Justin MacKinnon

Cell: 778-229-7444 |

 

 

Incredible 1 bedroom plus den plus flex space in one of Coal Harbour's finest bldgs. - The Melville! This home is complimented with granite counters,stainless steel appliances,floor to ceiling windows,gas range, SE facing balcony plus so much more.The Melville offers concierge,rooftop pool,exercise facility,sauna plus party room. Central downtown location steps to Robson St., seawall,Stanley Park,Vancouver Convention Centre and the business district. This home offers a great open layout with endless possibilities and comes with secured parking and a storage locker.Pets and rentals allowed making this a great home or investment.  Listed at $829,000.

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The new guidline for uninsured mortgages come 2018 will have you stress tested for an additional 2%.  So, if you have 100,000$ down for a 500,000$ dollar home and you found a great rate at 2.90%, you will be tested for 4.90% for that 5-year mortgage.  Prepare yourselves for a tighter lending encironment.  Private lenders may see a rise in business as regulated financial institutions are adopting more strict lending procedures.  

 

Those that already own may not be safe either, come renewel time.  Almost all of the leverage falls into your existing lenders hands, and they’ll know you can’t leave. This could result in less mortgage competition, and higher borrowing rates than if you could just go to a competitor and get a better rate.  If you can't afford a new stress test, you'll end up paying more than those who can.

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Dual agency is when a real estate agent represents both the buyer and the seller in a transaction.  Ontario is currently considering a ban on the practice as part of its 16-point housing plan.  Through a spokesman, B.C.’s new superintendent of real estate, Michael Noseworthy, says he’s “very close” to publicly disclosing potential new rule changes on the practice.  


I have always had the opinion that an agent cannot get the best result for both sides.  How is your agent, as a buyer, getting you the lowest possible price if they are also representing the seller?  And Vice-versa, how can that same agent get the seller the highest price?  It seems impossible.  If both sides of the fence feel like there was too much compromise in the negotiations, there is only one clear winner, the agent who collects the full commission.  Some open houses I attend feature 2 agents, (1)the listing agent and (2)someone from their office.  This way, if a buyer without an agent shows up, agent #2 can help them write an offer with no conflict of interest.  I have always respected this practice.  


To some agents, this is their bread and butter, but it seems like they may have to evolve with the times.  If the selling agent is the only person who has found a buyer, theyre going to have to refer that buyer to another agent if legislation changes.  I, for one, feel like that would spread the love a little more evenly and create a more fair market.

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