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Welcome to the NEW RE/MAX !
On August 21, RE/MAX released a full brand refresh, with new logos that are more modern and fresh - a true brand revolution!
If you haven’t had a chance to review the new branding, visit: blog.bestagent.ca/the-remax-brand-is-refreshed for the complete story - from why the brand was updated, to what resources are available to RE/MAX agents.
The brand refresh includes a new RE/MAX logo, with slightly revised colours, a new balloon logo (that is only approved for use in full colour), to new RE/MAX Collection and RE/MAX Commercial branding. All sign layouts have also been changed.
To review the full scope of changes in the brand refresh, the new BRAND IDENTITY MANUAL has been added to OFFICE TOOLS: REMAX Brand Identity Manual, as well as several versions of the updated RE/MAX Escarpment logo (in the LOGOS folder on Office Tools).
The Marketing Department will be making the change in all new projects moving forward, and updating existing marketing materials as revisions are requested. As of September 20, 2017, Affiliates may no longer create or purchase materials featuring the prior version of the branding, per RE/MAX LLC, and it is strongly recommended that the new branding be in full use on existing items by September 30, 2019.
All of the new corporate logos are also available on RE/MAX Launchpad, under the ‘Brand Refresh’ tile. You will need your @remax.net email and password to access these logos.
STAY TUNED as we work with partner organizations to offer you specials for rebranding your marketing tools, signage, cards, etc. to reinforce your association with the NEW RE/MAX Brand!
NEWSLETTERSEPTEMBER
2017
IN THIS ISSUE: The New RE/MAX Brand • The Lunch • The Coach’s Corner • Luxury in Review • Conrad’s Quote • inthesquare Partners
Our Mission: Experience our Experience
our values
Maintain a Positive Environment and a Family Spirit
Create Fun and Strive to be Diff erent
Earn Customer Loyalty and Respect Every Day
Be Adventurous, Creative andOpen to Change
Don’t take Success for Granted
Pursue Innovation, Learning and Sharing Knowledge
Delivering what we Promise and add Value Beyond what is Expected
Care about our Community and Our Environment
John Romano Nickel brook brewiNg compaNy
aWaRD oF DISTInCTIon
ConRaD zuRInI re/max escarmeNt realty iNc. BuSInESS EXCELLEnCE aWaRD
John vaCCa Norstar wiNdows
PRoFESSIonaL EXCELLEnCE aWaRD
Tony DELuCa pettiNelli mastroluisi llp oGGI younG PRoFESSIonaL aWaRD
GIaComo anGELInI deloitte CommunITy BuILDER aWaRD
anThony ChIaRELLa anD Dan GaBRIELE marZ Homes
7th ANNUAL AWARDS GALA
Canadian italian Business and Professional assoCiation of Hamilton-Halton (CiBPa HH) Presents
KEynoTE SPEaKER
aWaRD RECIPIEnTS25September
Mon
day
2017
CarmenS1520 stone CHurCH rd. e.
$120 members $140 non-members
$1200 / table (10)Vip reception 5pm
(NEW) antipasto bar - cocktails 5:15pm dinner 6:30pm
For ticket iNFo coNtact us at
MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY1
4 5 6 7 8
11 12 13 14 15
18 19 20 21 22
25 26 27 28 29
ACTIVATE YOUR REALINTRO!
DATE: Wed. Sept. 20 TIME: 9:30-12:30 LOCATION: Winterberry Office MENTOR: Virginia Paul
REGISTER BY Friday, Sept. 15
This hands-on session is designed to help you actually create content for your REALINTRO profile and get it ACTIVE so that you can start using it to capture leads from REALINTRO and REALHOODS. You must already have a REALINTRO account set up and the basic contact info input - upon registration, you will receive a list of what you need prepare in advance, so that we can help you to input articles, video, testimonials and stats and put this great tool to work for you! LAPTOP IS MANDATORY FOR THIS SESSION.
LISTING FORMS FOR BEGINNERS
DATE: Tues. Sept. 12 TIME: 10:00 – 12:00 LOCATION: Winterberry Office MENTOR: Mike Cusano
REGISTER BY Friday, Sept. 8Designed as a small group tutorial, this session is ideal for NEW AGENTS. All questions are welcomed and encouraged. Topics to be discussed include:• How to complete all Listing and related forms,
step-by-step• How to explain this paperwork to clients• Seller Direction Statement—SPIS or not to SPIS—
whose choice is it?• FINTRAC Who?• Who can and cannot access Seller’s property—
Appointment Centre benefits• Included or Excluded? Rental or Lease to Own?• Preview of the new Matrix Data Forms
SE
TRADE RECORD TRAINING: FALTOUR PAPERLESS
DATE: Tues. Sept. 19 TIME: 10:00 – 11:30 LOCATION: Winterberry MENTOR: Pat Kozak
REGISTER BY Friday, Sept. 15
Learn how simple it is to complete your trades in Faltour. Sit with Pat for 1 hour and she will take all of the mystery out of it and provide you with a paper reference book that will walk you through it step by step.
SEATING IS LIMITED! REGISTER EARLY.
ALL OFFICES & APPT CENTRE CLOSED
SEPTEMBER 2017
CONTINUING EDUCATION
TO REGISTER FOR ANY OF THESE SESSIONS, CONTACT THE WINTERBERRY OFFICE:
EXT. 2400, 905-573-1188. or [email protected]
MTG: DUNDURN 10:00 am
LISTING FORMS FOR BEGINNERS
(WINTERBERRY)
MTG: UPPER JAMES/WINTERBERRY10:30 am
MTG: QUEENSTON1:30 pm
MTG: BURLINGTON NORTH/DOWNTOWN 10:30 am
MTG: BURLINGTON SOUTH1:30 pm
MARKETING TOOLS FOR SUCCESS
(WINTERBERRY)
TRADE RECORD TRAINING(WINTERBERRY)
MTG:ANCASTER10:30 am
ACTIVATE YOUR REALINTRO
(WINTERBERRY)
THE SECRETS OF TOP PRODUCERS
(WINTERBERRY)
RE/MAX EscarpmentGOLF TOURNAMENT
Make Your OPEN HOUSES More Visible On REMAXESCARPMENT.COM
Want more exposure for your open house?
If you have a personal website with MCS:Log into MCS LOGIN, and click on Listing Management.
Pull up your listing by address or MLS number. In the search bar to the right of your name, click on the drop down and select ADD OPEN HOUSE INFO. Once you have input the info and saved it, it will appear in our Open House list and the daily What’s Cooking E-Newsletter email.
If you put an ad in SpecHomes:Your open house information will automatically be input if you have submitted an ad for the SpecHomes, Real Estate News (Buyers Guide) and the Burlington Post for the current week (including sub-brokerage open houses). You don’t need to do anything! We automatically pull all of the open houses from these publications and input them for you!
If you have an open house and you don’t have an MCS website:Send an email any time before Noon on Fridays to [email protected] with the property address in the subject line. Include the MLS number, the date and time of the open house in the body of the email. We will input the open house information to your listing before 5pm.
Open Houses on Social MediaWe have started to showcase our open houses on social media - stay tuned to the RE/MAX Escarpment Facebook and Instagram pages (@remaxescarpment) for links every Friday at 3:00 p.m. to our complete list of open houses.
LIKE & SHARE FOR MORE EXPOSURE FOR YOUR
LISTINGS!
SECRETS OF TOP PRODUCERS
DATE: Thur. Sept. 21 TIME: 10-12 LOCATION: Winterberry Office MENTOR: David Yunker
REGISTER BY Monday, Sept. 18
Have you ever wondered what top producers in our industry do every day to reach their financial success and award levels each and every year? Is there something they are doing that you aren’t? Is there a magic formula for success? What if you had more insight into how they achieve their success? To what length would you go to achieve real success? Come and get the answers to these questions, and be prepared to be motivated by a successful REALTOR who will share his success story of 25 years with you! SUCCESS LEAVES CLUES!
MARKETING TOOLS FOR SUCCESS
DATE: Tues. Sept. 26 TIME: 9:30 - 12:30 LOCATION: Winterberry Office MENTOR: Virginia Paul
REGISTER BY Friday, Sept. 22
Learn the ins and outs of marketing yourself and your listings by taking advantage of the abundance marketing tools and systems available at RE/MAX Escarpment. Learn how to drive traffic to your online portals, use analytics to help with negotiations and to meet and exceed expectations, and how to tie them all together for a comprehensive web presence that maximizes your overall exposure. It’s time to connect and leverage your online presence effectively and not just ‘spray and pray’ !
CONTINUING EDUCATION
TO REGISTER FOR ANY OF THESE SESSIONS, CONTACT THE WINTERBERRY OFFICE:
EXT. 2400, 905-573-1188 or [email protected]
NEXT OFFICE MEETINGS:Coming in November - stay tuned!
RAHB ProDev+ 2017 - Thurs. Oct. 12, 9:30 am - 4:30 pm at the Holiday Inn, Burlington. This is a full day where you and your fellow REALTOR®s can learn about hot industry topics, enjoy a boutique vendor trade show and network at the Signature+ cocktail mixer.
To register, visit:
To register, visit ww
w.blog.bestagent.ca/event/rem
ax-recharge-3
Most Luxury Real Estate professionals agree that social media is one of the most effective tools to engage with new buyers, sellers, investors, and partners. However, it can be time consuming and show little return if not done strategically. For this reason, I’ve compiled 3 quick tips for luxury real estate professionals to use to stay on track. Allocate 30 minutes of your daily schedule to social media.
QUICK TIP # 1: UNDERSTAND WHO YOU’RE TALKING TO.
An estimated 90% of high net worth (HNW) individuals are very active on social media. HNW individuals are looking into social media for investment and partnering opportunities, and LinkedIn reports that 5 Million + HNW will use social media for their final decision-making. You may want to consider engaging with this group on Linkedin, as professionals and investors tend to prefer the platform over Facebook or Twitter. Generate specific information that resonates with them, like well–researched statistics, videos, and infographics. Create great content online that speaks to an audience of people and organizations where you are likely to find a luxury consumer.
QUICK TIP # 2: UNDERSTAND WHAT ATTRACTS YOUR AUDIENCE.
Social media creates masses of information, so you need to cut through the noise by providing audience-specific content. You can use social or interest groups to provide tips for those interested in Downtown Toronto or Vancouver condo living, as an example. Search by hashtags and respond with home details or just friendly posts keeping you top of mind. The affluent buyer is value–conscious. Consider their motive to buy and answer a few questions when developing your social media strategy.
What is the worth of the services you are delivering?
Is this home fulfilling a lifestyle need this buyer has?
Social Media offers you the opportunity to build trust with those whom you may have never interacted otherwise. It has drastically altered the way we communicate and has a definite long term reward for those willing to build relationships using the tools.
QUICK TIP # 3: UNDERSTAND WHERE YOUR AUDIENCE WANTS YOU TO BE, AND BE THERE.
Contemplate whether or not casting a wide net is the best option for your listings. It may be beneficial in a specific neighbourhood to take advantage of Facebook, Twitter, Pinterest and Instagram, but others may want to feel more exclusive by using Linkedin. As a RE/MAX Escarpment Sales Representative, you have additional individual web presence with RealIntro and Realhoods that delivers tailored services that set you apart as a skilled professional.
Social media allows you to tangibly demonstrate and communicate what you do, and how you do it with like-minded people who seek information to make decisions. In this rapidly growing and changing environment if you master the art of social media to show that you care about providing excellent service and content you will go far.
Would you agree that the real estate market has certainly changed since April 2017? The frenzy is behind us, and the market has become relatively stable. Pricing has moderated, or “corrected” as our Government would say, and cooled like the temperatures. That said, the recovery has the potential to be quite impressive in the 4th quarter. Sales should rebound and the average days on market for listings should reduce to less than 40 days.
Many of us have had to make adjustments in our mindset, and activities, and the way that we speak with prospects and clients. Some of us are experiencing a market that we have never seen before and are somewhat perplexed as to how to proceed.
Over the late spring and summer months RE/MAX Escarpment has offered courses on “Words that Sell”, “Strategies to Structure your Work and Life Balance”, and in September will be sharing the “Secrets of Top Producers”. If you attended these sessions, you should have a solid grasp on your next steps in the coming months.
It is my belief that in order to make the most out of the upcoming market opportunities, we must change the way that we approach and speak with prospects and clients. We now must educate them regarding the market that we are experiencing today as opposed to the frenzied market that is behind us. Simple facts such as pricing, days on market, offer conditions and clauses, deposits, negotiating, closing times and expectations, open houses, etc.
We must know the statistics in our market areas and be able to communicate them to prospects and clients. The buying public will become more particular
and critical when they are seeing homes. Our expertise, skills, and knowledge will become very important and expected.
We must become well versed in how to handle situations which involve Buyers not closing on the closing date, Buyers demanding major price adjustments after home inspections, Buyers assigning their purchase to other Buyers, etc. These are situations that arise primarily as a result of price moderations that we have seen in the past 4 months or so. If you are a Listing Agent, you are in a position to either save the deal or lose it. Counselling your Seller Clients becomes crucial. Legal advice in most cases is suggested after the deal becomes firm.
So for an awesome 4th quarter and for a productive 2018, prepare yourself for some of the items mentioned above. Hone your skills. Attend the courses that our Brokerage offers monthly. Get Coaching assistance and/or reach out to your Managers to discuss this changing market that we find ourselves in.
Here’s to a successful remainder of this year and to 2018.
Cheers,
David
David YunkerBroker/Manager/
Career Coach
The
Tips on using SOCIAL MEDIA forLUXURY MARKETING
LUXURY IN REVIEW
LYNN HOFFMANNBroker/ManagerWealth Services & Luxury Affiliates
For those of you not familiar with what Inman is, it is an online news source for the real estate industry founded in 1996 by none other than Brad Inman. In mid-August I attended the annual conference called Inman Connect in San Francisco, so I thought I would share some of the key points that I came away with.
Some themes that resonated with me throughout the conference, nothing earth shattering but very poignant for the industry.
Empower the agent and elevate the consumer experienceStop being vanilla.
ONLINE LEAD GENERATION
• For best results respond in 30 seconds or less.• Do a video text response.• If you are going to email your response make sure you have a catchy
subject line, 35% of email recipients decide whether or not to open an email based on subject line alone. Try subject lines like ‘You are missing out’, and ‘Money can buy happiness’, or, ‘The surprising facts about real estate in 2017’.
KNOW YOUR CONVERSION RATE
If you don’t have a handle on your conversion rate you won’t be able to measure success. Try to improve, and use different versions of Facebook ads, response emails or texts to find out what is getting you a better response rate.
Remember at some point this is a telephone job but don’t prematurely pick up the phone. Engage the consumer in their preferred method of communication to get their trust before you penetrate with a phone call. Romance them first! However, when you get them on the phone ask the difficult questions upfront, it will save you time down the road.
And remember, script towards the fact that they have already spoken to at least one agent in the last 30 days. Provide them with something they did not know, or change up the conversation to engage them and do not, I repeat do not ask, ‘Are you thinking of selling, or do you know someone thinking of selling….’
HOW MANY TIMES SHOULD YOU TOUCH A LEAD?
• 10 to 12 contacts before they convert• No one forced the client to register, or
reach out to you, it is up to you to dig deeper (peel the onion – way over used expression). Why did you click?
• Don’t fall into the trap of…‘do you want to buy a house? No? Next!’
ON SYSTEMATIZING YOUR BUSINESS
• Start using project management tools like Asana.com, Trello.com, and Slack.com
• Remember do what you do best, and outsource what you don’t do well.
ON CONTENT CREATION
Start creating micro content (Canva.com, Wordswag.com - online tools for adding text to images). Bite sized pieces which are great to repurpose on all your social media. For example, do a microblog of 140 characters so you can repurpose it on Twitter. Make sure this content is stackable, so you can bring it all together to paint the complete picture for your audience. Instagram Stories is perfect for this!
ON VIDEO CONTENT
Can’t bring yourself to do video, or are you stuck on what video you should do? It’s easier than you think. Just start creating video that allows the consumer to feel and understand what it is like to work with you. It’s that simple. Buyers and sellers, like all human beings, are afraid to commit to the unknown. Pulling back the curtain and being real will strike a chord with your consumers. Think of an open house where consumers use the open house to get to know you. With video you can now let people into the way you operate. The best compliment from a consumer is when they say, “I watch you all the time”, or “You are everywhere!”
THE MULTILAYERED APPROACH TO CONTENT
Content is just one piece of the puzzle. You must create a promotional plan and a marketing plan to put that valuable content in the hands of your future and current clientele. Remember it’s not just ‘spray and pray’.
Don’t forget to create landing pages around your posts and content. By driving your customers to a landing page you begin the relationship journey which inevitably will lead to another closed sale and an extremely informed client for life.
ON MOTIVATION
Ask yourself, “What would you do if you weren’t afraid?” Maybe we should ask this every day - do you think it would help you be more successful? There are over 1.1 million REALTORS® in North America, and many of these are the embodiment of insanity. Let’s collectively decide to change the course of our industry and ask this question every day. One of the wealthiest/successful people on earth has this poster on his office wall (and we can assume he reads it almost every day).
Can you guess who it is?
INMAN INSIGHTSMark Zuckerberg - founder of Facebook
I have had the pleasure of knowing Sandy as a REALTOR®, and in her prior life.
When I was looking for a home in Burlington I stumbled across her stunning
home on Smith Avenue when she had it for sale. I remember making a last
minute appointment, and her being so gracious letting me go through on a
Sunday night. For the last 18 months, Sandy has been the reigning queen of
my street. My little court has 17 homes on it and Sandy’s sign has appeared on
3 of them, followed quickly by 3 sold stickers. That’s working a neighbourhood!
So when Matthew Adeh picked her as the next ‘The Lunch’, I was curious to ask
Sandy questions that I have never had the opportunity to before.
We went to one of my favorite food/cocktail
establishments, the Martini House, and we had
a great meal. What made it more special was
that we were served by the owner’s son, Richard.
The poached pear salad…a staple at TMH, was
our choice. Sandy had it with chicken and I had
it with salmon.
Having lunch with Sandy is like getting together
with that friend you haven’t seen in a long time,
and you are able to quickly get knee deep in
conversation, like you just saw each other the
week before.
Sandy and her work ethic
Sandy got a lot of her work ethic from her dad, William, who owned the
Shamrock on Plains Road in Burlington. He was a devoted father, businessman
and Shriner. He never missed a Shriner event and often took Sandy along with
him. His motto was, “There is no such thing as down time - pick up a cloth and
find something to do.’ Sandy became a nurse by putting herself through school,
by getting a student loan, and worked to pay it off on weekends and holidays.
She started her nursing career at Sick Kids General where she developed the
uncanny skill of multi-tasking and recognizing personality traits, which has
formed the cornerstone of her abilities as REALTOR®.
Sandy, what’s the smallest change you have made in your career that had the largest positive result?
“Moving to RE/MAX Escarpment…I love my new space, my clients love the
convenience of it, and more importantly, we didn’t miss a beat. I love the family-like
comaraderie and culture of RE/MAX Escarpment”
What advice do you have for REALTOR®s starting out today?
“Join my team!!!”, says the ultimate marketer. “Seriously, aside from joining my
team, realize the opportunities our industry gives us, and remember that you get
back what you put in. Stop blaming and start doing!”
AND…”don’t be afraid to take the fall. Be honest when you make a mistake. People
will appreciate your honesty and integrity when you own it.”
What is something no one tells you about being a real estate agent?
“One thing I realized early in my career is that the most successful people in our
business are extremely collaborative and work together with you to get the deals
done. So why aren’t all realtors about working together to get things done?”
Why do you love what you do?
“Because I love where I do it. Burlington is such a
boutique community with so much to offer! The
people here are so tried and true. They grow up here,
they raise their families here and they retire here.”
Proud accomplishments
“My first listing was on the Burlington waterfront,
which I was so fortunate to double end. That gave
me a real boost!
Received a gift from clients who lost out in
competition when I had the other buyer as well. They realized the effort and advice
I gave them to make sure they had a level playing field, and after they gave me the
gift, asked me to offer the winning buyer $100,000.00 to walk away.
Sold a 7 million dollar home.
Working with my daughter. There is nothing I am more proud of than when I see my
daughter Ala in action with her clients.”
Secret to success
“Doing open houses!!! It’s my opportunity to get firsthand knowledge of what
consumers are thinking. I’m able to take the temperature of the market in real time,
and that’s important to my sellers and my buyers.”
She rewards herself after open houses with a regularly scheduled family dinner
on Sunday night with her 95 year old mother. Her supportive husband, Randy
works the barbeque, and they take in the beautiful surroundings of their newly
built and landscaped home.
If you found 10 dollars in the pocket of an old pair of jeans what would you do with it?
“Put it back in the pair of jeans and give them to amity.”
DID YOU KNOW? Over 50% of Canadians taking part in home sharing, are completely unaware that their insurance doesn’t cover losses that could occur. Dalton Timmis specializes in homes being rented out in a home rental network such as Flipkey, or Airbnb, and Homeaway.
Coverage is available through Dalton Timmis to cover:
• Loss or damage to both building and contents, even intentional or criminal acts by a guest.
• Loss of rental income after a claim
• Liability arising out of short-term rental
• Loss to a guests property up to $1500
There are few markets available for the home-sharing individual so be sure to steer clients in the right direction.
partners fyi
QUEENSTON
Nikki Iovio905-560-8614
DUNDURN
John Wilkinson905.379.2820
ANCASTERJennifer Adair289.887.0291
Jennifer Grindatto905-462-4862
BURLINGTON NORTH & SOUTH
Call your inthesquare RBC Royal Bank mortgage specialist today for details:
35 Stone Church RoadAncaster, ON L9K 1S5
T 905.521.3000F 905.577.1023
101 Queen Street SouthMississauga, ON L5M 1K7
T 905.826.3215F 905.890.0100
4125 Upper Middle Road, Burlington, ON L7M 4X5
T 905.681.2721F 905.681.8694
6715-8th Street NE, Suite 140, Calgary, AB T2E 7H7
Tel: 403.241.2288 • Toll-free: 1.866.472.0721 Fax: 403.241.5912
1.800.263.5173 • www.mhcinsurance.ca
Mainway Hunter Creighton Insurance Inc.
Samantha Hamilton1100 Walkers Line, Suite 600, Burlington, ONp: 905-335-7458 [email protected]
HOME-SHARING INSURANCE
WINTERBERRY
Elbron Barzegar647-466-5889
WINTERBERRY
Amy DiRenzo289-527-4188
UPPER JAMES,
Katie Morrison905.515.1173
RBC has some amazing Fall Offers for:
• Clients looking to transfer mortgage to RBC• First Time Home Buyers• Parents referring their children to RBC for home financing**Ask your local Mortgage Specialist for details
Did you know?Down payment gifts from parents have doubled since 2000 and over 20% of First Time Homebuyers are receiving help from parents!
The Lawyers and Staff of the Escarpment Law Group are very happy to make some exciting announcements. Firstly, we wish to congratulate Alanna Stephen on becoming a partner of the Law Firm. Doug DePaulo has stepped back as a partner but will continue to be an associate lawyer of the Law Firm. Effective September 1st, 2017, the Escarpment Law Group will be operated by the partnership of Aldo Berlingieri Law Professional Corporation and Alanna C. Stephen Law Professional Corporation. We hope you will join us in congratulating Alanna on reaching this significant milestone in her career.
We are also happy to announce that we are taking active steps to establish a 5th Escarpment Law Office location at the New RE/MAX Escarpment office in Ancaster.
Finally, we are very pleased to have added Joanne McDonald as new full time clerk to our growing staff. Joanne will be working at our Queenston location and we hope you drop in to say hello if you have a chance.
These exciting changes are reflective of our growing firm as well as our commitment to provide our clients and their agents with the most convenient and effective legal services possible. Thank you for your continued support!
Hamilton Mountain: 1595 Upper James StreetHamilton, ON L9B 0H7Tel: 905 667 2990Fax: 905 667 2991
Stoney Creek: 860 Queenston RoadStoney Creek, ON L8G 4A8Tel: 905 963 7312Fax: 905 963 7328
North Burlington: 2180 Itabashi Way, Unit 4ABurlington, ON L7M 5A5Tel: 905 319 0369Fax: 905 319 8390
Hamilton Downtown: 154 Main Street EastHamilton, ON L8N 1G9Tel: 905 681 6998Fax: 905 635 6886
ALDO BERLINGIERI Law Professional [email protected]
DOUGLAS J. DEPAULO Professional [email protected]
ALANNA C. STEPHEN B.A., LLB., [email protected]
AMEY HANNA B.A.(Hons), [email protected]
www.escarpmentlaw.comescarpmentlaw
Preston SchmidtAgent # M08003906
Jason LongeAgent #M15001698
Miles Kulik MBABroker #M08003254
[email protected]/mileskulik
I have over 20 years experience in the home financing industry and have worked on all sides of the corporate fence, including brokering, owning and also managing brokerage companies. These years of experience have taught me numerous things, but most importantly that “it takes a lifetime to gain someone’s trust, but only a moment to lose it”.
Finding the best mortgage for your needs is a guarantee, but it is only the beginning. Who is going to be in your corner to provide independent advice after the deal closes? Don’t accept a 1-800 number as your only solution to ‘getting’ answers. Its time to work with a professional that is committed to being there when you need someone most. We offer competitive mortgage solutions for self employed, first time homebuyers, investors, and truly enjoy a challenge. I am looking forward to the opportunity to earn the trust of the City of Burlington and the Real Estate Professionals of RE/MAX Escarpment.
Miles Kulik
www.mhcmortgages.ca
905-639-9999
MBA • Broker #M08003254
FSCO Lic. No. 11932
Email [email protected]/mileskulik
Jim CookAgent #M08001302
FSCO #11932
partners fyi
NORELLE L. DI GREGORIO B.A.(Hons), [email protected]
PROPOSED RULE CHANGES MAY CLOSE THE BANK OF MOM & DADThe Government is currently considering a further change to the mortgage industry. Lenders will be required to add 200 basis points to the contract rate when qualifying a mortgage. This rule is currently in place for Canadians with less than 20% down, but the new rule will be extended to all levels of downpayment. We saw a large increase in Mom and Dad involvement with the first change, through downpayment assistance and co-signing. The new change will make their assistance null and void and will place a good percentage of 1st time Canadians on the sideline.
Excerpt Below Shared by BuzzBuzz Home
A former MP and popular finance blogger is warning a federal watchdog’s proposed changes to the mortgage qualification process could have a dire impact on housing markets across Canada.
Garth Turner, whose Greater Fool blog has ruffled more than a few feathers, suggests a move to “stress test” all uninsured mortgages, rather than just insured mortgages with downpayments of less than 20%, will curb demand considerably.
“It’s been seven years since we’ve had consistently rising interest rates and we’ve never had this kind of stress test before,” Turner tells BuzzBuzzNews.
“I just can’t in honesty tell people, that ‘Oh, you know, go to Cambridge or Montreal or Halifax or Edmonton for a bargain property because I think properties are going to be feeling a downward tug,” he continues.
Last month, the Office of the Superintendent of Financial Institutions published a draft of its reworked Guide B-20 — Residential Mortgage Underwriting Practices and Procedures, which included the broader stress test proposal.
By stress testing all mortgages, Turner suggests a large chunk of the prospective-homebuyer population will be pushed to the sidelines as they will no longer be able to finance their purchase, thus reducing demand and, ultimately, leading to outright price declines.
It’s a regulatory change that Turner is convinced will take place before the end of the year.
“We all have the same mortgage rates coast to coast, we all have the same mortgage approval regulations coast to coast, so these are universal changes that are going to affect every buyer in Canada,” Turner says.
Currently, a homebuyer can go to an alternative or sub-prime lender or even the Bank of Mom and Dad to borrow money to boost their downpayment to 20% or more, avoiding any stress test. But the new regulations would close this loophole.
“Credit is going to be drying up somewhere between 17 and 20% simply because of the stress test alone, and that’s a pretty significant number of people to take out of the market,” he adds.
“The only workaround is going to be the people who get mortgages from non-bank lenders,” says Turner, citing pro-vincially mandated credit unions as an example.
