Selena September 2021 Newsletter

Andrew Barrett

3 years ago

Selena News September 2021 Edition

ISSUE: 147

Autumn

I really love the beautiful Autumn colours and Edmonton is amazing. Just one cool night and next day half the trees have already turned yellow turning the city into a picturesque landscape. It’s a truly wonderful time of the year with the harvest moon, moon cake festival, abundant fresh produce at the farmers markets and it will be Thanksgiving Day before we know it, so make time to reflect on the first three quarters of the year so your fourth quarter turns out as planned. As September heralds back to school does that free up some of your time to complete a project. (or start a new one)

CHIP Reverse Mortgage

Recently I was helping a senior couple to buy a home. Being seniors they are on fixed income and renting was not an option for them however deducting mortgage & condo fee each month plus property tax and insurance means there would be very little money left to cover things like food, grand-children’s birthday parties and xmas gifts etc. Glad I have a great mortgage broker who helped them and managed to get them a CHIP reverse mortgage. They just had to come up with the down payment, then they can live in this lovely home without paying mortgage. Consider if they were rent similar home for $1000 per month for the next 20 years (assume rent never increase), they will end paying $240,000 on rent with nothing to show for it. Now they can find a home for less than $200,000, only paying $40,000 down payment, and living in this home for rest of their lives. It’s not suitable for all buyers so I invited my mortgage broker Douglas Lim to write an article about CHIP Reverse Mortgage. Feel free to contact him if you would like more information.

Douglas Lim

Like many retired Canadians, you may want to reap the rewards of years of hard work by buying a cottage or vacation property to enjoy regular getaways. The CHIP Reverse Mortgage can help make this a reality. The CHIP Reverse Mortgage can allow you to access up to 55% of the value of your primary home in tax-free cash, which you can use to make the down payment on your cottage. Depending on how much equity you have built up in your home and how much your home is worth, you may be able to use this money to pay for a sizeable portion of the property in one go – maybe even purchasing the entire place outright. The CHIP Reverse Mortgage has some key advantages compared to other avenues you might have explored. Some may be considering cashing in on investments, however this can trigger taxes and OAS clawback, as well as damaging the portfolio and affecting future investment income. Another option could be to take out a HELOC, however this isn’t ideal either. Unlike the CHIP Reverse Mortgage, a HELOC must be serviced monthly, which can eat into your income and cause undue stress. In addition, more and more retirees are being turned down for a HELOC as banks are less inclined to lend to those without a fixed income. The CHIP Reverse Mortgage is created with over 55s in mind, with an approval process that doesn’t discriminate against retirees. The CHIP Reverse Mortgage can be an easy way to help you purchase a cottage or vacation property and enjoy the retirement you’ve worked so hard for.

Douglas Lim, AMP
Broker Owner
Mortgage Alliance Lending Advisors
doug@ajslending.com
780.405.4375

Latest Sales Data

Every Month the Edmonton Real Estate Board gathers the latest sales figures sorted by property type, price ranges, listed and Sold. Click the above link to download a copy.

Market Update

The sales figures for September will be out in just a few days so we are looking forward to seeing them to confirm if our predictions are correct. We have noticed that regardless of the pandemic forcing many businesses to close and thereby increasing retail spaces for lease, there have been quite a few new retail projects under construction in Edmonton. Even housing starts have increased by 4% in Edmonton. Not as much as some cities but given the performance of our market over the last half dozen years, this is welcome news.

Get Lost

The Edmonton Corn Maze (should we just call it E-Maize for short?) has been around for a long time so it is a well known destination for locals as a fun way to spend an afternoon getting lost. The maze is just one part of several activities provided as they cater to families of all ages. Fionna enjoyed leading the way as she followed the clues to find her way through the maze but for some reason when it was daddy’s turn to lead, we kept on going in circles.

Disclaimer: Not intended to solicit buyers or properties under contract.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Service®, and the associated logos are controlled by
The Canadian Real Estate Association (CREA) and identify real estate professionals
who are members of CREA or identify the quality of
services provided by Real Estate professionals who are members of CREA
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