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Hear Hot Property with Ozzie Jurock every Saturday morning between 8:30-10 am on CKNW AM980
Tip of the Week:
11/10/07
1. Anecdotally:
... we hear of a number of American owners selling at Whistler and in Coal Harbour. Some of them are repatriating handsome profits. Whistler raising lift tickets to $83 will kill off any American that is already seeing a 20% increase through loss of currency value. Expect fewer Americans schussing with you at Whistler.
2. CMHC Offers Insurance On Rental Properties
While most lenders are becoming more cautious in lending for residential investment real estate, CMHC is making it easier to get insurance on small rental properties.
CMHC will now provide coverage on loans of up to 100% loan-to-value ratios, with no lender appraisal required.
The insurance will even cover interest-only loans, extended amortizations, and according to a CMHC spokesperson, will consider rental income to qualify a borrower.
The premiums are fairly steep: up to 7.25% on 100% financing and 4.75% on loans of 90% of value. Still, without the insurance, it may not be possible for some investors to get financing.
3. Kimberley
The Bavarian-themed town in the Kootenays, is seeing a major influx of cash this year with more than $200 million in new real estate projects underway.
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