Edmonton Revenue Property Investors Association Message Board › ERPIA Minutes Feb 12, 2013
Sherwood Park, AB
Edmonton Revenue Properties Investors Association.- minutes of February 12, 2013
Jim Whitelaw opened the meeting at 7:00 p.m. upstairs in Rosie’s south side bar. Jim introduced Brent Davies our president. Ours is the longest running and friendliest Real estate group in Western Canada. Our group started in 1982 and is now 31 years old. New members introduced themselves. Our guest speaker was Matt Bergen from HUB. HUB is the leading International Commercial Insurance Company of Canada. They represent 99% of Insurance companies and they are the largest brogerage company in canada. You can choose between basic bones and complete covergae. Matt explained the differences between personal insurance and Commercial Insurance policies. You get what you pay for. Normally a commercial policy has better coverage. Matt specializes in Commercial policies.
Brent gave us a market update. There are many apartment buildings for sale at present. Basement suites are the first to become vacant. If you use a property manager, then 10% to 15% goes to the manager. Some folks rent out their garage for $200.00/month.
Residential mortgages – banks want a personal guarantee. They can take the home or condo back and ask for the difference. Banks will do up to 85% mortgage and multi family can apply for a CMHC mortgage. At present we have too much inventory and prices have been flat for 5 years. The west end is selling fast. At around 3%, interest rates are being held artificially low.
We had a buy/sell for members to advertise places they wish to sell or places they want to buy.
Part of our former executive resigned and new executive by way of volunteers were chosen. President and vice president remain unchanged with Brent Davies our president and Jim Whitelaw as our VP. Our new treasurer is Walter Rooyakkers. Lona Chow is our new Secretary. New directors include Gen Auger , Ivan Abelar, Brad Weatherspoon and Miles Wilson.
Book draws completed the evening around 9 p.m.