Why Go Green Part I

Energy savings & lower utility Bills

Because of increased water and energy efficiency levels homeowners have the opportunity to save thousands of dollars over the life of their home. Given the astronomical rise in fuel prices in the past few years, it is no surprise that energy efficiency is the top reason consumers choose green enhancements these days.

More Comfortable
A good green home is a more comfortable home. It has been carefully retrofitted or constructed and well insulated so it does not overheat in the summer or feel cold in the winter.

Healthier
Green homes feature superior indoor air quality and fewer building products and materials that may undermine our health. Chemical pollutants and mold are reduced. Good ventilation helps keep the air fresh.

Peace Of Mind
Green homes are renovated and constructed with the environment in mind. From energy and water efficiency to reduced construction waste and the use of renewable materials.

Greater Value
A good green home provides more for your money, are built to last, with quality design and construction that holds up over time. These homes cost less to live in and maintain because they are built to be energy efficient and durable.

From Ian Baker at Beyer Mortgage Services:
Note breaking news today that the
Bank of Canada just lowered the lending rate by another 1/4 percentage
point, however we are stilling waiting to see if lenders adopt this lowering
(pass along this additional discount) to its customers. So please stay
tuned!

Current Mortgage Rates

Current Mortgage Rates

Compare to 4.75% ten days ago:

► Bank Prime Rate: 4.25%

Compare to 5.79% 6 months ago*:

► 5-Year Closed/Fixed Rate: 5.69%

Compare to bank prime minus 0.60% one month ago*:

► 5-Year Variable Rate: Bank Prime plus 1.0%

* This describes the deepest discounted rate available through a mortgage broker with some of the leading Canadian lenders.

Mortgage Terms

Variable Interest Rate Mortgage - A mortgage for which the rate of interest may change if other market conditions change, such as bank prime rate. This is sometimes referred to as a floating rate mortgage.

Fixed-Rate Mortgage - A mortgage for which the rate of interest is fixed for a specific period of time (the term).

Bank Prime Rate - The prime rate is the rate that banks give to their best and most credit-worthy customers. The rate fluctuates with the Bank of Canada decision to raise or lower short-term lending rates. The prime is important for the average consumer because loans such as home equity, mortgages credit card and automobile, rise and fall with the rate.

Thanks to Ian Baker of Beyer Mortgage Services for this information.
Ian is also a member of the Victoria Values Based Business Network.

Dr Andrew Weaver

Last night I attended a talk given by Dr Andrew Weaver at UVIC, sponsored by the Municipality of Saanich. Dr Weaver is a world renowned scientist on climate change. He has just launched his new book "Keeping our Cool: Canada in a Warming World". Read more at:
Dr. Andrew Weaver

It was Saanich's launch of their:

CLIMATE CHANGE ACTION COMMUNITY

We recognize climate change is a problem.
The next question is:
HOW DO WE MAKE CLIMATE ACTION HAPPEN?

Join us as we launch a series of “how-to” workshops for home
owners and commercial businesses to combat climate change
by reducing greenhouse gas emissions.

Check out www.saanich.ca/climate/climatechange.html to take at look at all of their environmental initiatives. Plan to attend one of their FREE up-coming workshops on energy efficiency.

October 10, 2008

TD Lowers Prime to 4.35% as Government Buys Mortgages

It's another exciting day in mortgage finance:

• The Canadian government has taken the unusual move to buy $25 billion of insured mortgages. The plan will add liquidity to the system and "make loans and mortgages more available and more affordable for ordinary Canadians," said Finance Minister Jim Flaherty. This injection equates to about 3% of Canada's $800+ billion mortgage market. Coverage: Globe, Bloomberg
• "...we anticipate that our cost of funds will decrease with the implementation of this program." - TD CEO Ed Hockey
• TD has lowered their prime rate 0.15% to 4.35% as a result. Other banks should follow, but you never know in this environment. (CNW)
• “There's still a healthy market for Government of Canada bonds, and a very unhealthy market for other debt,” -- CIBC economist Avery Shenfeld (Globe)

B of C and bank rates

October 08, 2008

TD & CIBC Only Cut Prime 1/4%

Something's about to hit the fan. The Bank of Canada dropped rates 1/2% and TD and CIBC just announced they're cutting their prime rate only 1/4%.

This is the first time in a long time that we can remember big-6 banks not following suit with a Bank of Canada rate move.

Everyone is now waiting to see what the other big banks will do. One thing is for sure. This development will definitely get lots of press.

Most people won't agree with, or understand this move, but TD and CIBC (like most lenders) are not in an easy spot here. Just because Canada's overnight lending rate has fallen, lenders' cost of funds have not fallen proportionately. Furthermore, lending spreads (revenue margins) were already tightly compressed prior to today's action. Some lenders have been forced to charge up to prime + 2% now for variable-rate mortgages.

Butterfly

Free "Green" Workshop for homeowners

HOW DO WE MAKE CLIMATE ACTION HAPPEN?

Keynote Speaker, Dr. Andrew Weaver is a Canada research chair in climate modelling and analysis at the University of Victoria. He was a lead author on the IPCC 2nd, 3rd and 4th scientific assessments. He is chief editor of the Journal of Climate and author of the newly released book Keeping our Cool: Canada in a Warming World.

Wednesday, October 15, 2008

University of Victoria Engineering

Computer Science Building, Room 125

7:00 to 8:00 Presenters

8:00 to 8:30 Workshop Registration & Refreshments

This is a FREE event sponsored by the Municipality of Saanich and the University of Victoria. No registration is required. Take public transit, cycle, carpool or a taxi to this event. Should you choose to drive, $2 evening parking fees are in effect.

Join us as we launch a series of “how-to” workshops for home owners and commercial businesses to combat climate change by reducing greenhouse gas emissions. We recognize climate change is a problem.

Energy Labeling of Private Homes

REALTORS® Call for Government Funding for Energy ‘Labeling’ of Private Homes

Victoria area REALTORS®, through the Victoria Real Estate Board, have asked the provincial government to fund energy ‘labeling’ of private homes.

Victoria Real Estate Board President, Tony Joe, told Thursday’s Langford hearings for the Legislature’s annual Select Standing Committee on Finance and Government Services on the next provincial budget, that local REALTORS® are ready to help move this idea forward. “In California, a home seller must disclose the home’s energy rating to a prospective buyer,” noted Joe. “Introduction of such a program in BC would not have to be too elaborate or costly, but it would put a new focus on the value of energy conservation,” he added.

Joe suggested such a move would be a logical step following announcement last spring of the province’s Water Plan that noted ‘British Columbia will lead a voluntary, water-efficiency labeling system for water-consuming products’. “The family home is the biggest product on the market and the biggest purchase most people make in a lifetime, so we think it’s time to begin with a local energy labeling pilot project,” said Joe. “We’re prepared to help and volunteer time, but we need the next provincial budget to provide the specified funding to make it happen,” Joe added.

Joe also told the legislative committee that the Board supports calls for changing the formula for the Property Transfer Tax from 1% on the first $200,000 of a home purchase to 1% on the first $400,000 noting this would ease the pain for home buyers from what local REALTORS® call the “worst” home buyer’s tax in Canada.

mls.ca change

As of today, October 2nd, www.mls.ca changed to www.realtor.ca.
If you have mls.ca book marked, you should be automatically redirected to realtor.ca.
Check out www.realtor.ca and discover all the great new features!