Mortgage Bytes

  • Victoria’s cheapest house is $325,000, and comes complete with railway tracks in the back.  Ain’t she a beauty!
  • Do you need title insurance if you live in B.C.?  Here’s the Times Colonist’s opinion.  FYI: did you know that 10.7% of Canadians have a criminal record?
  • We’ve all heard about the subprime mess in the U.S., but there are also an abnormal number of “A” and “Alt-A” quality mortgages in foreclosure.  CNBC’s Jim Cramer says the distinction between “A” and less credit-worthy “Alt-A” mortgages is now “shot to hell.”
  • Canada’s five largest banks face “minimal” losses from their exposure to U.S. subprime loans.
  • First National’s mortgage revenue is up 42% in the last year.  They attribute their success to “increasing market share in the growing single-family residential mortgage broker channel.”
  • ActiveRain.com now offers a referral exchange for mortgage brokers.  Unfortunately, it needs a little marketing because no Canadian referrals are currently posted.
  1. I’m just blown away by the home prices in Victoria for what you get. Around here that home would probably be 79K – 89K. No wonder people are complaining, that’s just ludicrous.
    My recent home purchase was a 1152 sq. ft. 3 bedroom bungalow on 7500 sq. ft. of land. It’s on a quiet crescent, is walking distance to the major shopping district of the city, has a path to a convenience store for emergencies, and you only have to cross the street directly in front of the house (on the quiet crescent) to get to the elementary and middle school. It was 102K.
    Rumour has it that my area too will soon be seeing an increase in the prices. There are some major construction projects in the city that will bring quite a few jobs to the area and our unemployment rate is already the lowest it’s been in a very long time. I sure hope I don’t have to pay $300K in property taxes on my $102K house. Though I guess if that were the case I probably shouldn’t complain too much.

  2. Saint John, NB. I would hardly call it Paradise as Victoria is described in the article above. At least the home prices are realistic.

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