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Maybe it is a coincidence or maybe it is a larger trend. I am finding that more people do not get a separation agreement after a marriage (or co-habitation) breaks up. In many cases this can prevent the clients from getting an "A" mortgage, or a best-rate mortgage

Like most things I talk about, the consequence of not having a separation agreement depends upon the circumstances.

Anybody who is recently separated should use all legal means necessary to get a legal separation agreement. I have a few would-be clients who are having a tough time getting their ex-spouse to sign. A mortgage application is stalled until that issue is resolved (a private mortgage loan is likely possible).

The reason that a separation agreement is important is that no lender wants to approve a mortgage and then find there are financial surprises afterward. The borrower may be subject to a different division of assets than originally reported or may be subject to monthly payments to the ex-spouse.

I have handled cases where the couple have been long separated (20 years or so) and don't have a separation agreement. We were able to work past that. However, if the separation is recent, then it is critical that the borrower get an agreement.


Thanks Christina for the great advice!


Christina Horvath, MSc
Mortgage Planner
Verico Paragon Mortgages Inc.
604-317-3680
www.mformortgage.ca

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Please visit our Open House at 3676 INVERNESS ST in Port Coquitlam.
Open House on Sunday, September 23, 2018 2:00PM - 4:00PM
This is a MUST SEE home in the desirable Lincoln Park Area. A large 8,174 sqft lot in a great neighbourhood close to Sun Valley Park, shopping and schools. Beautifully landscaped private fenced lane access yard with mature fruit bearing apple tree, raspberry and blueberry plants as well as a lovely tranquil fish pond. Option to build a laneway home! Many updates! New Roof aug 2018, new windows sept 2018, Fresh paint, updated bathroom in basement. New Duradek 480 sqft sun deck installed in Sept 2017 with a 10 year warranty. Hot water tank replaced in 2015. Two Storage sheds plus garage under deck. Tons of natural light!! One bedroom suite for mortgage helper. This home has so much to offer!! Open house CANCELLED
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New property listed at 407 608 COMO LAKE AVE in Coquitlam.
Top Floor Penthouse level suite with 10 foot ceilings on the quiet side of the building!! Recently updated with Brand New Flooring, Whirlpool Appliances, Paint, Light Fixtures and Blinds. This Open floor plan coupled with high ceilings gives you a great modern space to call home! Steps to all amenities, Skytrain, Safeway, shopping, SFU and Lougheed. 1 parking and one locker accompany the suite. Open House Sat 22nd & Sun 23rd 2-4pm or call Jessica 778-241-8946
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Home buyer demand stays below historical averages in August

The Metro Vancouver1 housing market continues to experience reduced demand across all housing types.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.

Last month’s sales were 25.2 per cent below the 10-year August sales average.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).

The sales-to-active listings ratio for August 2018 is 16.3 per cent. By housing type, the ratio is 9.2 per cent for detached homes, 19.4 per cent for townhomes, and 26.6 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.

The MLS® Home Price Index2 composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1 per cent increase over August 2017 and a 1.9 per cent decrease since May 2018.

Sales of detached properties in August 2018 reached 567, a 37.1 per cent decrease from the 901 detached sales recorded in August 2017. The benchmark price for detached properties is $1,561,000. This represents a 3.1 per cent decrease from August 2017 and a 2.8 per cent decrease since May 2018.

Sales of apartment properties reached 1,025 in August 2018, 36.5 per cent decrease compared to the 1,613 sales in August 2017. The benchmark price of an apartment property is $695,500. This represents a 10.3 per cent increase from August 2017 and a 1.6 per cent decrease since May 2018.

Attached property sales in August 2018 totalled 337, a 36.3 per cent decrease compared to the 529 sales in August 2017. The benchmark price of an attached unit is $846,100. This represents a 7.9 per cent increase from August 2017 and a 0.8 per cent decrease since May 2018.      

*Editor’s Notes:

1. Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

2. A national operations team conducts an annual review of the MLS® HPI model. This review was recently completed, which resulted in some revisions to the model in August 2018. Specifically, neighbourhoods where home sales over the past three years totalled 12 or less have been removed from the model due to a lack of consistent sample size. Neighbourhoods where sales have increased to 20 or more over the past three years have been added. Historical MLS® HPI data has been recalculated to reflect these changes.

The benchmark property descriptions for what constitutes a “typical” home in a given area have also been updated to reflect changes to current buying trends.

MLS® HPI benchmark prices represent the value of a “typical” property within a market. The HPI model creates a composite description for every neighbourhood and property type based on MLS® sales data for that specific area. What people typically purchase can change over time due to changes in affordability and buyer preferences. Therefore, it’s necessary for these descriptions to be occasionally updated.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

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New property listed at 3676 INVERNESS ST in Port Coquitlam.
This is a MUST SEE home in the desirable Lincoln Park Area. A large 8,174 sqft lot in a great neighbourhood close to Sun Valley Park, shopping and schools. Beautifully landscaped private fenced lane access yard with mature fruit bearing apple tree, raspberry and blueberry plants as well as a lovely tranquil fish pond. Option to build a laneway home! Many updates! Fresh paint, updated bathroom in basement. New Duradek 480 sqft sun deck installed in Sept 2017 with a 10 year warranty. Hot water tank replaced in 2015. Two Storage sheds plus garage under deck. Tons of natural light!! One bedroom suite for mortgage helper. This home has so much to offer!!
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Please visit our Open House at 3676 INVERNESS ST in Port Coquitlam.
Open House on Sunday, September 9, 2018 2:00PM - 4:00PM
This is a MUST SEE home in the desirable Lincoln Park Area. A large 8,174 sqft lot in a great neighbourhood close to Sun Valley Park, shopping and schools. Beautifully landscaped private fenced lane access yard with mature fruit bearing apple tree, raspberry and blueberry plants as well as a lovely tranquil fish pond. Option to build a laneway home! Many updates! Fresh paint, updated bathroom in basement. New Duradek 480 sqft sun deck installed in Sept 2017 with a 10 year warranty. Hot water tank replaced in 2015. Two Storage sheds plus garage under deck. Tons of natural light!! One bedroom suite for mortgage helper. This home has so much to offer!!
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Please visit our Open House at 320 301 MAUDE RD in Port Moody.
Open House on Saturday, September 1, 2018 1:00PM - 3:00PM
Rentals allowed! Great location in central Port Moody with 2 parking spots & storage locker! This secure ground level 2 bedroom home is perfect for first time home buyers & investors. Spacious kitchen opens up to the living room with cozy gas fireplace. Enjoy secure very large private ground level patio, brand new steel appliances, new upgraded flooring, new designer paint, new baseboards, new door casings and new blinds. Worry free building has been rain-screened! Across from Port Moody Rec Center and only minutes from Coquitlam Centre, walk to West Coast Express & new Evergreen Line Skytrain. Walking distance to Rocky Point Park, trails, restaurants & the new brewery district!! Open House Sat. Sept 1st (updated) 1 - 3:00pm and Sun. Sept. 2nd 2-4:00pm
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.