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The New Anit-Money Laudering Regulations

Authored by Michael Peterson 3 weeks ago

Enjoyed by 48 readers, who have left 0 comments.

Changes in Money Laundering and Terrorist Financing compliance requirements go into effect June 23rd, 2008. The changes will require brokers and sales representatives to collect more information than ever before. Support materials available below for more information.
 

Click here to view a powerpoint presentation explaining the changes.

More Homes For Sale—Welcome News For Homebuyers

Authored by Michael Peterson 1 month ago

Enjoyed by 79 readers, who have left 0 comments.

Vancouver, BC – May 14, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.4 per cent to $4.1 billion in April, compared to April 2007. Residential unit sales declined 11 per cent to 8,623 units during the same period. The average MLS® residential price in the province reached $478,044, up 11 per cent from April 2007.

“Rising inventories are providing more choice for consumers and exerting less upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. Active MLS® residential listings in the province were up 37 per cent to 47,923 units in April. “The combination of a slower pace of home sales and some profit taking by investors is…

RE/MAX Awards $12,000 In Bursaries To High School Graduates

Authored by Michael Peterson 1 month ago

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Kelowna, BC (May 5, 2008) – Twenty four students from Western Canada were recently notified that they will be individually presented with a RE/MAX 2008 ‘Quest for Excellence’ bursary, valued at $500, during their school commencement ceremonies.

The annual RE/MAX Quest for Excellence program encourages graduating students from British Columbia, Alberta, Saskatchewan, Manitoba, and the North West and Yukon Territories to write an essay based on their personal experience in one of six topics – Leadership, Sports, Technology & Trades, Performing Arts, Fine Arts and Community Service.

“A record breaking 1568 entries were received from students across Western Canada,” says Marie Sheppy, Senior Coordinator, Corporate Affairs, RE/MAX of Western Canada. “Each…

Rising Housing Values And Lack Of Inventory Challenge First-time Buyers

Authored by Michael Peterson 2 months ago

Enjoyed by 84 readers, who have left 0 comments.

“Homeownership continues to be primary objective”, says RE/MAX

While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX.

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply…

March Bank Rate Cut: How It Affects Us?

Authored by Michael Peterson 2 months ago

Enjoyed by 120 readers, who have left 0 comments.

The Bank of Canada cut the lending rate to 3.75% on March 4th and signaled further cuts in the near future. March’s cut put the advertised five-year conventional mortgage rate at 7.29% and competition among mortgage lenders continues to remain stiff. This enables borrowers to negotiate discounts from advertised rates; however, the U.S sub-prime mortgage fiasco has tightened credit conditions in financial markets resulting in smaller discounts. Housing prices are forecast to continue rising and additional cuts to mortgage interest rates are good for new housing affordability and demand.

The Bank of Canada does caution that there are clear signs that the U.S. economy is likely to experience a deeper and more prolonged slowdown than had been projected.…

April 2008 Update: Nanaimo BC

Authored by Michael Peterson 2 months ago

Enjoyed by 113 readers, who have left 0 comments.

Now that the Easter holiday's and Spring break have come and gone, Spring is officially here! In Nanaimo, the Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for March 2008, shows a drop in unit sales with average sale price increases. The average sale price across the VIREB region for March 2008 was $338,846. This is an 8 per cent increase from the $313,560 posted at the end of March 2007. Unit sales volume increased slightly from the end of February 2008 to the end of March 2008, but dropped approximately 30% from March 2007. It’s a balanced market with plenty to choose from and we’re seeing more and more interest from elsewhere in Canada. As always, proper pricing continues to be key in this…

Client Appreciation A Success!

Authored by Michael Peterson 2 months ago

Enjoyed by 133 readers, who have left 0 comments.

 Michael hosted his 2008 Client Appreciation Evening on Friday, March 28th at Gallery 223 downtown Nanaimo where wine, art and jazz were enjoyed by all. The Gallery was a wonderful host with plenty of old and new artist’s work on display. The Wellington Jazz Trio played beautifully in the corner while clients mixed and mingled enjoying a glass of wine from a local brewery called Wine Works. Several door prizes were won by the attending guests including art from the Gallery, gift certificates, and wine with stem wear. A good time was had by all and we look forward to next year’s event.

Licensing Of BC Home Inspectors

Authored by Michael Peterson 4 months ago

Enjoyed by 200 readers, who have left 1 comments.

New regulations and licensing systems are going to be introduced by the BC government this fall to regulate the home inspection industry. This will ensure home inspectors have up-to-date training on buildings codes, electrical, natural gas, and fire code regulations. They are also discussing whether to make insurance mandatory for home inspectors to cover situations where consumers claim financial loss over a mistake made by an inspector.

Currently BC home inspectors are self-regulated with two organizations offering voluntary membership and certification. Online courses and a set of exams that lead certification, if desired, are available through the BC branch of the Canadian Association of Home and Property inspectors. Applicants are also allowed to…