, prices are stable, but are down drastically from the peak. Those who want to price their homes at peak market price will be disappointed as their houses simply will not sell.

My advice right now for Buyers:
Rates are still low, even though we have seen two rate hikes recently. Prices are still down. The market is still ideal for buyers and I would highly suggest getting into the market before rates rise any more. If you are waiting for the market to bottom - you may be too late. If you do not have a mortgage rate preapproval in place to insulate you, at least temporarily, from further rate hikes, you really need to do so! Call us and we will help you with that, it is part of our service to help you find the best mortgage around. Please contact us at 250-549-7258 or via email at webinfo@saltteam.ca. Call us to set up your custom computerized search with your home buying criteria and get started! Or visit www.NewestListings.info.

Wrap Up:
This month we are satisfied with the number of sales, but disappointed by the ever climbing inventory situation. Many factors are coming into play including the new HST TAX July 1st, that will certainly make it interesting for our market, to say the least. Have a look at our HST Video on Youtube for the impact we are expecting on our real estate market. To join us in fighting the HST, go to www.FightHST.com and be sure to sign the petition at a location near you.

If you would like to be notified immediately of the new listings that come on the market by our team, follow us on Twitter at www.Twitter.com/LisaSalt. Become a Fan of the Salt Team RE/MAX Vernon by searching for us on Facebook (Salt Team - RE/MAX Vernon)! Also, check out our housing videos (and home staging tips) on our Youtube channel at www.youtube.com/lisalt001.

Please feel free to visit our website at www.SaltTeam.ca for more information on the North Okanagan.

Cheers!
Lisa and the Salt Team

Economic Update – Our Dollar

2010-04-16T09:06:00.000-07:00

Why the Dollar Rises
The reason for the rise in the Canadian dollar is not always black and white. There are lots of moving parts that make up the value of the dollar. The Cole's Notes of the attached article is that we are an economy rich in raw materials and commodities, which is what the world needs in a recovering market such as what we currently are experiencing. Oil, lumber, metals and hydro are just some of the goods that Canada is able to export to resource consuming countries like the US and China. Another factor that is not tangible, but affects the Canadian dollar, is the strength of the US economy. If the US is faltering, there is less conviction from foreign investors to hold onto a struggling US dollar as opposed to purchasing a prosperous and sturdy Canadian dollar.
http://www.theglobeandmail.com/globe-investor/investment-ideas/investor-education/why-the-canadian-dollar-has-been-bouncing-higher/article1343674/

Parity a Good Thing?
Our economy is growing and doing so quite rapidly. Out of the 7 major economic countries in the world, Canada is growing at the fastest pace. In order to combat the growth from getting out of control (i.e. inflation) the government is likely to take steps and start raising the interest rates. A sign that our economy is getting stronger, is to simply take a look at our own Canadian dollar which has steadily risen to close to parity with the US dollar. The government has continued to take steps to slow down the economy, without having to raise interest rates too quickly, including slowing down the real estate market by regulating the lending industry so that there are less speculators purchasing secondary properties with little equity required. The Bank of Canada does have to be mindful of having too strong a Canadian dollar as it would cause foreign investors to start investing in our nation and at the same time cause our exports to become too expensive.
http://www.financialpost.com/news-sectors/story.html?id=2773228

Weekly New North Okanagan Listing!

2010-04-12T12:39:00.000-07:00

New Salt Team North Okanagan Listing MLS- 9579 Eastside Road, Vernon, BC

New Salt Team North Okanagan Listing MLS- Lot 6 Lake Pine Road, Lake Country, BC

New Salt Team North Okanagan Listing MLS- 2360 Fletcher Avenue, Armstrong, BC

New Salt Team North Okanagan Listing MLS- 7204 Silver Ridge Lane, Vernon, BC

Is Your Home Fit to Sell? Home Staging Video #2

2010-04-07T18:01:00.000-07:00

Compliments of RE/MAX Western Canada

New rules for rental properties could squeeze first-time homebuyers

2010-04-07T09:38:00.001-07:00

VANCOUVER, B.C. - Buying a house in the hot housing markets of Vancouver, Toronto and other major cities in recent years has been a possible dream for some first-time homebuyers only because many of those houses had suites they could rent out.

But new rules coming into effect April 19 will all but wipe out that advantage in the eyes of banks handing out mortgages.

"It makes it much more difficult for people with rental properties to qualify for their own mortgage on their personal residence," said Vancouver mortgage specialist Patrick Mulhern.

The new regulations are designed to prevent speculation in the market, said Jack Aubrey, of the Canada Mortgage and Housing Corporation.

But Vancouver mortgage agent Mike Averbach said the new rules will do little to prevent investors from gambling in the housing market.

"They haven't decreased risk," he said. "They're just not allowing you to use the income."

Currently, landlords can use 80 per cent of their rental income to offset monthly mortgage payments. That means, if they receive $1,000 per month in rental income, they can use $800 to offset a $1,200 mortgage payment, leaving only $400 to be debt financed.

But under the new rule, only 50 per cent of a landlord's rental income will be used. Even then, that money will not be used to offset their monthly mortgage payment. It will be added to their total income, forcing them to qualify for the entire monthly mortgage.

For instance, a person earning $100,000 per year in regular income plus $12,000 per year in rental income will have a total income of $106,000 with which to qualify for a mortgage on their own home.

Rental income is essential for many of his clients, Averbach said.

In cities like Vancouver, where the average home price in February was more than $662,000, rental offset is the only way many people can qualify for a mortgage and the new rules will keep many of his clients in condos rather than houses, he said.

"Putting a renter in your basement is not speculative, it's reality," he said. "It helps you pay your mortgage."

The rule changes also make it more difficult for people to buy a property separate property to use as a revenue generator.

CMHC will no longer offer high-ratio financing on rental property not lived in by the owner. That means someone looking to buy a house as a rental investment will have to come up with a 20-per-cent down payment on the property, as opposed to five per cent before the rules changed.

The changes haven't worried groups advocating for tenants.

Jeordie Dent, of the Federation of Metro Tenants' Association in Toronto, where vacancy and availability rates have dropped over the last year, said he doesn't see a negative impact on renters.

Instead, he said his group welcomes the changes.

Dent said too many people become landlords without the financial or intellectual wherewithal to properly manage their properties.

"Anything that strengthens mortgage rules, from our perspective, is a good thing."

By Derek Scott, The Canadian Press
Sat Apr 3, 11:17 AM

Article: Benefits of Buying Real Estate for First Time Buyers

2010-04-01T21:57:00.000-07:00

Benefits of Buying Real Estate for First Time Buyers
by Lisa Salt

These little known benefits of buying real estate for first time buyers (in Vernon, BC) are the benefits people sometimes overlook when shopping for a home. When experts speak of property ownership, the benefits with which sellers tantalize buyers usually orbit around money. But there are other personal advantages to be had from taking that first plunge into ownership. This article shares 3 personal benefits along with 4 monetary benefits.

Benefits Of The Personal Kind

Free gifts from Realtors always contain a useful trinket or two. Everyone watches the new kid in town. So load up on free gifts while people are lavishing attention on you first time buyers. Free gifts that Realtors in Vernon, BC give away include dvds, property listings, home evaluations, profesional advice, loan analyzed, information packs, relocation helper packages, and gift certificates.

Creative outlet also goes by the name of pride of home ownership. First time buyers can create a home in BC dripping with personality. A tour of say, Vernon, the Okanagan or anywhere in BC reveals homes with personality. Some homes look like they were designed by genius and some by inspiration. If a home is beautiful to the owners then it is beautiful indeed. So, another personal benefit of home ownership is the ability to decorate.

The benefit of learning lessons about protecting property is an important one. Discovering the true meaning of the term real estate, and fighting battles to protect the home against vermin, crime, weather, taxes, and time will serve well, if a position as a trustee is tendered. Trustees protect things. Also lessons learned about property ownership make better citizens because owners tend to stay aware of local elections and issues. Lastly, the title of property owner conveys a bit of respect in most places throughout the province. These three above benefits are non-monetary. Below are monetary benefits.

Show Me The Money Advantages

The Canadian and BC governments approved a grant and an exemption and reduced the cost for Canadians who removed their old heating structure and other equipment and modernized their home. These governments targeted home owners. Targeting home owners for advantages is the favorite way to raise the level of living of owners.

Equity is a monetary advantage. A home is like a savings account that builds equity yearly. Paying the monthly mortgage literally drops dollars into the account every month. The dollars are called equity. Dollars dropped on the rent to a landlord represent equity to the landlord only. Equity is a gift, a benefit, an advantage to the first time home buyer.

Another notable benefit involving taxes on capital gains is to allow home owners to defer the gain (the profit from a sale) by declaring the profits bit by bit over five years.

Lastly, BC benefits its home owners with tax deductions and exemptions. An outstanding deduction benefit is The Home Owner Grant which lowers the amount of property tax on the home. Also, The First Time Home Buyers Program exempts the home owner from paying the transfer tax. When real estate documents need some change as when land transfers ownership this transfer tax gets levied.

Looking ahead to benefits of buying real estate for first time buyers (in British Columbia Canada) can help new buyers make a wise and informed decision.

Lisa Salt from the Salt Team at RE/MAX Vernon, who has been a licensed Realtor in the local Vernon, BC market for 17 years, has written a very practical guide for first time home buyers in Vernon, BC. For a limited period, you can get a free copy by visiting the Salt Team's website specializing in Vernon BC real estate.

#10 3930 20 Street Open house, Sunday April 4

2010-04-01T14:11:00.000-07:00

We are proud to announce that this Sunday April 4, 01:30pm to 3:00pm we will be hosting an open house at # 10 3930 20 Street, Vernon, BC. This is an excellent opportunity to visit this townhouse.

Please come with any questions you may have. In the meantime you can view details and take a virtual tour of this well maintained unit

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team

3922 15 Crescent Open house, Sunday April 4

2010-04-01T12:32:00.000-07:00

We are proud to announce that this Sunday April 4, 12:00pm to 1:00pm we will be hosting an open house at 3922 15 Crescent, Vernon, BC. This is an excellent opportunity to visit this beautiful home.

Please come with any questions you may have. In the meantime you can view details and take a virtual tour of this fantastic family home

As always please do not hesitate to give us a call at 250-549-7258 if I can answer any questions before the open house, or if you would like to book a private showing.

Lisa Salt and Salt Team