Current Mortgage Rates

In the interest of providing the most up-to-date real estate related information, we will be posting the current mortgage rates available in our area, courtesy of Paul Croteau, Mortgage Specialist with BMO Bank of Montreal.

Rate
Term
5-Year Fixed 5.75%
3-Year VRM 5.40%, Prime minus 0.85%

Quote of the Week

“Success is that old ABC – ability, breaks, and courage”.
Charles Luckman

The Bank of Canada meets tomorrow and all signs point to the overnight lending rate staying where it is. Good news for those looking to purchase a new home in the near future.

Paul Croteau
Mortgage Specialist
BMO Bank of Montreal
ph: (905) 321-3230
Paul.Croteau@bmo.com

The Niagara Greek Festival!

This weekend features the Niagara Greek Festival!

The festival will take place from September 7th through September 9th, in the north-end of St. Catharines, at 585 Niagara Street (corner of Linwell and Niagara). For more information, you can go to Niagara Greek Festival ’07. You can also go here to see the map and directions.

It sounds like it should be a lot of fun!!

On a serious note, they are asking patrons to reach out and support those in need. A drop-off location will be provided at the event and will be supporting the following two organizations:  Community Care of St. Catharines & Thorold and Project S.H.A.R.E. of Niagara Falls. Donations of perishable and non-perishable food items would be greatly appreciated!

Your Family’s Safety

My full-time investment specialist, Karl Regier, and myself help many clients purchase properties while their child(ren) attend Colleges or Universities (in our area, Niagara College and Brock University). Their children have an affordable place to stay and, at the same time, the parents are able to make some additional money.

The following information will help you determine if the potential accommodation will make the grade when it comes to fire safety or not.

Also, if you have any stories, questions or experiences that you would like to share and have posted in our blog, please let us know by emailing us at mail@timothysalisbury.com and share with other parents.

Timothy Salisbury & Karl Reiger

Smoke Alarms
It is the law in Ontario to have working smoke alarms on every storey and outside all sleeping areas. The law applies to single family, semi-detached, townhomes and apartments (including basement apartments), whether owner-occupied or rented. Rooming houses have specific regulations about smoke alarms or fire alarm systems. In addition to smoke alarms within each unit or suite, apartment building and student residences operated by the school may also have a building fire alarm system. Make sure the landlord, administrator or superintendent identifies and explains the fire alarm and detection features in the building and unit.

Carbon Monoxide Alarms
The Ontario Building Code requires carbon monoxide (CO) alarms in new buildings that maintain a fuel-fired appliance. However, many existing buildings were constructed prior to this requirement and may not be equipped with CO alarms. If the building has a fuel-fired (natural gas, oil, propane or wood) appliance, a CO alarm should be installed. Check with the fire department or municipal office to determine if there are by-laws requiring CO alarms.

Fire Separations
Students often find accommodation in older homes that have been converted to apartments or rooming houses. At the time of the conversion, a building permit should have been obtained to ensure that fire safety features such as proper exits and fire separations between units are provided. Ask the owner if the property complies with the Building Code and Fire Code and to explain the fire safety features.

Exits
It is important to consider how people will escape from a room or apartment in an emergency. Every room or apartment requires adequate exits that will permit unobstructed escape from the building. Make sure to ask the landlord or superintendent to identify all of the designated exits. All windows and doors should open fully and easily. Stairways and hallways must not be used for storage as this can pose serious fire safety hazards. Furniture and other obstacles can physically block exits and may fill hallways or stairways with smoke if they catch fire. This practice must be strictly avoided.

Fire Escape Plans
In a fire emergency, everyone must know what to do and where to go. Large apartment buildings and student residence buildings require a fire safety plan, which informs the occupants about emergency procedures. Ask the building administrator or superintendent to explain the procedures in the fire safety plan.

Small apartment buildings and houses that have been converted to apartments or lodging rooms may not have a fire safety plan, however, it’s a good idea to ensure there are two ways out of the unit. The alternate way out can be a window that can be safely exited in an emergency.

Security
Some property owners install bars on windows as a security measure. While this may seem appealing from a security point of view, it can prevent students from escaping in an emergency situation. Security bars on windows should be equipped with a quick-opening device on the inside so the bars can be removed quickly.

Electrical Safety
Many buildings offering lodging to students are older homes that may not have upgraded wiring. Outlets in bathrooms or within one metre of the kitchen sink, should be the Ground Fault Circuit Interrupter (GFCI) type. Consider the number and location of electrical outlets in the room or apartment. There should be enough outlets so that appliances such as lamps, computer equipment and stereos can be operated without the use of extension cords. If extension cords can’t be avoided, use multi-outlet power bars that are approved and provide surge protection and a circuit breaker. Make sure that electrical cords of any kind are not concealed under carpets or rugs where they can be easily damaged. Avoid overloaded circuits and octopus wiring.

For more information:
Contact the administration offices of the college or university. They will frequently maintain a registry of available accommodation for students. Call the local fire department to determine if the building has been inspected for Fire Code compliance.

Electrical safety tips and information about common electrical hazards can be found at the Electrical Safety Authority Website.

Fire safety tips and information can be found at the Office of the Fire Marshal’s Website.

Interesting…

My real age life is only 46 and my life expectancy is 81. Boy, I am healthy!!

Here’s a world counter for various issues: The Spirit of Now

After a couple of clicks, I was led to a nifty interactive “Real Age and life Expectancy” calculator that may be of interest: Life Expectancy Calculator

Well Football Fans…!

Tonight is the first football game in the NFL (National Football League) between the Indianapolis Colts and the New Orleans Saints. This blog allows me to let everyone know that I’m a devoted Buffalo Bills fan and I’m hoping, at least this year, we will be in the playoff hunt! A few of my football friends, especially Shawn and Glen, have the Bills going 6-10 and 9-7, respectfully. I think they’ll be 7-9 and I’m really hoping, with a little luck, we can go 9-7. They will have a better offense this year, but the defense will be the worst in the league. One of the best football Websites for Fantasy Football that has up-to-the-minute updates on players and their injuries, would be Pro Football Talk. Should you want to follow your favourite team, you can visit the Official NFL site. The Bills will be hosting the Denver Bronchos this Sunday (9/9) at 1:00 p.m. and it brings Travis Henry back to Buffalo. It should be a close game and I hope, with a little luck, we can start the season with a win. Until next week…GO BILLS!!!

About Jim Gifford…

Jim was born and raised on a large farm near Quebec City, but lived in the Niagara Region since he turned 18. In 1970, he was employed by Canadian Tire Acceptance in Welland where he held several jobs and eventually progressed to the position of Personnel Director. Working closely with people has always been his passion, which is the reason he joined the real estate field in 1989. He particularly enjoyed introducing his out of town clients to the Niagara region.

His role on The Salisbury Team is helping buyers that are searching for country properties, farms and high-end homes. His country upbringing is particularly helpful in this area.

In his free time, he enjoys traveling (mainly to the Caribbean), skiing in Ellicottville, and golf (which he’s not really that good at).

Should you have any questions concerning high-end properties or country homes, you can can contact Jim at jim@timothysalisbury.com.

Current Mortgage Rates

In the interest of providing the most up-to-date real estate related information, we will be posting the current mortgage rates available in our area, courtesy of Paul Croteau, Mortgage Specialist with BMO Bank of Montreal.

Rate


Term

5-Year Fixed

5.75%

3-Year VRM

5.40%, Prime minus 0.85%

Quote of the Week

“Defeat is not the worst of failures. Not to have tried is the true failure”.
George Edward Woodberry

The Bank of Canada meets tomorrow and all signs point to the overnight lending rate staying where it is. Good news for those looking to purchase a new home in the near future.

Have a great week!