Did you miss the RRSP Deadline? Pay Down Your Mortgage Instead.

Making an extra payment on your mortgage is money in the hand, says Don Pittis. It's a safe, tax-free investment with a guaranteed rate of return. (iStock)

Did you miss the RRSP deadline?

That might not be a bad thing.

Pay Down Your Mortgage Instead.

In a volatile market, a mortgage is a safe investment with a guaranteed rate of return

Gosh, what an awful time to have to invest in an RRSP. Not that I'm saying don't do it. Just commiserating.

But on the bright side, that means there is finally something really good about being burdened by a mortgage. And it doesn't matter whether house prices keep rising slowly, shoot up in a bubble or if the bubble pops and they move in the other direction.

Let me explain.

Rule No. 1 of investing in RRSPs is "Don't lose your money." Essentially, there are two ways to win from an RRSP. The first is a straight bet that you will one day be poorer than you are now. The other is a tax break on your sheltered earnings.

 

 

The RRSP advantage

The first advantage of an RRSP reminds you of the old life insurance joke: "You bet you are going to die. The insurance company bets you are going to live. And you hope they win."

In the RRSP case, you hope you will get richer and richer as you get older but are betting that you won't. You are betting that, with a lower income in retirement, you will pay less tax on your sheltered savings when you pull them out of your RRSP account than you saved on your taxes when you put the money in.

The second major advantage of a tax-sheltered savings plan like an RRSP is that compound interest and capital gains can accumulate tax-free between now and retirement. If the investment shrinks, all you are doing is sheltering your losses. And in a tax-savings vehicle, that's crazy, because you don't pay taxes on losses.

The trouble is, right now, "Don't lose your money" is not such an easy rule to follow. Not with any certainty.

 

 

Safe vs. risky choices

In general, there are two kinds of RRSP investments. Safe investments that pay low interest and risky investments that may fall in value. Currently, neither is a sure thing. The safest investments — like GICs and the best-quality bonds — pay very low interest rates. That means safe investors suffer from the "real rate gap."

Real rates are not something we talk about a lot because during times of moderate inflation, they don't really affect our daily lives. Especially for working stiffs. You earn money, then you spend it. And in general, while prices rise over time, incomes rise at about the same rate.

But when you are tucking away cash with the plan of spending it 20 years from now, suddenly, everything changes. Real rates really matter.

 

Losing money while you save

The real rate means the difference between what your money will buy now and what it will buy a year from now. To find out whether you are winning or losing on your investment, you calculate how much you earned in dollar terms and then subtract the rate of inflation.

Right now, short-term GICs are paying well below the annual rate of inflation. Longer-term GICs pay a little more, but if interest rates rise, you will likely be stuck well below the rate of inflation over the investment's term. The final result? Safe investments are losing you money.

So, what about putting your money in stocks? Odds are, in the very long term, they are going to go up. But clever people are warning that stock returns are not going to be good over the next decade.

"You may keep up with inflation, but not much more," wrote John Coumarianos in a recent commentary for the Wall Street Journal's MarketWatch website.

Worry-free investment

If you have a mortgage, rather than choosing between a pittance and a nerve-wracking risk, you have a third choice. You can make an absolutely safe, tax-free investment with a guaranteed rate of return by paying off your mortgage.

Elsewhere in this special series on retirement planning, there is a warning about relying too much on real estate to fund your retirement, and that is a perfectly valid piece of advice.

Certainly, it is best to buy a house that you can afford. And, of course, it is always possible to sell your house and buy something smaller, using the difference to pay down your mortgage. But if you already have a mortgage, there is only one way out: you have to pay that money.

Also, the money you owe on your mortgage does not change with the value of your property. Whether the value of your house doubles or falls by half, the money you owe on your mortgage will always be with you. In most parts of Canada, even if house prices tumbled enough that selling your house would not cover the cost of your remaining mortgage debt, you would still owe the balance.

All this means that if you have a big mortgage, at RRSP time, that makes you a very lucky person.

The profits of paying it off

All the banks have mortgage calculators.

Every mortgage is different, and you can use the calculator to find out your own rate of return, but here is one example:

If you add a one-time extra payment of $5,000 during the first year of a $200,000, 25-year mortgage with a four per cent interest rate, it shortens the length of your mortgage payments by an entire year. In other words, a $5,000 pay-down in the mortgage earns more than $12,600 in tax-free cash that the mortgage holder would otherwise have to pay.

In the current economic climate, homeowners with a mortgage are the lucky ones, says Pittis, because they can delay the difficult decision of where to invest their hard-earned retirement nest egg. (Bruce Reeve/CBC)

If you have a four per cent mortgage, it means you are effectively getting a safe and reliable four per cent on your money — and potentially more if rates rise, which they are likely to do since, as these historical charts show, mortgage rates are already hovering around a 40-year low.

    

I say this pay-down "earns" — rather than "saves" — you money, because unlike what you "save" by buying a dress or suit jacket on sale, this is real money in your pocket. For every year you reduce your mortgage, it is like being (in the case above) $12,600 richer, and since you are not used to having it, you can pour that cash into a tax-free account.

The down side? Paying down your mortgage is only a temporary solution. Paying extra cash on a mortgage every year makes it disappear fast. The more you pay, the sooner you will have to make the difficult decision about where to invest your hard-earned retirement nest egg. RRSP or TFSA? Safe investments or stock?

But for now at least, if you have a big mortgage, you are one of the lucky ones.

By Don Pittis, CBC News

Posted: Jan 4, 2013 5:13 PM ET

 

3 Home Buying Clauses to Be Careful With

 

No matter how much you want that home, don’t drop these three important buying conditions.



 Homeownership has always been touted as the sure way to financial security.


No matter how anxious you are to own your own home, don’t rush the transaction. If you’re feeling pressured to make an immediate offer but haven’t taken the time to become familiar with the local market, you won’t know if you’re getting good value for your money. Worse, you may be tempted to do something not so smart in your emotional desire to "win” a bidding war. Take a breath.

 One of the conditions that’s quickly excised is the "financing condition.” Hey, you got a pre-approval, right? You don’t need that conditional on financing clause, right? Wrong! No matter how much you want that home, no matter how sure you are that everything will be fine, don’t do it.

Pre-approvals come with the proviso that they are financing approvals in principal only; they can be revoked by the lender if they are perceived to be a bad decision—if your circumstances change, or if the house appraisal is lower than the purchase price. And that’s why the "conditional on financing” clause is important.


Another clause you should always include is the "conditional on sale of existing home clause,” which eliminates the likelihood that you’ll end up desperate to find a buyer for your home because you’re having to carry two mortgages since your old haunt hasn’t sold yet. If you have to carry two mortgages for three or four months, you’ll be motivated to accept less than your house may be worth.

And don’t skip the "conditional on inspection” clause or you might end up with a house that’s falling down around your ears. Don’t let desperation to buy that house overcome your good sense. Ignoring the potential problems inspections are designed to ferret out can be horribly expensive.

Buying a home is a complex process. Don’t rush into it and don’t rush through it. You’ll likely have to live with your decision for a long, long time. Talk to some friends and family who have bought recently and try to get a feel for the process. Pay attention to the details. And ask lots of questions. The more you know, the better a homebuyer you’ll be.




From Gail Vaz-Oxlade

kroemermortgages.com

RRSP Deadline is March 1 2013

 

www.kroemermortgages.com

 

 

Top Tips for making the most of your retirement savings

 Everyone loves to save tax.  RRSP season is the perfect time to ensure you’re doing just that.
According to Stats Canada, Canadians collectively had $671,000,000,000* of unused RRSP contribution in 2011.
That’s about $30,000 for every working Canadian. Invested today, $30,000 could turn into $60,000** in 10 years time.
I don’t know about you, but that seems to me to be a fairly good incentive to consider what to save this year.
So if you’d like to do more saving for your retirement and, at the same time, save tax consider these three options.  Also for first time home buyers you can borrow from your RRSP- Tax Free - for your downpayment.
1. Make it a bill.

To turn your retirement savings into a bill you might want to consider a RRSP catch-up loan.

A RRSP loan can be an excellent way to take advantage of unused contribution room, generate tax-savings and jump-start your retirement savings.

Setting up a loan is straightforward.  Once you have the loan for the RRSP after 90 days you may be able to use the RRSP for your downpayment, even though you are still paying for that RRSP.

2. Get in the habit.

If you’re not ready to take the leap into a RRSP catch-up loan, consistent savings is where it is at.

In fact, the key to your long-term financial success and wealth is your ability to save. Consistent savings is also a great way to build for the future using the benefits of compounding and dollar cost averaging.

You can start small so you build the habit and set up annual automatic increases. It’s one less thing you have to think about and it removes the possibility that you simply won’t get around to it.

3. Dump in a lump.

Finally, did you receive a year-end bonus? If you haven’t already spent it, why not think about making a lump-sum contribution to your RRSP. You’ll create a tax refund for yourself that you can use later in the year.

Whichever way you save don’t miss the deadline
The deadline for contributing to your RRSP for the 2012 tax filing year is Friday, 1 March 2013.
The maximum RRSP contribution limit for 2012 is $22,970 (or 18% of your 2011 earned income) less, of course, any pension adjustment.
You can determine if you have additional RRSP contribution room by checking your last year’s Income Tax Notice of Assessment or by phoning the Tax Information Phone Service at 1-800-267-6999.
It’s not how you start, it’s how you finish
Whatever your retirement dream looks like, you can make it a reality by planning ahead and following a savings plan that is right for you.
www.kroemermortgages,com

RRSP's For A Down Payment-- Really?

 

 

If you are a first time home buyer you can borrow from yourself using your RRSP for your downpayment.  Every year you pay 1/15th  back and it goes right back in your RRSP without tax penalties.

 

Up to a maximum of $25000.00 for each partner.

 

If you have always worked and never bought RRSP's, you have a  lifetime of RRSP that you can borrow to buy RRSP's to catch up. 

 

 If you do not repay the amount due for a year, it will have to be included in your income for that year.

 

Additional reading  http://www.cra-arc.gc.ca/E/pub/tg/rc4135/README.html

 

Call or email me for specific information regarding your circumstances.

250-650-4182

akroemer@mortgagegroup.com

 

www.KROEMERmortgages.com

 

I am paid by the Lender.

Mom, Dad I Need a Cosigner for My Mortgage

Cosigner

A third party to a loan who provides a guarantee that a loan will be repaid. The guarantee by the cosigner reduces the risk that the lender will lose the money he/she has distributed to the borrower. The cosigner signs an agreement with the lender stating that if the borrower fails to repay the loan, the cosigner will assume legal liability for it. A cosigner may be an institution, but is often a relative or friend of the borrower, especially for personal loans. Persons with little or poor credit history sometimes cannot receive a loan without a cosigner.  A cosigner must list the promissory note as a liability on financial statements.

Now that the Canadian government has tightened up the mortgage rules, some parents are being asked to co-sign  a mortgage for their children.

Why Use a Co-Signer

1. Credit score not where it should be
2. a blemish on the credit report
3. Too much debt
4. No credit score
5. Not at job long enough
6. Messy divorce or separation


The Cons of Being a Co-Signer

Often, an adult child will ask the parent to co-sign, as a speedy way of getting a mortgage for a house and some parents have been told they will just be the mortgage for 1 year.  The facts are the lender does not have to release the co-signer at any time.  You may be on that mortgage for the whole 5 year term or whichever term you picked.  The reasoning is that the lender wants a sure thing, no risk when the co-signer with a proven credit track record is on the mortgage, there is less of a risk.

When you co-sign, it is as if you have to make that payment every month.  This means if the parent wants to take out a new mortgage for themselves, they may not be able to because of debt servicing.  Even though they have never made a payment for their child.  The lender must make sure there is enough money for both payments in case things go bad.

To get your name off as co signer, you may have to terminate the mortgage and have the child get a new mortgage in their name.  There are penalties for terminating the mortgage , is your child prepared to pay the penalty? If not, the parent may have to pay the  penalty to get their name off of the mortgage.

Nothing breaks down a family relationship faster than money.  The old saying never lend money to family- may come into play if something goes wrong. 

The Pros of Being a Co-Signer

There may be  pros to being a co-signer it just depends on what happens in the life of your family.  The  happy feeling of being able to help your children can turn 360 degrees in to being the worst decision of your life.  As there are no guarantees in life and what will happen, you have to decide that you can make those payments for the term of the mortgage no matter what happens.

If you plan on co-signing just for 2 years, only take out a 2 year term. That gives your child 2 years to get their credit score high enough to take on the mortgage by themselves.

It is nice to think about helping your children and your children will appreciate it, but make sure you look after yourself first.

True Story About Co-Signing

Many years ago, my father co-signed for a car loan for me. I had been married and had no credit score to my name.
At the dealership my father told the loans person that the loan was to be put into my name, as I was the one needing the credit rating,  The loans person agreed.
We signed the papers. I drove away with my nice new to me car.
Fours years later when I had finished paying off the car, my father received a nice letter from the dealership, thanking him for the business and paying the loan off in a speedy manner.
I checked my credit report and the loan had never been in my name.

So, the moral to this story is, if you think co-signing will help raise your child's credit score, it probably won't.  Their name may be placed in 2nd line and may not show up on their credit report at all.

Gardening: Plants in glass are post-holidays rage

 

As we look to add some warmth and colour in our homes after the bright and cheery Christmas season, there is a new trend sweeping the world with a different style of décor.

Glass containers – balls, baubles, vases and hangers – filled with easy-to-care-for indoor plants are all the rage.

They’re called aeriums, and they are filled with plants like tillandsias, succulents and other fun and carefree tropicals.

Aeriums need some indirect window light to ensure quality growth, but that’s about it.

All you truly have to do is mist tillandsias and air plants with warm water once a day, or for succulents, simply check to see if the media in which they are growing is somewhat moist.

In a glass environment, resilient tropicals just need a bit of misting or a moisture check once a week.

It’s really that simple.

I love the fact they are equally at home on a window sill, coffee table, desk or any convenient place in your home or office.

They can also hang in windows, from the ceiling or from decorative light fixtures.

The old terrarium look has been taken over by larger clear glass vases and bowls containing a single specimen plant displayed with artistic flair. All that’s needed is a bit of well-drained soil and some horticultural charcoal on the bottom and for a finishing touch a covering of moss, a creeping evergreen fern or colourful stones in the colours of your home décor.

For a very ‘in’ look, heart-shaped anthuriums with their beautiful foliage and vibrant blossoms can have the soil carefully washed off revealing colourful white and pink roots, and they can look beautiful for months sitting in a clear glass vase of water.

Peace Lilies (spathiphyllum) don’t perform quite as well, but they too look great displayed this way.

Hardy water plants, like water rushes (Jucus effusus) do very well in household situations. Both the straight and curly forms can expose their attractive white roots in a clear glass container of water.

This whole new trend of introducing beautiful plants in glass containers is catching on, not only because they are unique but also because the care they require is minimal.

Folks who previously had difficulty looking after plants can now relax and enjoy.

Almost all of these aeriums are self contained, fit into spots where traditional plants can’t and are tidy and clean. They are a lot of fun, and many garden stores now carry them for you to try.

Empty clear glass containers are also available if you’re feeling particularly creative to plant your own.

Aeriums are a nice and easy way to add warmth and life into your winter home.

Brian Minter owns Minter Gardens near Chlliwack.

 

How To Make A Baby = Awesome

How To Make A Baby = Awesome

Posted on Jan 15, 2013 in Other News

Canadian photographer Patrice Laroche surely will have no trouble explaining to his kids about the birds and the bees.
During his wife Sandra Denis’ pregnancy, the artist created hilarious explanatory photo series titled “How to Make a Baby”.
The creative couple planned and carried out their project throughout the whole period of 9 months, taking pictures in the exact same settings as Sandra’s belly expanded.
The pregnancy saga of Sandra and Patrice basically denounces all the traditional cabbage and thestork stories.
.

30 Wasteful Ways The Government Spent Your Money

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For taxpayers concerned with out-of-control government spending, 2012 started on a bright enough note. Last January, the Department of National Defence announced it wanted to buy 20,000 custom-printed stress balls for its staff. Once Defence Minister Peter MacKay caught wind of the plan, he quickly cancelled the contract, calling it an “unnecessary expense of taxpayer money.” Noble words, but it was a brief reprieve. As Maclean’s found once again when researching this project, whether it was Ottawa, the provinces, municipalities or the organizations they oversee, governments couldn’t help themselves when it came to doling out cash. What follows is but a fraction of the foolish, wasteful and blatantly stupid ways governments found to spend taxpayers’ money. To uncover this year’s 99 items we pored over press releases and auditor generals’ reports, sifted through proactive disclosure statements and delved into media databases across the country, ferreting out examples of spending that occurred in 2012 or came to light last year. There will be those who take issue with some items on this list, arguing, for instance, that funding rock concerts boosts the economy. But the reality is that at every level of government, we’re in far worse fiscal shape than we were even a year ago, despite all the talk of cutbacks and austerity. And as this list makes clear, those who control the public purse have yet to really change their ways.
Luxury hotels, hemp body cream and subsidized hip-hop concerts: our second annual list of waste shows spending by all levels of government is still out of control. Find 33 of those stupid things below. And check us out tomorrow to see 33 more stupid things your government did with your money.

Sports & Leisure — when blowing money is the name of the game

1 Bad slice: The City of Abbotsford, B.C. handed a $115,000 “one-time grant” to a struggling municipal golf course, claiming its problems stem, in part, from poor weather. In a report, city staff said “good weather” was among the things “being worked on” to turn it around.
2 Sore loser: Former Regina mayor Pat Fiacco expensed more than $4,000 worth of tickets to sporting events, including $1,055 for Montreal Alouettes season’s tickets, nearly 3,000 km away. The tickets were the result of a bet Fiacco made with former Montreal mayor Gérald Tremblay that the Saskatchewan Roughriders would beat the Alouettes in the 2010 Grey Cup. The Riders lost—and so did Regina taxpayers.
3 Cheap seats: Sam Katz, mayor of Winnipeg, is a big fan of the Blue Bombers, but apparently not enough to pay for tickets out of his own pocket. The mayor billed taxpayers $2,033 for a pair of season’s tickets, even though critics pointed out that other politicians, like Premier Greg Selinger, paid for their own sporting tickets.
4 Losing bet: Vancouver Canucks goalie Roberto Luongo clearly knows when to hold ’em and fold ’em. The B.C. Lottery Corp. paid him $160,000 last year for an endorsement deal that included a $10,000 entry fee into the World Series of Poker event in Las Vegas—pocket change for a man with a decade left on a $64-million hockey contract.

5 Le’go the money: Ontario’s Municipal Property Assessment Corp. spent $170,000 on a one-day team-building event that included an exercise playing with Lego.

6 Out of bounds: The City of Whitehorse coughed up $1.3 million for Mount Sima, a struggling nearby ski hill. The money was diverted from the city’s infrastructure fund, which had been topped up by the federal government. That was on top of $1.6 million the city gave the hill a year earlier for a ski lift.

7 Meanwhile: Ottawa shovelled $1.5 million into 10 Quebec snowmobile clubs for snow grooming

8 the feds pumped $13,000 into a Tsawwassen lawn bowling club in Delta, B.C., to create “jobs, growth and long-term economic prosperity”

9 the City of Ottawa spent $48,000 on a “deluxe” three-sided bike cage for city employees

10 Saanich, B.C., faces an $818,000 deficit on the city-owned Cedar Hill golf course

11 Kitchener, Ont., transferred $1 million into a “golf stabilization reserve fund” to prop up two money-losing golf courses

Other folks’ money — corporate handouts and subsidies for all

12Korpporät welfår: Ikea is a Swedish retailing behemoth rolling in kronor, but when it came to opening its first store in Winnipeg, that didn’t stop the city and province from offering a combined $22 million in subsidies. Did we mention Ikea’s annual sales of $30 billion are roughly three times what Manitoba brings in each year from all forms of taxes, fees and transfers?
13 Paper chase: In December 2011, Nova Scotia’s provincial government handed $24 million to the owner of the Bowater Mersey paper mill in return for a swath of company land in the hopes of staving off its closure. By June the mill had gone out of business.

14 Something fishy: For more than a decade, Supreme Sturgeon and Caviar of New Brunswick raked in some $3 million in grants and loans from the federal government before falling into receivership in 2010. Resurrected by new owners as Breviro Caviar, it’s now back in the subsidy business, winning $200,000 from Ottawa in marketing funds and $50,000 to “hire expertise in caviar production.”
15 Flat battery: The B.C. government said it would spend $2.7 million to build hundreds of electric-car-charging stations across the province in an effort to encourage drivers to buy vehicles such as the Chevy Volt and Nissan Leaf. That’s in addition to a $5,000 rebate to drivers. Yet just 210 electric vehicles have been sold in the province—effectively translating into an $18,000 per vehicle subsidy for the carmakers.
Meanwhile: Four months after getting $3.8 million from New Brunswick to create 300 new jobs, Radian6, a social media monitoring firm, said it would slash 100 jobs globally (16); a CBC News analysis found $20 million doled out by Newfoundland to attract out-of-province business generated just 58 full-time jobs (17).

Cultured club — the same old song and dance for taxpayers

18 TV time: British Columbians saw $48,000 go to bringing Entertainment Tonight Canada to Vancouver for three days. Included in the provincial payout was $16,000 in airfare from Toronto and $12,000 worth of hotel accommodations.
19 Tear down the haul: The federal government subsidized Quebec City’s summer festival to the tune of $1 million, in part to help pay for a show by former Pink Floyd band member Roger Waters. The Plains of Abraham was the last stop on the aging rocker’s Wall Tour, which earned a total of $158 million from worldwide ticket sales.
20 Party on: The B.C. government sponsored a $3-million rock music tour last summer called JobFest, where attendees (when there were any) were offered on-site career counselling. Roughly $100,000 went to promotional kits, including glow sticks, guitar picks and glossy posters, mailed out to local businesses and media.
21Moving pictures: Winnipeg city council voted to spend $10,000 to transfer a work of art from the old Winnipeg airport to the University of Manitoba, even though city staff recommended denying the request.
22 Stamped out: 2012 marked the 100th anniversary of the Calgary Stampede, and though it bills itself as the “Greatest Show on Earth,” the federal government still felt the need to kick in $5 million to promote it—including putting a chuckwagon food truck in New York City.

23 A black eye: In May, Halifax councillors voted to cut a cheque for $360,000 to cover bad debts stemming from a money-losing Black Eyed Peas concert two years earlier.

Showing off — The price of looking good is on the rise

24 Maybe he’s born with it: Not one to be caught without his game face on, it was revealed the office of Finance Minister Jim Flaherty expensed $130 worth of cosmetics for an apparent beauty emergency ahead of a televised budget announcement. Flaherty’s staff scrambled to purchase concealer, blush, loose powder and shaving supplies to do the minister’s makeup after a cosmetician cancelled at the last minute. For anyone wanting to replicate the look, Flaherty wears a combination of Maybelline, CoverGirl and Smashbox.
25 Funny money: The Bank of Canada spent nearly $40,000 to promote its new $20 bill. The spending included $35,832 to a company to design and install seven-storey images of the new polymer note on the bank’s headquarters in downtown Ottawa in May. In total, spending to promote the new bill equalled 1,942 of the new $20 notes.
26 Fumble for fame: Four small cities, including Guelph, Ont., and Langley, B.C., forked over a total of roughly $100,000 to have former football great Terry Bradshaw appear in short promos about them that were meant to attract new American business to small-town Canada. The videos found airtime mostly off hours, while the famous QB, who narrates the promos, couldn’t sound more bored.
27 Over-planned: The recession may have ended a while ago, but that hasn’t stopped Stephen Harper’s government from spending millions on advertisements featuring its Economic Action Plan stimulus slogan. The government spent $16 million in three months on feel-good commercials about Canada’s economic prosperity.
28 Top gun: Despite getting a mock jet for free from manufacturer Lockheed Martin, Defence Minister Peter MacKay still managed to spend $47,000 on a 2010 press conference where he posed with the fake plane.

29 Centless spending: Eliminating the penny was supposed to save the government, but not without a final splurge. Finance Minister Jim Flaherty stamped the last Canadian penny in a photo op that cost $56,000.
30 Gold medal waste: The federal government spent at least $4.5 million on ads that ran during the two weeks of the London Olympics, but shelled out just $214,000 to Canadian athletes who won medals during the Games.

Thank you to McLeans Magazine
 Jason Kirby, Tamsin McMahon, Rosemary Westwood, Nick Taylor-Vaisey, and Mika Rekai on Monday, January 7, 2013

5 Real Estate Must-do's for 2013

Are you in the market to buy or sell a house this year?
Some things are simply out of a would-be buyer or seller’s control. But, as a would-be buyer or seller, you can learn from and make decisions based on those who have gone before you.

There exists a former buyer who, if he could, would have done more legwork before buying. Conversely there’s a current seller who will take the next under-asking-price offer from a buyer more seriously.

Whether you plan to buy or sell, there are some real estate decisions that buyers and sellers can — and should — make. Here are five to get you started.

Buyers: Get your financial house in order

Planning a home purchase takes time and effort, so you should consider meeting with a mortgage professional early in the year. Know your credit score and understand what your financial situation looks like from a lender‘s perspective.

If you have credit issues, identify what they are and the necessary steps to correct them. Sometimes, it can take six months to see your FICO score move up the much-needed 20 points to get you a better mortgage rate.

Sellers: Think of your home as a product

When it comes time to sell, your home becomes another product on the market. Buyers will compare it and its price to competing properties.

The properties that are priced right and show well sell the quickest.

Pricing will get worked out once you’re ready to list, but showing well can start way in advance. A home that shows well is free of clutter, clean and as up-to-date as possible.

Start clearing out old stuff now. If there are things deep in your closets that you don’t think you’ll use between January and the time you move, consider a storage locker or making space in the garage.

Decide what you are willing to change. Is your kitchen or bathroom out of date? Are you willing to spend the money now to upadate them? Do you need to refresh your house with a coat of paint? Get some contractor bids now so you know how much the upgrades will cost. If you are not willing to update, then at least you can give the bids to the Realtor and they can let the prospective buyer know how much it will cost to professionally have the upgrades done..
You can spread out the costs of home repairs and changes over several months so it is easily manageable.

Here is a website with information about hiring a contractor http://www.hiringacontractor.com/

Buyers: Start feeling out the market early

You may think you only need to go to open houses once you’re ready to buy. But in reality, a buyer needs a couple of months learning the marketing, understanding home values, the prices per neighborhood and the market in general.

Going to open houses in the neighborhoods where you want to buy will allow you to start feeling out the market. It may also be the best way to meet your future real estate agent. Many agent/buyer relationships are forged at open houses.

Once you engage an agent, you may make several offers before you get into your dream home. Having your agent along for the ride will allow you to compare and contrast homes you’ve visited to the home you eventually buy.

The homes you see and your experience feeling out the market will serve as the building blocks toward becoming an informed buyer and making your best offer.



Sellers: Understand your timing and exit strategy

One of the biggest stresses on a seller is trying to plan a purchase and a sale at the same time.

Can you afford to close on the new home before selling? If so, for how long? Do you need to sell the property first? If so, will the potential sale price support a home purchase in the neighborhood you want to be in?

If not, what other areas should you be looking in? Selling and buying at the same time brings up all kinds of financial, emotional and physical stress.

Uprooting yourself from your home is not easy. What if you have to go into short-term housing? How will you get that set up and how long would you need to commit for?

If you can afford to purchase and then sell, do they need to happen quickly? Are there things you can be doing in your current home so that once your new home closes, you’ll be ready to list?

It’s a lot to think about and plan for, and it helps to have a strategy in place well before you have to take action.

Buyers and sellers: Engage a real estate agent now

Planning a home purchase or sale takes time. Engaging a real estate agent early in the process will allow you to have an expert on hand as you start to put the pieces together.

A good real estate agent doesn’t just show and sell homes: They can be your strategic adviser, even well in advance of any actual transaction.

On the seller side, if you pulled a permit to install some new windows or replace some dry rot in 2005, likely the contractor issued a permit. But did he close it out?

A good agent will figure that out and clean it up before it becomes a transaction issue. You should use your agent to literally get your house and listing in order.

For buyers, having an agent with you from the start is like having an experienced, second set of eyes and ears.

Having so many transactions under the belt and years of market knowledge in their head, a real estate agent’s opinions, thoughts and ideas can save you a lot of time and money.

What’s more, they can keep you on the right path toward identifying the best home, and they’ll see you through the process all the way to the closing.

some information provided by Zillow.com

New Year! New Solutions!

New Year!
New Mortgage!
Mortgage up for renewal this year?
Upgrade your present house?
Build a 'Granny Suite'?

Let's look into it and find you the best solution for your situation.
Visit www.kroemermortgages.com
Email akroemer@mortgagegroup.com

Homes With Secondary Suites- What To Look For

Beware of homes with secondary suites and check with the City to see if it is a legal suite.

The following is an interesting read if you are considering buying a home with a secondary suite.  It outlines what can go wrong even when the information is thought to be truthful by the now homeowner because that is what was conveyed to him/her when he/she bought the home. How many houses were changed or altered without permits.  While reading this article it can relay just what can go wrong because someone did alterations to a home 20 or 30 years ago without a permit and necessary permissions.  The one big rule is that is is up to you to do your due diligence and find out for sure if the secondary suite is legal or not. It is better to find out before you buy it then after.


By Jean Sorensen
As municipalities across Canada move more towards increasing housing density on land once zoned for single-family homes, real estate agents are being challenged with a barrage of conditions related to secondary living quarters.

The danger comes, says Marty Douglas, managing broker for Coast Realty Group in Courtenay, B.C., when the sales rep advertises “mortgage helper suite with $700 or $800 revenue” and the buyers qualify because of the extra revenue. Douglas says: “If it is not a legal suite and they (buyers) faced evicting the tenant, the problems can really begin for the Realtor. He really has to be cautious on suites even when the municipality turns a blind eye.”
The blind eye is more of a shift of political outlook. There has been a general trend in the marketplace for homeowners to put in suites or convert suites illegally and municipalities largely did nothing unless a complaint was lodged. But now municipalities are passing bylaws allowing licensed suites. Even West Vancouver city council this year bowed to pressure on secondary suites and gave those with extra living units (estimated at l, 000 in the area) until Sept. 30 to register their suites or face a fine of $300 per day. (Only an estimated l0 per cent were registered when the bylaw was passed).

The difficulty for real estate agents lies in sorting out the grey areas around legal and illegal under a mixed bag of conditions. An average of one case a year is now landing before the higher courts as municipalities and homeowners fight over who has what rights. In most cases that have been decided, the homeowner has lost and the B.C. Supreme Court has ordered the units to be removed or demanded extensive renovations.

“There is a rule in real estate – if you are unsure, disclose, disclose and disclose,” says Scott Carpenter of Vancouver’s The Carpenter Group, a Re/Max group of real estate consultants and associated professionals ranging from a conveyance lawyer to mortgage brokers and home staging specialists. The group works on the City of Vancouver’s west side, dealing in high-end properties.
Issues can be complex. Owners may often think their units are legal when they are not. Or, like the film Lost in Translation, the legality of what they own has become garbled. In the recent court case of the Corporation of the Township of Esquimalt v. Crosson (2010 BCSC 1490), an Esquimalt couple were found in breach of bylaws when their duplex actually had three suites (three kitchens and three mail addresses – although only two were legal). Court records show the previous owner converted the house to a duplex with the city approval in the early 1990s. The previous owner testified in court he was given the right to do the conversion and he submitted an amended plan indicating a third kitchen was being installed on an amended plan. The couple relied upon the amended plan in the city files, which “appeared to be the approved plan with some additional handwritten notes.” The previous owner couldn’t remember the name of the individual who made the red notes on the plan. But, he felt he had approval and went forward. Staff subsequently wrote the owner a note in 1993, saying while the third kitchen in the downstairs basement would be allowed, it could not however be used for a suite.

The judge found that the question to be determined was “not whether three kitchens were installed with permission, but whether three dwelling units were installed with permission” and while bylaws allowed for a duplex conversion, whether they also allowed for three dwelling units. He ruled that two bylaws in effect allowed only for a duplex conversion and the suite didn’t qualify as one of non-conforming but permitted. He gave the owners six months to remove the third suite.
The case clarifies some of the situations that can arise between owners and the municipality and zoning laws. The judge in the case points to Port Coquitlam (City) v. Hoffer (l988) BCSC Vancouver A871964, which stated “a municipal officer cannot give valid permission” to use land for something outside the bylaws and the city can’t be stopped from taking action even if the officer has made a commitment.

In Langley (City) v. Wood (1999), the city stopped the use of a two-family dwelling in a single-family area even though the owner had met with the building inspector and plan checker and obtained permission for its use for more than one family. When the home was moved on to the site, it was deemed that it did not fall into the category that would have made it legal non-conforming. The home could therefore only be used for one family.

Sales reps taking any listing for a suite within an existing building need to check with municipal authorities to determine the validity of any such property, says Douglas. “The owner might say it is legal, but I tell them that I am going to have to check anyway,” he says. If the owner is not telling the truth, then “he usually says something like – oh, no, don’t do that.” That then brings the issue of whether the suite is legal into question again. (Carpenter said he also does due diligence checking out what owners say – and, he does a walk-through looking for “red flags” or tell-tale signs such as low ceilings or other construction features that may signal it is not built to any standard or has not been inspected.)

Once a suite is determined to be unlicensed or illegal, there are other questions that emerge. Was it properly built and were the proper inspections carried out for the work completed? Douglas said there was a case in Comox on Vancouver Island where the city gave approval for an in-law suite over the garage. However, what the owner constructed exceeded the bylaws and the suite could not be used. Douglas has also written in REM about the problems of a Nanaimo homeowner who had to remove an in-law suite when a neighbour in a single-family development (with covenants restricting it to single family) complained. As Douglas points out, the removal occurred even though the city permitted such suites.

The lesson to Realtors is that “if you have checked the city hall zoning and the city says ‘no problem’ you still have to check the building scheme and see if it does conform,” Douglas says.
The Nanaimo case is backed up by another judgement in 2009 Robins v. Cranbrook (City) 2009 BCSC 355, 58 M.P.LR. (4th) 87. The court there stated that the issuance of a permit, which is in any event governed by bylaw, cannot amount to a promise that a restrictive covenant in favour of the city would not be enforced.

Today, Douglas says, agents are posting the documents relating to suites online with listings. He says the selling agent has a responsibility to check with the city (and document who he or she speaks with) “and the buyer’s agent also has a responsibility to make sure the documents are correct,” he says.
The ensuing problems that can result when a house is listed with illegal suites can cause more headaches than a sales reps wants to deal with. In Burnaby (City) v. Chiodo 2008 BCSC 491, the 1950s house provided the original owner/builder with a temporary occupancy permit to have a kitchen and live downstairs while the upstairs was finished – a common practice of the era. Those living quarters were to be only temporary but later owners made them permanent. There was a later permit in the late ’60s to put in a bathroom, but the existing old bathroom was to have been torn out and that was never done.

In summer 2006, the owner decided to sell and the house was listed with two suites downstairs. A complaint was made to the city and a city inspector called the listing agent to tell her there was a problem with non-compliance. The owner then attempted to sue the city (the case was dismissed) claiming for damages as he blamed the advice given to the real estate agent prevented him from selling the house. The judge sided with the city and ordered a list of upgrades, tear-outs and inspections to the property.

Vancouver lawyer Richard Bell, whose firm Bell Alliance deals mainly with real estate law and property purchase law, says there is a growing trend for homeowners who have illegal suites to get them licensed before selling the house. “They are asking the city to come in and inspect them so they qualify for a legal suite,” he says. Still it is the buyer’s duty to disclose and the real estate agent’s duty “to fully advise on the property” with the clients about the perils of buying a house with an unlicensed suite, he says. “When we do see an unauthorized suite, we make sure that it is a buyer-beware situation,” he says, adding that the owner runs the risk of having to evict tenants or carry out costly renovations.

“The cost of renovation can far exceed any income revenue,” says Bell.

The New Year With New Predictions on The Housing Market

Happy New Year
Happy 2013

As I look to this new year, I am bombarded with mortgage news and predictions, just as you are; as we all know; the more bolder the headlines the more readers read, which sell more newspapers, subscriptions etc. So, today I will dig for all the 2013 predictions and post them here and as we move throughout 2013 we will see which predictions came true and which were just hot air.

Background on the housing market

We still have historically low interest rates. People still want to build and live in the big houses, 1200 sq. feet just does not cut it anymore. With expenses going through the roof, like hydro, gas, water and property taxes, having those big houses deplete our free spending money, even with the low interest rates for our mortgages. More and more people are living paycheck to paycheck to be able to afford those big homes, even though they are making great incomes. The term is house poor. While trying to afford their big homes their credit cards are being maxed out, raising concerns that Canadians are getting more and more in debt as the year progresses.

2013 is the year to realistically look at your house expenses and decide weather it would be advantageous for you to move on down a few square feet , rent out a room or reconfigured your home with a Granny Suite. Where else can you cut down on expenses? Hydro only promises to raise the cost of electricity, property taxes are always going up to pay for ithe infrastructure of where we live.

Students and senor citizens are always looking for more economical places to live. Renting a room to them may be an avenue or if you not comfortable having a non family member in your home would it be feasible to build a Granny Suite.

Sometimes city bylaws or zoning will not allow for this, but as we are progressing to not being able to afford the big houses anymore and many lower income people need affordable. warm and safe places to live, the cities are coming onboard to allowing the secondary suites or more affectionally known as Granny Suites.

As mortgage professionals we have a product called Refinance Plus Improvements. Which would allow you to refinance your home, plus get extra money to put in a Granny Suite for the same low mortgage interest rate. Banks do not offer this product.

Now on to predictions for 2013

1. Moderation is the buzz word when discussing the other positives. The economy is still creating jobs and the US economy has recently shown improved job creation. If this persists, it will contribute to faster job creation in Canada.

2. Sales will be sluggish. Housing prices will decline by about 10%

3. Demand for resale homes from both first-time and repeat buyers will decline slightly in 2013 as the slow pace of economic growth, global financial uncertainty and less accommodating mortgage market conditions temper sales.

4. Improving economic conditions and stable home prices will support housing demand in the second half of 2013

5. Mortgage interest rates will stay low for 2013

6. Buyers will take a little bit more time to buy and the sellers will have to be more patient.

7. In 2013, condo sales will also stabilize, thanks to first-time buyers who will purchase more affordable condos and “empty nesters” who will likely purchase more extravagant condos

As with any predictions it is only an educated guess. Changes in the economy can dramatically affect the outcomes. It is a good time to buy if you are in the market for a home. Interest rates are low, housing prices are stable with only a projected decline of 10%, that may have already happened in the area that you live in.

For more information on mortgages, how to Refinance your home to make improvements or to build a Granny Suite, send me an email. My advice is always free.
Knowledge is power.

akroemer@mortgagegroup.com

Merry Christmas

 I would like to thank you for following my Blog.  As we head into 2013,  I wish you a Merry Christmas and a Happy New Year to all my  Blog followers in the many different countries.
If you would like different or specific information about Canadian Mortgages please email me with your questions.
akroemer@mortgagegroup.com

Thank you


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Investment Property For The New Year?

Is 2013 going to be the year you add in an investment property to your portfolio of investments?
Interest rates are still low, so is it time to take advantage of a low rate mortgage payment,
making it more affordable and profitable to buy an investment property?
As with all other investments, it pays to study the market and gather all the information that you can.

Here are some tips for purchasing an investment property:

Do your research. If you are a first-time investor, it would pay to study the market as well as the risks and benefits of investing in properties. Be sure to brush up on the basics, such as the various factors that affect property prices and how these cause prices to rise or drop. Also pay attention to trends and news on the market and understand how these can influence the market. It's really important to become familiar with the ins and outs of the real estate business before buying investment properties as thorough preparation is one really good way to ensure success in the business.

Choose properties in a promising area.If you have done your research right, you will eventually come across "promising" areas where you can buy properties that will yield great profits. Promising does not necessarily translate to upscale properties that fetch high sale or rental prices, or cheap investments that allow you to return your investment quickly. A promising location is one that offers special features that are truly attractive to tenants. These features include schools for families, entertainment hubs for young professionals, or low-cost housing for college students. These promising features may differ with each type of tenant, and as such, you will have to...

Consider the type of tenants in the area. It may be tempting to choose a piece of properties based on what you would want yourself, but it's best to think of what your target tenants would like instead. When choosing properties, ask yourself what features your tenants would like or need. For instance, if you are catering to the college crowd, easy access to amenities, such as Laundromats, grocery stores or coffee shops may be important. If you plan on having families or young professionals as tenants, the property features you need to prioritise will change accordingly.

Take into account future expenses. As an investor, you need to carefully consider the expenses that will later on influence how much you earn from your investment. These include expenses for home repairs or renovations to make the house attractive to tenants and the taxes you will have to pay for on a regular basis. Make sure to include all these into your cost calculations to ensure that you will be able to afford purchasing the property and eventually earn back your initial investment.

Find a mortgage professional. They will let you know how much you will be able to afford, plus the interest rates will usually be lower than of a Banks interest rate, enabling you to profit the most.

Find a Realtor knowledgeable in the area of investment properties. Their expertise is usually because they have entered the investment property market and you can learn from them first hand all about what worked and what did not work for them. Could save you thousands of dollars.

Any questions, send me an email
akroemer@mortgagegroup.com

 

 

New Year's Resolution -Toastmasters May Be One

 

 

The Definition of a New Years Resolution is : A New Year's resolution is a commitment that a person makes to one or more personal goals, projects, or the reforming of a habit. A key element to a New Year's Resolution that sets it apart from other resolutions is that it is made in anticipation of the New Year and new beginnings. People committing themselves to a New Year's resolution generally plan to do so for the whole following year. This lifestyle change is generally interpreted as advantageous.

Last year I made a new years resolution to join Toastmasters. It took me until March to fulfill that resolution. Every week that went by, I had some excuse, In the Comox Valley where I live we have 3 different clubs- meeting different days, so it wasn't the lack of choice of the day that stopped me it was the fear of getting into the unknown. The big fear of speaking in front of strangers.

That first Wednesday in March, I took those fears, stifled them and headed to the Toastmasters meeting. I knew no one but I knew I wanted to become a better speaker.

I was warmly welcomed by the club, everyone introduced themselves and a member took me under their wing, introduced me to the club and sat beside me explaining what was happening as the meeting progressed. I did not feel confident enough to speak that evening and that was okay. Their is no harsh push for you to speak. It is a go at your own pace type of club.

The next week, I had a no excuse for not going. Let me tell you, I was looking for any excuse but could not. The club was warm and inviting, so I went.
In Toastmasters there is Table Topics, which is a time to practise speaking for up to 2 minutes without preparation. Thinking on your feet they say. You are asked a question usually to go with the theme of the evening and you answer the question to the best of your ability. The first night I went 26 seconds and that was fine. But, also that night I saw how much I needed the expertise of this club and their members to help guide me to become a better speaker.

I joined that night and I have never looked back.

There is a small fee when joining to pay for your books and rental of the room you meet in. The club I belong to is is less than $100.00 every 6 months. A bargain for sure.

What have I accomplished in 9 months at Toastmasters?
- Table topics for 2 minutes no problem
- Preparing and organizing a speech for 5-7 mins
- Preparing and organizing a educational speech for 8-10 minutes
- Prepared speech for 5-7 minutes without the use of notes (you can use notes for as long as you want)
- a confidence in speaking
- confidence in life itself
- new friends
- Leadership skills
Not bad for 9 months

Anyone and everyone can benefit from Toastmasters. Toastmasters is international. It is hard not to find a club in your area. Maybe this year is your year to join.

http://www.toastmasters.org This link will take to their introductory page as well as a club finder


Got questions about Toastmasters-- send me an email.

akroemer@mortgagegroup.com


So, What will be your New Years Resolution?

Welcome to NORAD Tracks Santa--Don't be disappointed- find out where Santa is

 

<iframe width="560" height="315" src="http://www.youtube.com/embed/jb0gj_sIBdg" frameborder="0" allowfullscreen></iframe>

 

 

 

 

Welcome to NORAD Tracks Santa

 

All of the preparations for Santa's journey are in place!

Santa's elves have been busier than usual this year preparing for Santa's launch on December 24th! Return each day to receive updates from the North Pole and to discover new surprises on Santa's Activity Page.

For even more fun holiday activities, visit the About Santa page.

Operation Good Will: Find out how you can help make this Christmas very special for those who serve our nation. Check out what each military service is up to these days, and learn how you can help keep NORAD Tracks Santa going for future generations!


Find out what NORAD does the rest of the year (while not tracking Santa) by subscribing to us on Facebook -- or visit us at www.norad.mil.

Track Santa on your Mobile Phone!
Download the official NORAD Tracks Santa mobile apps today!

Download the official NORAD Tracks Santa Windows 8 app!

"I Tracked Santa"
Official Licensed Products!

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Wow Congrats TMG The Mortgage Group Canada

TMG The Mortgage Group recognized for a third time in 2012
 

This year Grant and Debbie Thomas (co-founders of TMG The Mortgage Group) won the Mortgage Broker's Association of British Columbia's (MBABC) Pioneer Award for Lifetime Achievement, and then TMG  was honoured with CAAMP's Partners In Excellence Award, They have done it again. TMG has been recognized as one of the Best Companies to Work for in B.C. The gala presentation was held on November 28, 2012 at the Fairmont Hotel in Vancouver.

Winners are selected through a year-long process. The survey focuses on four key areas: Talent Systems, Employee Engagement, Leadership Dynamics and Organizational Culture. In addition to top overall rankings, TMG placed second in the Financial Services category.

'This award is a reflection of the hard work and dedication of our many employees'.

10 Best Companies to Work For: Finalists With More Than 100 employees

1. HootSuite Media Inc.

Digital Tech and Tech Services

When the number of employees in your company grows 900 per cent in less than a year, then “I don’t care what it is you do; you’ve got a new company culture,” says Ambrosia Humphrey, director of human resources at HootSuite Media Inc.
Handling the hyper-growth is all in a day’s work for Vancouver’s tech company on steroids, which recently hit four million users and launched a London office and U.S., Australian and European subsidiaries. The company is also pulling up its Gastown roots for a much bigger office space at Ontario Street and Eighth Avenue in Vancouver – complementary neighbourhoods, says Humphrey, because “we didn’t want to alienate anybody by moving to Burnaby and having our employees commute an hour each way.”
According to Humphrey, CEO Ryan Holmes emphasizes a user-centric product and an employee-centric company, which includes quarterly employment-engagement surveys. “Even our name was crowd-sourced,” she says. The result is that HootSuite feels “like a functional family,” according to one staffer. Another employee recalls a situation where a colleague wasn’t performing or happy in his role, but “letting him go wasn’t even discussed; the company simply transitioned him to a role that was a better fit.” Perks include last summer’s all-inclusive company retreat (including interns), the $300 a month made available for a social event and surprise Christmas gifts. Plus, all full-time employees have options in the company.
At the end of the day, Humphrey says HootSuite’s culture is “the glue that holds us together. We want our employees engaged in that culture so it feels real.”

2. Daniel Hospitality Group

Hospitality

Daniel Frankel certainly understands that hospitality lies at the heart of the restaurant business and treats his staff accordingly. “It’s always been an inherent part of our culture to cultivate a family-style environment,” explains the president and CEO of Daniel Hospitality Group. That extends to inviting all staff to lavish family dinners his company throws every Thanksgiving and Christmas, where managers cater to front-line staff, many of whom have no local family.
The Daniel group of restaurants began in 2001 with a hot- dog cafe in Coal Harbour. The following year Frankel took over The Prospect Cafe at Prospect Point in Stanley Park and he has since amassed a collection of iconic locations, including The Mill Marine Bistro on the Coal Harbour seawall, Stanley Park Pavilion facing Malkin Bowl and the Burrard Bridge Bar & Grill. His latest addition is the Tap & Barrel at Olympic Village and a Tap & Barrel at the convention centre is under construction.
Cultivating a family vibe starts with hiring: “We are truly careful who we bring on board, and we invest a lot of time in training,” remarks Frankel. “If there’s any hesitation, or indication that they’re going to be a weak link, we make sure that they move on because there’s probably something better for them.”

3. Para Space Landscaping Inc.

Consumer Services

Not everyone enjoys working outside with soil and plants year-round, but Para Space Landscaping goes out of its way to find people who do.
“We put a lot of stock in the culture of the company,” says Jeff Foley, executive vice president, whose role includes overseeing operations and personnel. “We hire for quality of person first. From there we often have to train them to be horticulturists or landscapers.”
That devotion to career development and continuous improvement is recognized by employees, many of whom cite company-sponsored Red Seal accreditation and training and certification in such specializations as pesticide application and horticultural technician. Working on cutting-edge landscape designs is another big draw for employees.
From when the company was founded in 1979 – by president and CEO (and father of Jeff), Peter Foley – to its current staff of more than 100, it has maintained a close culture. “We do a really good job of hiring people that fit with the rest of the group,” explains Foley. “When we’re screening people, we think, if Para Space were a person, would they be friends with this candidate?”


4. Cactus Restaurants Ltd.
Vancouver | Hospitality | 1,751 employees
British Columbians love Cactus Club restaurants for their celebrity chef, delicious fish tacos and nubile wait staff. Its loyal staff, however, are there for the great wages and tips, and growth opportunities within the company and industry. “A great training program” comments one employee, while another trumpets “strong leadership,” calling the company “a well-oiled machine.” Management get consistent kudos from employees for being both supportive and accommodating with flexible schedules. What one staffer calls the company’s “vibrant, youthful atmosphere” is a magnet for many, not to mention what a lot of employees call “great” and “consistent” food, which even non-staffers can attest is true.

5. Joe Fortes Seafood & Chop House Ltd.

Vancouver | Hospitality | 150 employees
Though it recently changed ownership, Joe Fortes Seafood & Chop House continues to attract the best in the restaurant business. “My hard work doesn’t go unnoticed,” says one employee, while another cites its “great benefits package for hourly servers” as another reason why the company retains so many long-term employees. In an industry where the front-of-house staff (servers and bartenders) are often a world apart from the back-of-house, or kitchen staff, one staff member notes, “The teamwork mentality between FOH and BOH is very present, which isn’t common in this industry.” Most notably, a respect of work/life balance was highlighted by many staff.

6. TMG The Mortgage Group Canada Inc.

Vancouver | Financial Services | 146 employees
TMG’s mantra is to find mortgage options to suit the distinct financial realities of each of its clients. For its staff, however, TMG delivers what one employee calls a “big-company presence with the feel of a small, family-like organization.” Staff are encouraged to keep learning and TMG offers educational programs so brokers can continually upgrade skills, which translates into more income during slow times in the industry. Employees are also encouraged to uphold ethical values and “not to break the rules to get a sale,” explains one staff member. “I believe this to be the most ethical company in the mortgage business,” another says.

7. Nurse Next Door Home Healthcare Services Inc.

Vancouver | Health Sciences & Services | 211 employees
Nurse Next Door got its start in 2001 after co-founders Ken Sim and John DeHart couldn’t find appropriate care for their elderly loved ones. Today the two have built Canada’s largest franchised in-home care service and the personal caring at the heart of the enterprise weaves its way through the entire organization. “We have a culture of caring,” says one employee, “everyone we work with has a big heart.” Another notes, “Nurse Next Door makes me feel part of something special. Every day I feel that I am making lives better by living the core values of the company.”

8. Odlum Brown Ltd.

Vancouver | Financial Services | 225 employees
Founded in Vancouver in 1923 by General Victor Wentworth Brown and Malcolm “Buster” Brown, Odlum Brown has grown to be one of Canada’s most respected independent investment firms. Wholly owned by its employees, the firm fosters a culture of pride and respect. “There is a culture of integrity throughout the firm,” notes one employee, while another says that “Odlum Brown’s community involvement and great track record make it a company where the employees are proud to say they work there.” Perhaps most important is the company’s respect for its employees, summed up simply by one staff member: “I feel appreciated.”

9. Global Relay Communications Inc.

Vancouver | Digital Tech and Technology Services | 196 employees
In the heavily regulated financial services industry, safe, accurate and thorough archiving of communications is essential and increasingly complex. Global Relay Communications develops cutting-edge technology to keep one step ahead of international competitors, which fosters an obvious pride among its staff. “In a very competitive industry, Global Relay has become dominant worldwide in providing critical services to the world’s fussiest and most secretive industry, requiring technical superiority, great marketing, absolute integrity, amazing vision and great determination,” boasts one employee. Another cites “extremely smart, knowledgeable, fun people to learn from and opportunities to mentor less experienced staff.”

10. Great Little Box Co. Ltd.

Vancouver | Manufacturing and Transportation | 161 employees
The little company that could is well known for its culture of inclusivity, which last year included a “family” vacation to Mexico for its entire staff as a reward for meeting annual goals. Even as the manufacturer of packaging products and shipping supplies has grown from its humble beginnings, it remains an open book to all employees. “We know where the company stands,” comments one employee, citing monthly meetings where staff are briefed on the latest financials. Another cites confidence in employees: “We are all encouraged to be strong leaders, make decisions, take action