So Many Things Happening Right Now…
One might think, incorrectly, that during a time when the economy has slowed down and sales numbers for real estate are lower than they’ve been in 3 or so years that there would be less happening in the real estate world. I’ve mentioned before that as I am a full time Realtor and this blog is not the main focus of my business (my clients are) I sometimes have trouble choosing which topics to write about. This is very much one of those weeks. To cover all the interesting events that are happening in Nanaimo’s real estate world, even in brief, I’d have to do an Ozzie Jurock style newsletter. My target audience is different than his so I don’t really think it’s a route this blog should take.
“Having said that…” was a favourite phrase used by a history Professor I used to hang out with. This fits the moment. So… having said that, I’m going to touch on a variety of events that are going on of late and rather than my usual comments accompanied by an article or writing an article myself, I’ll provide links to articles for further reading.
Now, where to start… hmm….
I know! Downtown.
Maffeo Sutton Park is Getting a Facelift!
In case you haven’t noticed, our fabulous waterfront park downtown is getting some work done. Although I wasn’t overly pleased to see how many trees and other green they uprooted before starting the work, I look forward to seeing the work finished. This park and walkway that highlights the waterfront in the downtown area is one of my favourite features of Nanaimo.
I have to say “uh oh” to the reduced parking space though. We could certainly use a new parkade or two in the downtown area.
It does however seem quite a promising addition to the already healthy project of a revitalized downtown.
New Hotel Construction Downtown Continues to Be Debated
After a series of deadlines not met, and delays due to financial concern (maybe woes is a better word?) the new hotel that is supposed to attach itself to the successful and rather large conference centre is still in limbo. I don’t imagine the other hotels downtown are crying too much though, I hear they’re rather busy lately.
It certainly sounds like it’s a no go with the company in question but no one has come out and simply said it. There is also talk of other companies who would want to build a hotel yet, so we’ll see. My feeling is that like so many things it’s just a matter of time and, oh yeah… that money stuff. 🙂 The question is, how much of each of those two things will it take to pull this together?
Cable Bay: The Controversial Project Continues to Grow
You may have read my posts about the rather large Cable Bay development of a large golf resort and housing development which was in the media so much last summer. I noticed that at one point it seemed to fall off the radar so to speak. For some reason I haven’t heard much about it in a long time but it’s back in the media again and not only is it still kicking, but it’s poised to grow further. In the following articles that chronicle the events of the past week or so you can read the details of what the development is planned to be like at this point in time. If you don’t want to do all the reading, and you don’t already know, the expansion from 170 hectares to 191 hectares was approved by city council.
and last but not least….
Low Interest Rates Continue To Entice Buyers and Cause Envy Among Those With Mortgages:
If you’ve been paying attention to the financial side of the real estate world of late, you’ll have heard a lot about two things:
a) Canadian Banks are awesome
b) Interest rates for mortgages are really low right now.
For buyers, it’s an exciting time to buy when not only everything is ‘on sale’ but also available with interest rates that make it easier to afford a more expensive home with a considerably lower payment for the privilege.
Local Mortgage Broker, Greg Nowik of Universal Mortgage Architects, has just sent out a sheet advertising their best rates that included the following paragraph:
When the grass looks greener…
Many Canadians are currently experiencing a little bit of “mortgage envy”. With fixed term rates at historic lows, and edging lower, many are wondering if it is worth-while to break out of their new mortgage, and break in a new one. The huge question at hand can often be the amount of the penalty, were you to break out of your current mortgage. Recently, many lenders have been exercising their right to charge a penalty based on the greater of three months’ interest or the interest rate differential (the difference between your old rate and current rates), as per their fine print mortgage clause. In order to determine the approximate penalty, you need to know your existing rate, time remaining on your term, the current rate for the remaining term, and a rather confusing calculation. Worth noting is that lenders can calculate the IRD differently, so you should always get the actual penalty from your lender. When breaking your mortgage, most lenders will include the cost of the payout penalty, as well as any additional costs, into your mortgage, so you don’t have to pay out of pocket, as long as you qualify on the new amount. It’s confusing. We know this, which is why we are here to help. Take advantage of our team of experienced mortgage planners, for your no fee, no obligation, realistic mortgage assessment. Call the Greg Nowik Team today to find out if the grass really is greener.
Wow! All that and I didn’t even give anyone tips on buying, selling, or maintaining their home or even talk about market statistics. There’s enough here for a month’s worth of posts, but as they’re all current events I felt it was necessary to put them all up at once.