Economy Blogs · 23. June 2020
In their June 2020 Mortgage Rate Forecast, BCREA highlights include: Mortgage rates fall to record low. Canadian economy in recession, but is a recovery on the horizon? Bank of Canada hits its effective lower bound...again. In an effort to halt rising mortgage rates, the Bank of Canada (BOC) lowered its overnight lending rate to its effective lower rate of 0.25%. In addition, the BOC and CMHC purchased billions in mortgage backed securities. "The Canadian average 5-year fixed rate now sits at a...
Real Estate News · 13. June 2020
If this blog does not show well in your email, you may click on the title to view it in a browser. I use MailChimp to mail this out, they are good, but not perfect.
Real Estate News · 10. June 2020
In their June 4, 2020 release CMHC announced, effective July 1st, changes to their underwriting criteria, what buyers must meet in order to qualify for mortgage insurance. This affects buyers with less than 20% down. Mortgage qualification levels are being increase as well as credit score requirements. Please understand that I am not a mortgage professional, if you have questions please talk to your mortgage professional. To that end, I would like to thank Fernando Zilli, Tribeca Mortgages for...
Economy Blogs · 07. June 2020
In their June 5, 2020 Economics Now release BCREA (BC Real Estate Association) reported on the employment levels for Canada and BC. For Canada, employment grew by 290,000 jobs in May (1.8% over April) gaining back 10% of the jobs lost since the pandemic was declared. Plus the number of workers who had their hours decreased decreased by almost 9%. However, the unemployment rate rose by 0.7% to 13.7% since April as more people started to look for work. Compared to May 2019, Canadian employment...
Economy Blogs · 11. May 2020
Sharp increase in unemployment due to COVID-19.
Economy Blogs · 01. May 2020
In this BMO Article they examine the four different recovery curves for the economy from a recession. While the article is based mostly on economic data from the States, I believe the concepts would apply here. They also include a probability for each curve. On the one hand, I like to think that we have done a better job flattening the COVID-19 curve than they have in the States and are more likely to see a V curve (the best outcome). On the other hand, Trump can be reckless and is pushing to...
Economy Blogs · 17. March 2020
In their Market Intelligence report, BCREA (BC Real Estate Association) has developed four scenarios that examine potential outcomes on the housing market considering changes to the economy due to COVID-19 and whether or not the announced changes to the stress test are implemented. The changes to the stress test, moving the qualifying rate from the 5-year posted mortgage rate to the average 5-year fixed rate plus 200 basis points (2%), were due to take effect on April 6th, but have been...
Real Estate News · 19. February 2020
In a Release on February 18, 2020 the Mortgage Professionals of Canada (MPC) reported on a Release by the Minister of Finance regarding changes to the stress test. I will review the MPC's Release first, then add my own comments. The MPC Release reports that the Minister of Finance has announced that the benchmark qualifying rate for insured mortgages will change effective April 6, 2020. The new benchmark qualifying rate for a 5-year fixed insured mortgages "will be the weekly median 5-year...
16. June 2019
Recent court ruling provides guidance on whether or not home sellers need to disclose a murder to home buyers. They do not unless specifically asked.
Real Estate News · 30. May 2019
This is one of two blogs on this topic. This one briefly reviews the Money Laundry report issued by Peter German and the provincial government. The second will look into some of the programs designed to tackle this issue. I have to say, when listing to the press conference and reviewing the report I had two reactions. First, it filled in the holes for me as to how you could buy real estate with "dirty" money. Finally I understand, and was sadden to see lawyers' trust accounts play a significant...

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     About Gerry                                         Service and Integrity Above All

Information and Interpretation
Selling or buying real estate is a major financial endeavour with many factors to consider. While you have a wealth of information available to you on the internet, interpreting that information is another matter.

This is where I come in. Not only do I research and provide you the information you need, I take it to the next level and analyze and interpret that  information for you. I will tell you what I think, what we do is up to you.


As a client, your Realtor works for you, and this is a principle I hold dear.  I see my job as providing you with information, interpretation, services and guidance, not to push you on a course of action.

Unparalleled Service
I have a simple code, I don't sell, I service. I assume my clients are perfectly able to make their own decision once they have the information they need. I spend my time providing information, guiding people through the process, and making sure all the bases are covered, not in high pressure sales.

Over the years I have received very complementary feedback from clients. See Client Feedback.

Integrity
Integrity, simply defined, is being honest and fair. This is further enhanced by one of a Realtor's prime duties, which is not to put anyone's interest above their clients, including their own.  This a duty I take very seriously. My personal outlook after over 30 years in business, is that whenever I experience high pressure sales I start to question the integrity of the person selling me.  Are they looking after my best interest or theirs?

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Blue illustration of Gerry Chwelos, Realtor, Pemberton Holmes.

Gerry Chwelos, REALTOR®

PEMBERTON HOLMES LTD.

Tel: 250-8975465

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