The Axfords's Blog by The Axfords

Realtors® Must Ask For ID Now

The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities. It was created as part of a Canadian government initiative to fight money laundering and terrorist financing, both domestically and internationally. Businesses and industries who must report to FINTRAC are required to know their clients and asking for ID is one way to do that.

Can I see some ID please?
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires financial institutions and others covered by the legislation to identify customers who conduct financial transactions such as: depositing funds, purchasing a life insurance policy or buying a money order.
The Act also requires them to keep records and identify their clients.
Why do I have to show ID now when I've been a customer here all my life?(read more)

Market Analysis July 2008

The REBGV reports that Greater Vancouver prices have drawn back, the last two months, from the record highs experienced in early 2008. Since May 2008 housing prices have declined. Detached properties in the GVA declined 2.1% since the end of May 2008 from $568,411 to $556,605 in July. We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008. Residential property sales in GVA declined 43.9% in July to 2,174 from the 3,873 sales recorded a year prior. The decline is equal to June 2008 versus June 2007. New listings for detached, attached and condo properties increased 24% to 6,104 in July compared to a year ago, when 4,924 new units were listed. Sales of detached properties declined 44.2% to 827 from 1,483 units compared to the same period in 2007 and down from 1,203 from May 2008. The benchmark price rose 5.4% ..(read more)

Old House, New House? Which One Is Right For You?

Maybe it has something to do with a childhood home we fondly remember. Many of us long for old homes built with solid construction, quality craftsmanship and beautiful details. We wax poetic and wistfully recall the hand carvings, plaster walls and eyebrow dormers of homes we’ve known. How do the old homes we admire compare with newly minted models? Location. Typically, old homes sit on generous plots of land in or near town. Mature trees and plantings provide shade and beautify the property and neighborhood streets. New homes are generally found in developments outside town. Homeowners who have bought into an early phase in a development can expect to contend with dust and construction sights and sounds as the remaining phases are being built. Landscaping may be skimpy or nonexistent. Layout. Old homes were not built with our electronics-crazed families in mind. Entertaining was more formal in times past. Architects now design homes for informal living. The many cozy rooms, ..(read more)

A Good Time To Buy?

The real estate industry is bracing for a surge in home purchases, betting buyers will rush to get ahead of tighter federal government standards for the mortgage industry. The Finance Department will stop guaranteeing 40-year and zero-down-payment mortgage loans starting Oct. 15. That has set off speculation that a surge of buyers, particularly those in pricier regions who have little money saved, could try to push into the market before the new rules take effect. “Anybody who doesn't have 5-per-cent down likely will be trying to get into the market,” said Gary Siegle, regional leader at mortgage broker Invis Inc.'s Calgary office. In markets where prices have soared, such as Calgary and Toronto, first-time buyers need the longer amortization to bring monthly payments down to a point they can afford, he added. Home buying activity is expected to rise sharply leading up to the Oct. 15 deadline, then taper off again when mortgages become more difficult to obtain, said ..(read more)

Six Questions A Buyer Should Ask Before Making An Offer

When you are buying a home, there are many problems that the seller is obligated to disclose. But, these disclosures don’t always paint the entire picture of the home. Here are six questions you may want to ask that can offer additional insight about the prospective home before you make a final decision. 1) Why is the seller selling the house? This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly. 2) How much did the seller pay for the home? This question can, in some instances, help the buyer negotiate a better deal—maybe even get the seller to carry part of the loan. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the ..(read more)

Investing In Real Estate

Turn on any financial news program and at some point you'll hear the experts extolling the virtues of diversification. Real estate has long been considered a conservative, long-term strategy to growing wealth. While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.
Learn all you can. Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment's notice. It could take days or months to sell a property, depending on the strength of the market in a particular region.

Consider cash flow. You'll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants.

Start small. Look into buying a single family home or a duplex. ..(read more)

Is a Fixer-Upper Worth It?

The idea of buying a rundown home, fixing it up, and reselling it for a profit, is thought of by many as a lucrative means to making extra money. But is this really feasible? The reality is that many fixer-uppers are in such disrepair that it will cost more to do all the necessary repairs and improvements than it would to buy a home in move-in condition. This does not mean, however, that it is never a good idea to buy a fixer-upper. There are people who make a fortune moving from house to house, fixing up each house, and then moving on to the next. So, if you are serious about buying a sound fixer-upper, read on. When searching for fixer-uppers, look in neighborhoods with resale potential. Ask your real estate professional for a current market analysis of the neighborhood. Check out how long other homes were on the market in the area. See what the average homes and the most desirable homes in the area sell for. This will you give you an idea on how good a bargain the home is. In ..(read more)

Retirement Living That Fits Your Needs

For many, retirement is a time when people shift priorities and put their own needs first. One of the most important choices they need to make is where to live in retirement. Choosing the right community and home is an important and challenging decision. Ask yourself, do you want to: Remain in the home you occupied before retirement? Remain close to your present community, but move to a different home? Move to another county or state, or to a different climate? Move into your present vacation property? Where to Live
If you lean toward moving to another region, start reviewing options based on general climate, seasonal changes, lifestyle, and proximity to family and friends. Many people choose to live where they play. If finances allow it, some may consider the owning two or more homes so they can change their address along with the seasons. This is one of the reasons why second home sales have increased dramatically over the past few years. ..(read more)

Snapshot of Tri-Cities Market

Median selling price in March 2008 for a single family home was $674,000 up from $582,500 in March 2007. An attached home(townhome) median selling price in March 2008 was $449,500 down from $455,000 in March 2007. Apartment/Condo median selling price was $271,000 in March 2008 up from $248,000 in March 2007.
Total number of homes selling is down and yet overall selling prices are up.

Port Moody's New Recreation Complex

Port Moody has now opened it's new recreation complex right next to the city hall. Go on down to check out what's new, including: weight room, aerobics, spinning classes, running track, child care center, or go to: http://www.cityofportmoody.com/NR/exeres/F14FC3B7-49D2-45A3-82E2-D29B3D2E89B2.htm

Got Unwanted Pests?

Ant Control: Spread some ground cinnamon where you think the ants are coming in to the house.

Basil repels flies and mosquitoes. To deter ants, use catnip. Sprinkle it in their paths.

Make a mixture of 2/3 cup water, 1/3 cup white vinegar, and 2-3 Tablespoons dish soap. Spray where the ants are marching. Natural Mosquito Repellents: Splashing plain rubbing alcohol on yourself and allowing it to dry will deter mosquitoes from biting you.

Rub Vick's Vaporub® on your pants and legs to ward off ticks.

..(read more)

Highrise Proposal Draws Concerns

'Enough is enough' message from public meeting Leneen Robb, Coquitlam NOW A proposal to redevelop the Heritage Mountain shopping village in Port Moody is attracting intense interest -- even though it's at such an early stage in the approval process that council hasn't formally discussed it yet. Key Choi owns the site, considered the last undeveloped parcel in NewPort Village. It's located next to the NewPort Village Market Square shopping complex on Ioco Road at Ungless Way, and contains an IGA grocery store. Choi has applied to the city for an official community plan amendment and rezoning to allow for the construction of two highrise towers and amenities ranging from retail and office space to a daycare and pocket park. He's also hired Romses Architects to design the proposed development and, as part of the approval process, the firm held an open house last Thursday. Of those who attended, 224 signed in and 160 filled out feedback forms. Scott Romses said he knew the ..(read more)

Flooring Materials and Floor Coverings Buying Guide

As recently as the '70s, wall-to-wall carpeting was a standard selection for homeowners who were purchasing new homes or new flooring. Linoleum was quite popular in the kitchen, and bathrooms were often covered with inexpensive vinyl tiles. These are still available, of course. In fact, linoleum has been rediscovered in recent years as an attractive, low-maintenance option, and vinyl tiles have exploded in colors that, when creatively arranged, can add a light, whimsical touch to a room. But nowadays, hardwood flooring, and ceramic and stone tile, are more often the preferred flooring materials. Many flooring materials
It used to be that granite and marble surfaces were found only in office-building lobbies and banks. By the same token, rougher, more rustic stone materials were seen only in vacation cabins ..(read more)

Troubleshooting and Repairing Roof and Siding Leaks

Most roof and siding leaks are hard to find because they originate away from where they show up. In order to find the source of a leak, follow a roofer's advice and "think like water." Water typically comes in through worn, broken, or missing shingles; where nails have worked loose; or through corroded or poorly sealed flashings around vents, skylights, chimneys, and along the intersections of roof planes. Once water passes the roofing, it flows along the sheathing, roof rafters, or topside of ceilings until it finds a place to drip down--inevitably onto your favorite piece of furniture.
Look for a roof leak during the day. Go into the attic with a bright, portable light; step only on secure framing members--never on the insulation or topside of the ceiling below--this won't support you! Start ..(read more)

Hear About Coquitlam's Economic Future

Coquitlam-Reshaping Our Economic Future Share New Ideas- Be Part of the Solution Join Dr. Roslyn Kunin, Economist and Andrew Ramlo, Urban Futures Institute for an evening of shared learning about the trends, opportunities and challenges facing Coquitlam's economy. Bring your expertise and ideas. The City of Coquitlam is launching a new Intergrated Economic Development Strategy Initiative and they need your input. March 11, 2008 7-9 PM Council Chambers at Coquitlam City Hall 3000 Guildford Way RSVP 604-927-3406