19 Feb

Property Transfer Tax Exemption threshold now is $475,000

General

Posted by: Steven Brouwer

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

The government estimates this measure will cost $8 million in lost tax revenue each year.

13 Dec

Communtication Tips

General

Posted by: Steven Brouwer

We have uploaded three new holiday card Autopilot templates for you to send out to your database!

 

English Files:

Happy Holidays – 2013/14

Happy New Year – 2013/14

Merry Christmas – 2013/14

 

French Files:

Bonne Annee – 2013/14

Joyeuses Fêtes – 2013/14

Joyeux Noël – 2013/14

13 Dec

Indusrty News

General

Posted by: Steven Brouwer

It’s easy to get caught in the posted mortgage rate trap at the big banks.

 

No, you won’t have to pay the posted rate on your next mortgage. Pretty much nobody does that any more, according to mortgage broker Robert McLister. The real danger is that posted rates will be used to calculate the penalty if you ever have to break your mortgage, probably costing you thousands of extra dollars.

 

A mortgage penalty compensates a lender for the interest payments it loses out on when you break a mortgage contract. “That’s the intention,” said McLister, who is also editor of CanadianMortgageTrends.com. “But in many cases, it overcompensates. It’s punitive in many cases.”

 

As we head into another round of quarterly bank earnings reports, it’s worth thinking for a moment about how those wonderful profits and dividends for investors are generated. One way is by using posted instead of lower discounted rates when calculating how much to penalize a client breaking a mortgage.

22 Nov

Communication Tips

General

Posted by: Steven Brouwer

Do you use the Autopilot Scripts we’ve created for you to help stay in touch with your database?
 
The newest script, which just went live today, is called: Are You Considering a Renovation? The template talks about our historically-low rates and the advantage of using home equity to help make home improvements this fall/winter.
 
If you do a “save as” with any of these scripts, you can also customize the information to coincide with a specific event. For instance, with the new renovation template, you can easily add in a line that asks them to contact you if they’d like to free up some home equity to help with the upcoming holiday season for gift-buying and entertaining as well.
 
A very popular script right now is the one promoting the current Free DLC Hockey Pool called: 2014 Hockey Pool! If you haven’t sent this out to your entire database yet, we highly encourage you to do so. Registration is open for the full NHL Regular Season – with weekly points and random draw prizes! This is an excellent way for you to remain top-of-mind with your database without talking directly about mortgages!
 
22 Nov

Head Office Updates

General

Posted by: Steven Brouwer

Back by popular demand are one-day Dominion Universities for Mortgage Agents & Brokers this spring across the country!
 
Registration will open shortly. Stay tuned for a communication from DLC Head Office. In the meantime, mark the date in your calendar for the DLC University closest to you:
  • Victoria – February 11th
  • Vancouver – February 13th
  • London – March 18th
  • Ottawa – March 20th
  • Toronto – March 24th
  • Edmonton – May 13th
  • Calgary – May 15th
  • Halifax – June 4th
  • Montreal – TBD
Dominion Lending Centres E-Store gift cards are up for grabs for those who upload DLC branded Christmas tree pics to ourDominion Lending Centres Canada Facebook Page by January 1st! Examples are also available on our Facebook Page. Looking forward to seeing the creativity!
 
15 Nov

Communications Tips

General

Posted by: Steven Brouwer

Do you use an email tagline to encourage referrals? If not, you’re missing out on an opportunity to invite satisfied customers to forward your contact details to their family, friends and acquaintances. It’s important to remember that if you’re not asking for referrals your clients may not be passing on your details to people they know who are also in the market for a mortgage or refinance.
 
Some referral tagline examples include: 1) Referrals are the backbone of my business. Please refer your co-workers, family, friends and neighbours, and I will provide them with the same high level of service you have come to expect; 2) A referral is a big responsibility… it’s also the biggest compliment a client can give me and it’s never taken lightly. I pledge to treat everyone that is referred to me with the utmost level of respect and professionalism; 3) The referral of your family and friends is the greatest compliment you can give me; or 4) All referrals from family and friends are greatly appreciated.
 
15 Nov

Insurer News

General

Posted by: Steven Brouwer

CMHC is hosting a free Avoiding Mortgage Fraud – Tips & Trends webinar on Thursday, November 28th at 11am-12pm PT, 2pm-3pm ET.
 
 
Select “Enter as Guest”. Type your full name and click on the “Enter Room” button.
 
To join the audio portion of the sessions – Dial-in Number: 1-877-413-4785; Participant Code: 9326527.
 
15 Nov

Leander News

General

Posted by: Steven Brouwer

Congratulations to the final 2013 winners of MCAP’s iPad Mini giveaways (for October): Donna MacDonald, DLC Metro City Mortgages, for commitments; and Scott Travelbea, DLC Travelbea & Associates, for funding!
 
In celebration of 25 years in business, First National wants to send you to the Cayman Islands – as part of its first broker appreciation trip!
 
There are two ways to win: be one of the 17 highest total volume producers; or through eight random draws.
 
In addition, First National is holding random monthly draws throughout the remainder of the year where one lucky winner will earn $2,500! Every funded mortgage earns a ballot for the monthly draw.
 
Click here for full details on these great contests or speak to your account manager.
 
Cove Mortgage is offering DLC BC brokers a special promo between October 1st and December 15th, 2013, whereby DLC BC brokers are eligible to win one of the following prize options:  
 
The winner can choose:
1.     Doren Aldana – Business Coach for Brokers to help improve your marketing skills as a broker ($750 value, www.superstarmortgagebroker.com/public/department59.cfm).
2.     The New iPhone 5S – the latest and greatest technology to stay in touch ($750 value).
3.     Take the $750 in cash.
To be eligible you must close a file with Cove Mortgage during the designated time period. The winning broker will be chosen randomly from a list of DLC BC brokers who have closed a deal with Cove during the noted time period. 
 
To submit a file: Filogix (under private lenders Cove Mortgage); or email cove_mortgage@telus.net.
 
For more details, contact: Christine Perkins, AMP BDM for the Mainland of BC, 778-988-8940,
christine@covemortgage.com; or Ross Elliot, Agent to Cove for brokers on Vancouver Island, 250-480-9566, ross@covemortgage.com.
 
15 Nov

Baby Boomers

General

Posted by: Steven Brouwer

The millennials (known also as the children of baby boomers born between 1972-1992) and the post Second World War baby boomers (born 1946-1965) are making the greatest impact on the real estate industry today.
 
“Both the boomers and the millennials want move-in ready homes,” says Century 21 Real Estate Canada President Don Lawby. His company, in conjunction with Rona, recently conducted a national homebuyers’ preference survey that looked at the generations’ purchasing preferences and regional differences.
 
“Time is very important to people… they want to spend time doing what they want to do and not the things they have to do,” says Lawby. The survey also showed that 37% of millennials planned to move within two years.
 
“The message that it sends sellers is that if you’re thinking of selling or putting your home on the market and something needs to be done, do it before you put it on the market,” Lawby says, adding it may be something as basic as painting a room. Digital images of the home showing its curb appeal are becoming more important, says Lawby.  Sellers should be aware of how the home looks when presented digitally.
15 Nov

Insurance Premiums

General

Posted by: Steven Brouwer

In his 13 years as an insurance broker Bryan Yetman has regularly witnessed the havoc credit scores wreak on consumers. No case, however, unsettled the Past President of the Insurance Brokers Association of Ontario (IBAO) more than that of a woman diagnosed with breast cancer while in the midst of a divorce a few years ago. The client needed a double mastectomy, which required time off work. She missed some bill payments due to the upheaval and her credit score plummeted. Her home insurance provider responded by doubling her premiums.
 
Yetman thinks this is outrageous. “Because you were late on a bill payment or you lost your job, is your house more likely to burn down?”
 
Inflated insurance premiums are just the tip of the iceberg when it comes to the ever-expanding use of credit scores for reasons for which they were never designed.
 
“We have a situation where the credit score is now being needed for everything,” says Toronto paralegal Dan Barnabic, who represents clients in credit disputes. In the past, your credit score was intended solely to determine whether you could qualify for loans or credit cards, and at what interest rates and what limits. But now they’re checked when you get a cellphone plan, rent an apartment or even apply for a job.