As your real estate consultant in Greater Vancouver, my mission is to make you and your family happy and satisfied with your real estate needs.

Like a good business partner, I will work hard to accomplish the purchase and/or sale of your property, while always maintaining professionalism and loyalty to you, even sometimes advising against a purchase or sale.

Like a good friend, I will stand by you every step of the process, giving you the personal attention you deserve and need.

My Japanese-style detailed care and service will not disappoint you; after all, the purchase or sale of your property is one of the most important decisions you will make.

Sincerely yours,

Debbie Matsuura
Your Friend, Your Dream Maker, Your Realtor

Sutton-Centre Realty, Burnaby, British Columbia

New Mortgage Rules in Effect

The new changes to the mortgage rules in Canada are now in place, below is a summary of the details.

QUALIFYING RATE

The biggest change that will affect borrowers, is those with a down payment of less than 20% who want a variable rate mortgage or a fixed rate with a 1 to 4 year term. Yesterday, one could qualify for the same mortgage at a rate of 3.85% and today, the qualifying rate is 5.85%. That means your income needs to be roughly 25% higher to qualify going forward.

This requirement is only if you have a down payment or equity of less than 20% but some banks are applying this to all mortgages. If you want a fixed term of 5 years or more, then this will not impact your qualification.

REFINANCES

If you are refinancing your mortgage, you can now take up to 90% of the equity in your home.

SECOND HOMES

Going forward, if you are buying a second home (not rental property, but intend to have you or an immediate family member live in it) then it will be limited to one unit.

INVESTMENT/RENTAL PROPERTIES

You now need 20% down to purchase this type of property. If you do not have a down payment of 20% or more, there are still options available but at higher rates with an uninsured lender. Contact me for further details with this.

RENTAL INCOME

If you are using rental income from a basement suite or a rental property to qualify for the mortgage, 50% of the rental income can be added to your income. This may work in favour of some borrowers as taxes and heat no longer need to be included in the expense side of the application.

HST UPDATE

The HST is effective on July 1, 2010.
The HST is a combination of the 7% Provincial Sales Tax (PST) with the 5% federal Goods and Services Tax (GST) for a single sales tax rate of 12%.
Do you think you understand how it works for Real Estate?
I have a clear explanation written in simple words. To request a copy, please e-mail to info@debbiematsuura.com.

Property Transfer Tax

Have you ever been confused by BC Government information about the Property Transfer Tax (PTT)? If you answered yer, you're not alone.
To help home buyers understand the tax and how to calculate their payment, the Ministry of Finance now provides plain language documents on all aspects of the PTT, from explaining what the tax is to calculating an exemption and filing a PTT return.

For more information visit: www.sbr.gov.bc.ca/individuals/property_taxes/Property_transfer_tax/ptt.htm

First Time Home Buyer ?

First Time Home Buyer? Don't worry, Debbie will assist you step by step. Market is hot and getting hotter everyday. Don't delay to start looking for your place with Debbie. Your will receive free "First Time Buyer Information Package" at initial consultation which will provide you information you should know before you start looking for your first home.

Call 604-970-4477 or e-mail Debbie today to make an appointment to start your first easy step.

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