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Seniors and Reverse Mortgages

Wed, 08 Aug by Pauline Relkey

A reverse mortgage is a loan that allows you to get money from your home equity without having to sell your home. You may be able to borrow up to 55% of the current value of your home tax-free.

Eligibility for a reverse mortgage
To be eligible for a reverse mortgage, you must be:
a homeowner
at least 55 years old. If you have a spouse, both of you must be at least 55 years old to be eligible.

Qualifying for a reverse mortgage
Your lender will consider:
your home equity
where you live
your age
your home’s appraised value
current interest rates

In general, the older you are and the more home equity you have when you apply for a reverse mortgage, the bigger your loan will be.

Accessing money with a reverse mortgage
You may choose to get the money from your loan through:
lump-sum payment
planned advances, giving you a regular income
a combination of both of these options
You must first pay off any outstanding loans that are secured by the equity in your home with the funds you get from your reverse mortgage.
You can use the remainder of the loan for anything you wish, such as:
pay for home improvements
add to your retirement income
cover healthcare expenses

Repaying the money you borrow with a reverse mortgage
You don’t need to make any regular payments on a reverse mortgage. You have the option to repay the principal and interest in full at any time.
Interest will be charged until the loan is paid off in full. The interest will be added to the original loan amount, which increases the loan amount over time.
If you sell your house or if you move out, you’ll have to make payments. When you die, your estate will have to repay the loan.

Costs to get a reverse mortgage
Costs associated with a reverse mortgage may include:
higher interest rate than for a traditional mortgage
a home appraisal fee
a closing fee
a prepayment penalty if you sell your house or move out within 3 years of getting a reverse mortgage
fees for independent legal advice
Shop around and explore your options before getting a reverse mortgage.

Compare the costs and impact of the following:
getting another type of loan, such as a line of credit or credit card, etc
selling your home
buying a smaller home
renting another home or apartment
moving into assisted living, or other alternative housing

Where to get a reverse mortgage
Two financial institutions offer reverse mortgages in Canada:
HomEquity Bank offers the Canadian Home Income Plan (CHIP). It is available across Canada directly from HomEquity Bank or through mortgage brokers
Equitable Bank offers the PATH Home Plan. It is available through mortgage brokers in Alberta, British Columbia and Ontario
Your financial institution may offer other products that might meet your needs.

Pros and cons of a reverse mortgage
Before you decide to get a reverse mortgage, make sure you consider the pros and cons carefully.
Pros
You don’t have to make any regular loan payments
You may turn some of the value of your home into cash, without having to sell it
The money you borrow is a tax-free source of income
This income does not affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be getting
You still own your home
You can decide how to get the funds

Cons
Interest rates are higher than most other types of mortgages
The equity you hold in your home may go down as the interest on your loan adds up throughout the years
Your estate will have to repay the loan and interest in full within a set period of time when you die
The time needed to settle an estate can often be longer than the time allowed to repay a reverse mortgage
There may be less money in your estate to leave to your children or other beneficiaries
Costs associated with a reverse mortgage are usually quite high compared to a regular mortgage

Questions to ask a lender about reverse mortgages
Before getting a reverse mortgage, ask your lender about:
the fees
any penalties if you sell your home within a certain period of time
how much time will you or your estate have to pay off the loan’s balance if you move or die
what happens if it takes your estate longer than the stated time period to fully repay the loan when you die
what happens if the amount of the loan ends up being higher than your home’s value when it’s time to pay the loan back

Myth: The bank owns the home.
Fact: The homeowner always maintains title ownership and control of their home and they have the freedom to decide when and if they’d like to move or sell.

Myth: The bank can force the homeowner to sell or foreclose at any time.
Fact: A reverse mortgage is a lifetime product and as long as property taxes and insurance are in good standing, the property remains in good condition, and the homeowner is living in the home, the loan won’t be called even if the house decreases in value. Reverse mortgages provide peace-of-mind that the homeowner can stay in their home as long as they’d like.

Myth: Surviving spouses are stuck paying the loan after the homeowner passes away.
Fact: Surviving spouses can choose to remain in the home without having to make a payment unless they choose to sell the home.

Myth: The homeowner cannot get a reverse mortgage if they have an existing mortgage.
Fact: Many people use a reverse mortgage to pay off their existing mortgage and debts, freeing up cash flow for other things.

Myth: A reverse mortgage is a solution of last resort.
Fact: Many financial professionals recommend a reverse mortgage because it’s a great way to provide financial flexibility. Since it’s tax-free money, it allows retirement savings to last longer.

Home is where the heart is, but it’s getting more difficult for seniors to stay in their homes.
93% of Canadian Seniors live at home and prefer to age in place.
60% of retired Canadians say staying in their home is critical to their quality of life.
700,000 Canadian senior-led households face a housing affordability challenge.
Canadian seniors who live alone at home experience poverty at nearly twice the rate of other seniors.
1 in 4 Canadian senior-led households are spending more than 30% of their income on housing.
Only 1/3 of the Canadian workforce is covered by a registered pension plan down from 37% in 1992.
Almost 30% of Canadians who are nearing retirement have $50,000 or less in savings.
35% of those nearing retirement plan to use the value of their home to generate retirement income.
Nearly 70% of Canadians nearing retirement are still carrying debt.

THE TAKEAWAY
Most seniors prefer to live their retirement years at home but live on modest incomes and may face challenges to their financial security. Canadian seniors do benefit from access to CPP, OAS and housing assets but are feeling the pinch.

Sask Power Outages

Mon, 30 Apr by Pauline Relkey

Are you wondering if your area will have a planned outage soon? Check Sask Power’s website to plan ahead. Click here.

When an Outage Occurs

  • Step 1: Determine if the power failure is limited to your home

    • If your neighbours have power, check your electrical panel to see if the main circuit breaker has tripped. Even if it appears to be on, turn the breaker off and back on again to ensure a good connection.

    Step 2: If your electrical panel or main breaker isn’t the cause of the outage, call 310-2220.

    • Turn off or unplug any appliances, computers or electronics you were using when the power went out. Leave one light on so you’ll know when your power returns.
    • Keep refrigerators and freezers closed. If the power is out for a long time, make sure you check all refrigerated and frozen food before you eat it.
    • Close all doors, windows and drapes to conserve heat (unless the sun is shining in).
    • Never light a fire indoors unless you’re using an approved fire place or wood stove.
    • When faced with multiple outages, Sask Power prioritizes as follows:

      1. Life threatening or hazardous situations like power lines that have fallen on a road or vehicle.
      2. Large outages — Main lines and major equipment that return power to the largest number of customers.
      3. Small, isolated outages — Secondary lines and neighbourhood equipment.

When the Power Is Restored

They restore power when repairs are complete. If your neighbour’s power has returned and yours has not, there could be a problem specific to your home. Recheck your main breaker and reset it even if it appears to be on.

Occasionally, the power goes out again; this is sometimes the sign of another unidentified problem. Make sure to call us every time the power goes out (after you’ve checked your own main breaker). If power is not restored, call us toll-free at 310-2220.

Tips for the First-Time Home Buyer

Wed, 25 Apr by Pauline Relkey

When venturing into the world of home ownership, first-time buyers often find themselves having to make important, fast decisions in what feels like a surreal situation — after all, it might have only been a few weeks since owning a home seemed more like a far-off daydream than an immediate reality. A few common sense tips will help you navigate these unfamiliar landscapes as you move towards one of the biggest financial decisions of your life.

1. Get pre-approved
Though a pre-approval isn’t a guarantee that you’ll get a mortgage when you’re find a property, having one can give you a firm grasp on what you can afford before you start looking. A pre-approval from your bank or lender will save you time by narrowing your search to a more precise selection of homes, and this, in turn, can protect you from the all-too-common disappointment that follows setting your heart on a house you can’t afford.

2. Don’t expect your standards of living to change
It’s bound to happen: you see a house that maxes out your budget, but you imagine you can make it work by cutting out things like morning coffees, cellular data and cable TV. Remember, ‘roughing it’ for the sake of your house quickly loses its charm, and you’ll soon regret the lack of wiggle room for things like new furniture, redecorating, or unexpected repairs. Don’t regret your first home — avoid becoming ‘house poor’ by staying below the upper limit of what your bank is willing to lend you.

3. Make a list and check it as many times as it takes
Each property you consider will have its own unique combination of pros and cons, and going through them can feel a little like comparing apples to oranges. Don’t expect to stay clear-headed when the house with the poor walking score has the kitchen of your dreams; instead, stay on track by building a list of “must haves” and “nice to haves.” Though your list might evolve over time (especially if the “must haves” are rare for your price range), having a set of self-imposed guidelines can keep your search on course when you’re feeling overwhelmed by options.

4. Don’t confuse “first home” with “forever home”
Most first-time buyers start out a little starry-eyed, imagining that new home will be stylish, spacious, efficient … basically, everything they’ve been dreaming of. In reality, being able to afford a house that has everything you want is pretty rare in the first go-round, which can make you feel so discouraged you start closing yourself off to the available options. Remember, your ‘starter home’ doesn’t have to meet all the criteria of your ‘dream home,’ and the equity you’ll build for the next few years will get you closer to your goal.

With so much new information to absorb, steps to take, and decisions to make, buying a first home can feel like a rollercoaster ride. It’s important not to lose your head throughout all of it. Taking a few steps to keep your expectations rooted firmly in reality can help you glide through the process and feel confident in your final decision.

Want to be on TV?

Tue, 24 Apr by Pauline Relkey

I have been contacted by CBC to see if I have owners selling houses/looking to downsize/interesting stories/also if anyone is buying a cottage and what that experience is like for Canadians across the country.

The casting call will be sent out soon.

Four days of filming.

Selling between June and October 2018.

Let me know.

Apply for a $5000 Grant

Fri, 23 Feb by Pauline Relkey

The Mission of the Association of Saskatchewan REALTORS® (ASR) Quality of Life Program is to demonstrate REALTOR® care and commitment to all communities in Saskatchewan.
The ASR Quality of Life Legacy Grant Program supports that mission by awarding $5,000 grants each year to one charitable organization in each of six regions in the province:
• Region 1: Saskatoon & area;
• Region 2: Regina & area;
• Region 3: Moose Jaw / Swift Current & area;
• Region 4: Estevan / Weyburn & South East area;
• Region 5: Lloydminster / North Battleford & North West area;
• Region 6: Prince Albert / Melfort & North / North East area.
Applications are currently being sought from registered charitable organizations that support the following activities that align with the ASR Quality of Life principles and priorities, as follows:
• support shelter-related services in our communities
• enhance environmental sustainability, protection and conservation of natural areas
• promote safer neighbourhoods and improved community services
• enhance and promote community development and better opportunities for “at risk” populations
• support populations and disadvantaged citizens

DEADLINE IS MARCH 18, 2018

Click here for all the info and application form.

January Residential Sales and Home Prices Move In Opposite Direction

Mon, 12 Feb by Pauline Relkey

2018 has started off to a solid start compared to the 2 previous years in Regina. (Personally I am saying not much of a change).

143 sales in Regina compared to 139 in 2017 = 2.8%.

The Home Price Index reported a price of $279,400 down from $293,600 one year ago. The downward direction on prices is because of the over supply of properties and it’s pushing sellers to keep reducing their asking prices.

We have 1,133 active residential listings on the market at the end of January, over 20% increase from 2017.

The ratio of sales to new listings for the month was 30% (meaning only 30% of listings sold). Still a buyer’s market.  Condos make up almost 30% of the listings which is high.

Click here for the full report.

Saving $ while Shopping

Mon, 05 Feb by Pauline Relkey

I just learned something new this past weekend. If you go to buy something and the scanned price is higher than the shelf price, you are entitled to get a discount, either free or $10 off.

On behalf of Canadian retailers, RCC manages the Scanner Price Accuracy Code.
To file a complaint under the Scanner Price Accuracy Code, please contact: 1-866-499-4599.

The Scanner Price Accuracy Voluntary Code (“the Code”) evolved from the collaborative efforts of Retail Council of Canada (RCC), the Neighbourhood Pharmacy Association of Canada and the Canadian Federation of Independent Grocers (CFIG). These associations are composed of national, regional and local retailers selling a wide assortment of general merchandise, as well as pharmaceutical and food products.
This diversity in the Canadian retail environment underscores the advisability of a voluntary code that can be widely used.
The Scanner Price Accuracy Voluntary Code has been endorsed by the Competition Bureau.

PURPOSE
The purpose of the Code is to:
1. Visibly demonstrate retailer commitment to scanner price accuracy;
2. Provide retailers with a consistent national framework for dealing with scanner price accuracy issues; and
3. Provide the retail industry with a mechanism for consumer redress in scanner price accuracy cases, to be managed by the industry through an industry committee.

SCOPE
The Code applies to all scanned Universal Product Code (UPC), bar coded, and/or Price Look Up (PLU) merchandise sold in stores, with the exception of goods not easily accessible to the public (e.g. prescription drugs and behind-the-counter cosmetics), and individually price-ticketed items.
The Code does not apply in provinces or territories where existing legislation or regulation covers these concerns.
A retailer adopting the Code must abide by the policies outlined below.

1. THE ITEM FREE SCANNER POLICY
Retailers will implement an Item Free Scanner Policy as follows:
1.1 On a claim being presented by the customer, where the scanned price of a product at checkout is higher than the price displayed in the store or than advertised by the store, the lower price will be honoured; and
(a) if the correct price of the product is $10 or less, the retailer will give the product to the customer free of charge; or
(b) if the correct price of the product is higher than $10, the retailer will give the customer a discount of $10 off the correct price.
1.2 Where the same error recurs in scanning multiple units of a given product during a given transaction, the retailer will correct the scanning error in respect of each unit of the given product purchased, but is obliged to apply the policy set out in 1.1 (a) and (b) in respect of only one of the units.
1.3 Paragraph 1.1 only applies after the final sale price of the purchased item has been displayed at the checkout, including relevant rebate, discount or promotional coupons.
1.4 To be eligible for the Item Free Scanner Policy, the product must match the product description on the corresponding shelf tag.
1.5 The Item Free Scanner Policy does not apply if the barcode or shelf label for a given product has been tampered with.
1.6 The Item Free Scanner Policy does not apply to a product where, in respect of that product, the law:
(a) establishes a minimum price (or specified price); or
(b) does not permit the retailer to offer a discount or a rebate.
1.7 The Item Free Scanner Policy does not apply to a product that government legislation or regulation does not permit to be provided free or below a minimum price.
2.0 CORRECTION OF ERRORS
2.1 Once a scanner pricing error is brought to the attention of the retailer, appropriate steps should be taken as quickly as possible to correct the source of the error.
2.2 When a retailer cannot immediately correct a scanning error in respect of a product, it will post a correction notice in a conspicuous place. Once such a notice has been posted, the Item Free Scanner Policy is no longer in effect in respect of the relevant product.
3.0 RETAILERS’ RESPONSIBILITIES
3.1 All retailers will apply the Code, consistent with the philosophy and intent. In situations where retailers believe that customers’ requests are beyond the Code’s intent, these situations will be discussed with sponsoring Associations to ensure consistent application and remedies.
3.2 Retailers will establish appropriate internal policies and procedures for maintaining a high level of scanner price accuracy.
3.3 Retailers will display the sign attached hereto as Attachment 1 at all store entrances or in a conspicuous location near the store entrances. Retailers will display the sign attached hereto as Attachment 2 at each checkout station within their stores.
3.4 Retailers will train staff on the Code generally and the Item Free Scanner Policy in particular.
3.5 Retailers will have copies of their current advertising material (e.g. flyers, etc.) available and readily accessible for customer reference.
4.0 SHELF LABELS
4.1 For those products that are not individually price-ticketed, a clear and legible label must be affixed to the shelf next to the product.
4.2 The shelf label (peg label, basket label) must contain an accurate description of the item and shall include the price of the item or, where the item is sold at a price based on a unit of measurement, the price per unit of measurement.
4.3 The price on the shelf label must be in at least 28-point bold type print, and product description in at least 10-point type print.
4.4 A sign for a given product within the retailer’s premises which is not displayed with that product (i.e., is displayed elsewhere within the retailer’s premises), shall comply with the minimum requirements described above and be at least 38.71 sq. cm in size.
5.0 CUSTOMER RECEIPTS
5.1 The cash register receipt provided to the customer for a transaction must contain, at a minimum, the following information:
the retailer’s name;
the date of the transaction;
the nature of each item purchased and/or any distinguishing mark (subject to the system’s limitations); and
the price and description of each purchased item.
6.0 CODE MAINTENANCE AND ADMINISTRATION
6.1 A Scanner Price Accuracy Committee (“the Committee”) will be created to review the Code on an annual basis and to recommend required amendments. The Committee should be composed of representatives of the Neighbourhood Pharmacy Association of Canada, CFIG, RCC and the Consumers’ Association of Canada (CAC).
6.2 The Committee should be responsible for keeping the Code up to date.
6.3 The Committee should meet at least twice a year in order to supervise national implementation of the Code and consider any recommended changes to it.
6.4 The Committee should create sector specific panels (i.e. Grocery, Drug or General Merchandise). Each panel should:
(a) be composed of representatives of the respective trade associations and the CAC;
(b) review any outstanding complaints arising from the Item Free Scanner Policy; and
(c) recommend ways of resolving the complaint and provide relevant direction to the appropriate contact person.
6.5 The Committee shall prepare an annual report for the Competition Bureau concerning the number of complaints received and their resolution.
7.0 CONSUMER COMPLAINT PROCESS
7.1 When a scanner price error occurs, the cashier will be authorized to implement the Item Free Scanner Policy.
7.2 A customer dissatisfied with the cashier’s decision will be directed to the store manager or supervisor.
7.3 If the store manager or supervisor cannot resolve the dispute, the customer should be directed to a designated company representative.
7.4 The time period for considering a particular complaint should be left to the discretion of the retailer. However, generally complaints should be resolved as expeditiously as possible and, in any event, no later than one month after the error is alleged to have occurred.
7.5 In the event that the dispute between the retailer and the consumer cannot be resolved:
(a) either party may refer the complaint to the Scanner Price Accuracy Committee; and
(b) if the dispute remains unresolved it may, at the request of either party, be referred to a designated arbitrator on a cost recovery basis.

Neighbourhood Pharmacy Association of Canada Supporting Companies:
Shoppers Drug Mart
The Groupe Jean Coutu (NB and ON only)
Lawton Drug Stores
London Drugs
Lovell Drugs
Pharmasave BC
RCC Supporting Companies:
Costco Wholesale Canada Ltd.
The Home Depot Canada
Canadian Tire Corporation Ltd.
Toys r Us
Rona
Wal*Mart Canada Corp.
Giant Tiger Stores Ltd.
The North West Company
Best Buy
2 Home Hardware franchisees
Canada Safeway Limited
The Great Atlantic and Pacific Tea Company of Canada Limited
Loblaw Companies Limited
Sobeys Inc.
Metro Inc.
Thrifty Foods
Co-op Atlantic

CFIG Supporting Companies:
Thrifty Foods
Overwaitea Food Group
The Harry Watson Group
Longos Brothers Fruit Markets
Federated Co-operatives Limited
+ 1374 independent locations

Regina Home Sales Down, Listings at an all time high

Tue, 28 Nov by Pauline Relkey

My summary – even though the above title is true, sellers aren’t budging much when it comes to price.

Listings in Regina reached a record high for October with 1,444 homes for sale.

Sales numbers in and around the city dropped to their lowest level since 2008.

Average time to sell was 61 days which is the longest average listing to sale time in the last decade. The average sale price for October dropped by 1%.

Causes are overbuilding and lack of pressure on both buyers and sellers.

Diversified economy means people still have jobs and thusly sellers don’t feel pressured to sell at lower prices. Sluggish provincial economy causes buyer uncertainty. Buyers feel that prices might soon decrease. Regina has not seen big changes in prices as in other major cities.

Mortgage rules are tighter which reduces buying power.

The complete article is here.

Energy Rebates Resources for Provinces

Wed, 25 Oct by Pauline Relkey

Well I have to say I am disappointed with my province of Saskatchewan as you can see from the list below that most of Canada’s provinces and territories have some kind of energy rebate program in place.  Newfoundland, Nunavut and Saskatchewan have to giddy up and get on it.

Ontario Enbridge Home Winterproofing Program
https://www.enbridgegas.com/homes/manage-energy/rebates-incentive-programs/winterproofing/index.aspx

British Columbia – BC Hydro – Home Renovation Rebates
http://www.bchydro.com/powersmart/residential/savings-and-rebates/current-rebates-buy-backs/home-renovation-rebates.html

PEI Heat Pump Rebate Program
https://www.princeedwardisland.ca/en/information/transportation-infrastructure-and-energy/heat-pump-rebate-program

Nova Scotia Your Energy Rebate Program
http://www.novascotia.ca/sns/access/business/your-energy-rebate/about-the-program.asp

New Brunswick Home Insulation Energy Savings Program
https://www.nbpower.com/en/smart-habits/energy-efficiency-programs/home-insulation-energy-savings-program/

Quebec – RénoVert Tax Credit
http://www.revenuquebec.ca/en/citoyen/credits/renovert/default.aspx

Manitoba Power Smart Home Insulation Program
https://www.hydro.mb.ca/your_home/insulation/program/index.shtml

Yukon Good Energy Program
http://goodenergyyukon.ca/?utm_source=oldresidentialpage

Northwest Territories Energy Efficiency Incentive Program
http://aea.nt.ca/programs/energy-efficiency-incentive-program

Energy Efficiency Alberta
https://www.efficiencyalberta.ca/

Saskatchewan Health Cards and Organ Donation

Thu, 05 Oct by Pauline Relkey

Did you recently get your renewal stickers and organ donation card in the mail?
You can sign up online to make any changes to your address, phone number, name, date of birth, marital status, death, birth, attending school out of province, extended vacation or absence from Sk of 7+ months.
change@HealthSask.ca
1-800-667-7551
2130 11th Ave, Regina, Sask.

Discuss organ donation with your loved ones so that they know of your wishes because they can say no, even if you signed this paper.

Every year, thousands of Canadians are added to organ wait lists. Although 1 donor can save up to 8 lives and benefit more than 75 people, hundreds of Canadians die each year waiting for an organ that never comes.

Spain has the highest organ donation rate in the world — 36 donors per million people in 2014. Today, Canada’s rate is half that — 18 donors per million people — and in the lower third of developed countries.  Even the United States is doing better that us, at 26 donors per million. Why are our numbers so low?

Expand the pool of potential donors
Find better ways of transporting organs.
Train doctors to be donation specialists.
Have a national organ donation registry
Become an organ donor and make your wishes known to family. Check out the Canadian Transplant Society for info about your End of Life Directive form http://www.cantransplant.ca/home/.

In January of 2015 the Van de Vorst family of 4 was killed in a collision near Saskatoon. Their donated organs helped more than 50 people. Through all the sadness and grief their remaining family had to endure, they still saw fit to donate their organs.  I think more of us need to sign up for organ donations. Let me know if at least one of you reading this does sign up.  It’ll make my day.  And yes I have signed up.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.