The Realtor.ca Website

The other day I was in Prague and I had a client email me to get mortgage payments for a property they were looking at. They sent me the link, and I thought I would take the shortcut and use the http://www.realtor.ca’s built-in website calculator. After plugging in the numbers, I did the “measure twice, cut once” approach, and cross-referenced them with another calculator. Sure enough, the http://www.realtor.ca site does not incorporate CMHC fees, which is a huge mistake. I have emailed the Canadian Real Estate Association on this, because I find it to be a big problem for other clients.

Lesson here? Never ever assume the payments on a mortgage calculator are correct, until you have spoken to a Mortgage Professional.

An example - if you went on the realtor.ca site, and found a house asking $200K, the calculator would tell you that your payment would be $823.30 per month with 5% down.

What it did not do is figure in the 2.75% CMHC insurance which would be mandatory, and increase your monthly payment to $855 per month.

(difference times 60 months, we’re talking almost $2000 difference)

Another complaint about the website which I hope will be addressed: how come I can’t view properties on my ipad? Surely Realtors will be increasingly using this as a great sales tool - I as a mortgage agent have already seen its positive effects: light, easy to use, and a great demonstration tool for clients. Yet, the website won’t show up on my ipad, which is strange (not to mention, ineffective).

http://www.realtor.ca has come a long way from the old days, but can still go a lot further to improve the usability from a client’s perspective.

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