Last One Standing

Sometimes talking about it just doesn’t work!

High Noon

Back in 1952 just a few years before the kernel of the MLS® began, Gary Cooper who played Will Kane as the town marshall in the movie High Noon, faced a dilemma. He had to make a choice – run away or face Frank Miller in a deadly gun fight. Miller was scheduled to arrive on the noon train, with the intent of exacting revenge from Kane who had put him in prison years ago.

She’s Here

The Canadian Real Estate Association’s clock has turned to High Noon as well! Stepping off the train, Commissioner Melanie Aitken has arrived! Dressed in black, guns blaze with statements such as “There’s a blank cheque out there for CREA and its members to pass any rules it wants ”! Aitken is in full shoot out mode.

Gun Fight

On the street known as the Competition Act, CREA, guns loaded and firing, has taken careful aim and is fighting back. When the smoke from this dust up over Multiple Listing policy clears, only one will be left standing.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Best place on meth Says:
March 28th, 2010 at 10:26 am

GO MELANIE!

KILL THE BASTARD!

March 28th, 2010 at 12:57 pm

@meth,

LOL!!! Guess you are not a fan of old ‘duster’ movies.
The movie’s equivalent to Melanie – Frank Miller the bad guy, is the one who dies.
I’m guessing but, I think the last breath words Miller a.k.a. Melanie, spoke were – “you got me marshall”!
Not that I’m keeping score but, if I were, that would be a notch on the gun handle for CREA! 🙂

Best place on meth Says:
March 28th, 2010 at 6:35 pm

I guess we have a different perspective on who is the equivalent character from the movie, ie: good guy.

But one thing is undeniable. You can cut the tension between the Competition Bureau and the Real estate Ass. with a knife.

http://www.youtube.com/watch?v=IKx6MUH6sEM

March 28th, 2010 at 6:46 pm

@meth
perspective – that we do!
re: tension – Great clip. thanks.

1 Says:
March 29th, 2010 at 8:12 am

Larry,

Can you ask your mortgage broker this question please:

– if someone has a pre-approved mortgage (and is out shopping for a place) of, let’s say, $500k, and they don’t buy a place by April 19th, and under the new rules they only qualify for $400k mortgage, when/how will they be made aware of this?

I’m thinking cmhc might come out and declare any mortgage pre-approved before April 19th will stand, even though currently its set for drop dead date of the 19th – any thoughts on this?

thanks – my view is that most folks don’t even know about this, and many will be shocked about this if they are not informed in advance by their lender – i’m not sure if lender’s have been contacting/informing borrowers with pre-approvals yet – how do you see this playing out -thanks.

March 29th, 2010 at 8:45 am

@1
Can’t speak for all mortgage people as I accept the possibility that a few are unaware of the impending changes.

To my knowledge
– the guys I deal with have when prior to completing an application, advised their clients of the impending changes.
As I understand it – the key is that if there must be a contract of purchase and sale ‘penned’ (accepted by buyer and seller) prior to the 19th or the 9th in the case of self employed individuals.
I further understand a pre-approval letter will not carry past those dates and sadly no, it would be silly to think that every lender is phoning their “pre-approved” clients to advise them of the rule change.

Personally, I am on a number of broker mailing lists and I have received newsletters detailing answers to this question. The issue is how many people read them?

Playing out –
there will be some buyers who will have a rude awakening and will not qualify to buy a home after CMHC’s rule change dates. Suspect is that the greatest number of these will be those who are counting on a rental suite to make up the difference in purchase price. For the Sellers who have houses without suites I also suspect but of course, I am not certain, may have to adjust their asking prices.
On the other side – there are a number of secondary lenders and insurers who will, for a higher interest rate (which they will claim is associated to the risk) lend in this circumstance.

That’s my take on it. I will however, forward this and if time permits should have a written “mortgage pro” response in a couple of days.

1 Says:
March 29th, 2010 at 8:59 am

Thanks Larry!

I was just wondering about buying power pre/post 19th and how it would change – sounds like it will be a sudden and perhaps largely unexpected drop for many (those most impacted), and sellers with suites as part of the package may find buyers in this category lower in terms of punch.

Interesting. Smart sellers must be looking at this and be very motivated to sell in the next 3 weeks, wouldn’t you think?

interesting times that is for sure

March 29th, 2010 at 9:36 am

@1
that’s a big YUP IMO. With this declared interest rate jump the fever begins.

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