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4 Things To Consider Before You Buy Your First Home
MARKs MORTGAGE SMART TIPS WHY USE A MORTGAGE AGENT? Simple .... we work for YOU! What can you afford? Have a Budget: Buying a home shouldnt be taken lightly; it is a big step and probably the largest financial decision you will make. Before making the decision to buy, take time to work out your personal budget which includes what you can afford and the different costs you will incur between renting and owning. (Email me for a free easy to use budget planner) Your budget is not necessarily referring to the maximum you qualify for, but what is more in line with your own personal spending habits. This is imperative if you dont want to have to change your lifestyle significantly because each month you are financially strapped, or worse, regret it and lose your home because you cant afford it! Use our FREE Budget Planner Tool to figure out what you can realistically afford. Financial Difference between Renting and Owning: Working thru a budget and knowing what your new expenses will be as a home owner versus what you pay now (as a tenant or if you are living with family) will give you a clear idea of how buying a home will impact your lifestyle choices. Things to consider would be; 1) will your transportation costs change as you will be moving closer to or further from work? 2) Will you eat out less or more now that you have your own place? 3) What are the extra utility costs? 4) What are the maintenance costs of the property etc.? You might be surprised to see that buying your first home may cost you less than renting! But if it doesnt, how much of a difference is it and are you prepared for that? Our Rent Versus Buy Budget Planner Tool will breakdown the difference between your expenses as a renter versus a home owner giving you all the answers you need. Please keep watch for our Smart Tips for your Mortgage Needs! If you found this useful, please dont hesitate to forward onto any other friends, family or colleagues you know that might also be thinking of purchasing their first home and would benefit from being informed with this information. As always, please do not hesitate to call or email if you have any questions at all. Take care Cashin Mortgages Inc. #12543 | MarkCashin@CashinMortgages.ca | www.MarkCashin.ca www.CashinMortgages.ca | 8- 3100 Ridgeway Drive, Mississauga, ON L5L 5M5 | phone 416-898-7600 Ext. 288 | fax 416-655-8997
Bank of Canada increases overnight rate target to 1 per cent
The Bank of Canada is raising its target for the overnight rate to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Recent economic data have been stronger than expected, supporting the Banks view that growth in Canada is becoming more broadly-based and self-sustaining. Consumer spending remains robust, underpinned by continued solid employment and income growth. There has also been more widespread strength in business investment and in exports. Meanwhile, the housing sector appears to be cooling in some markets in response to recent changes in tax and housing finance policies. The Bank continues to expect a moderation in the pace of economic growth in the second half of 2017, for the reasons described in the July Monetary Policy Report (MPR), but the level of GDP is now higher than the Bank had expected. The global economic expansion is becoming more synchronous, as anticipated in July, with stronger-than-expected indicators of growth, including higher industrial commodity prices. However, significant geopolitical risks and uncertainties around international trade and fiscal policies remain, leading to a weaker US dollar against many major currencies. In this context, the Canadian dollar has appreciated, also reflecting the relative strength of Canadas economy. While inflation remains below the 2 per cent target, it has evolved largely as expected in July. There has been a slight increase in both total CPI and the Banks core measures of inflation, consistent with the dissipating negative impact of temporary price shocks and the absorption of economic slack. Nonetheless, there remains some excess capacity in Canadas labour market, and wage and price pressures are still more subdued than historical relationships would suggest, as observed in some other advanced economies.
Canadian home sales fall further in July
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined further in July 2017. Highlights: National home sales fell 2.1% from June to July. Actual (not seasonally adjusted) activity in July stood 11.9% below last Julys level. The number of newly listed homes edged back by 1.8% from June to July. The MLS Home Price Index (HPI) was up 12.9% year-over-year (y-o-y) in July 2017. The national average sale price edged down by 0.3% y-o-y in July. Julys interest rate hike may have motivated some homebuyers with pre-approved mortgages to make an offer, said CREA President Andrew Peck. Even so, sales activity continued to soften in the Greater Golden Horseshoe region. Meanwhile, sales and prices in Montreal continue to strengthen. All real estate is local, and REALTORS remain your best source for information about sales and listings where you live or might like to. July marked the smallest monthly decline in Greater Golden Horseshoe home sales since Ontarios Fair Housing Plan was announced in April, said Gregory Klump, CREAs Chief Economist. This suggests sales may be starting to bottom out amid stabilizing housing market sentiment. Time will tell whether thats indeed the case once the transitory boost by buyers with pre-approved mortgages fades. Click here to continue reading