Here's
What BC Seniors Should Know
About Utilizing a Reverse Mortgage...
Real
Estate in BC at a Glance:
At
the time of writing this, we are seeing pocketed trends in
BC. Housing prices are rising in Vancouver but falling elsewhere.
Sales volume is declining slightly province-wide, but this
is said to be a reactive function of speculation. The long-term
outlook is strong, though it may take some time to re-adjust.
Note:
For more information, and for up-to-date real estate and economic
news & data, we suggest visiting CMHC's
Housing Market Info Center for new reports each
quarter.
Average
House Values in BC and the Major Cities:
|
Location
|
AVH*
2009
|
AVH
2010
|
|
BC
(province-wide)
|
$474,169
|
$493,846
|
|
Vancouver
|
$610,576
|
$670,389
|
|
Victoria
|
$502,208
|
$485,459
|
*
AVH = Average House Value
What's
the Outlook for BC Seniors?
According
to most real estate authorities, the overall BC market is
poised for long-term growth on the whole, although BC homeowners
are not yet "out of the woods" when it comes to
declining sales volume and softening prices. There are pockets
of BC that are growing while others are losing steam. For
example, housing prices in Vancouver continue to rise, while
in the Interior and on Vancouver Island real estate has dropped
a small amount.
The
overall desirability of the Province, coupled with the commercial
hub of the lower-mainland area, along with staple industries
(forestry, logging, resources) should see the real estate
market through for the long-run.
However,
some real estate authorities warn Vancouver residents in particular
that house values can't continue to rise with the current
record-low interest rates.
In
the end, borrowing against equity should be done in a sensible
fashion, and should be based on accurate long-term value -
as opposed to the current peak trend.
Currently,
the average senior in British Columbia can get up to $197,538
(40% of the avg. BC house value) in tax-free cash/income
through a reverse mortgage against existing equity.
A
word of caution...
As
the "baby-boomer" population matures into retirement
age amidst a trailing recession, there are bound to be some
desparate people looking for relief. This creates an environment
ripe for scam-artists.
British
Columbians should be aware that though there are many legitimate
retirement strategies (such as CHIP™, which is also registered
bank in Canada), unfortunately there are also scams and unscrupulous
tactics that are harmful in the long-run. We suggest consulting
the BC
Securities Commission to research a company or program
before betting your retirement on it.
Where
do I go from here?
If
you would simply like more information - or if you'd like
to discuss it further with us directly, please fill out our
quick inquiry request form at the top of the page, and we'd
be delighted to help you and answer any questions you may
have.
In
fact - if you'd like to speak to a reverse mortgage professional
who can provide you with answers and information so as to
assist you in making a decisions that's best for you, why
not call us right now?
It's
toll-free, and we'd be delighted to hear from you!
Call
Right Now:
1-877-686-4246
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