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My Rates

6 Months 3.10%
1 Year 2.64%
2 Years 2.54%
3 Years 2.84%
4 Years 2.94%
5 Years 2.99%
7 Years 3.79%
10 Years 4.09%
6 Months Open 6.45%
1 Year Open 3.70%
*Rates subject to change and OAC
AGENT LICENSE ID
M16001939
BROKERAGE LICENSE ID
12136

Nourin Thayani

Mortgage Agent


Phone:
Address:
204-3582 Major Mackenzie Drive W, Vaughan, Ontario

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I would like to take this opportunity to thank you for selecting me as your mortgage advisor. It has truly been a pleasure working with you.

The following mortgage plan is a document and service that I provide to all of my clients to help them become more familiar with me, their lender, and their mortgage financing options. While the mortgage transaction has now been successfully completed, our relationship is just beginning. As your mortgage advisor my ongoing role is to help you successfully manage your mortgage debt, as well as your personal finances, in order to minimize your interest costs and fees - and enjoy mortgage freedom as soon as possible.

I would also like to take this opportunity to encourage you to contact me if you have any questions regarding your mortgage, or the mortgage needs of a friend or family members. Thank you again and I look forward to continuing to assist you with your mortgage needs.


BLOG / NEWS Updates

Construction intentions for multi-family dwellings in Montréal continue to climb

In October, the value of permits for both single-family and multi-family dwellings increased in the CMAs of Montral and Toronto. However, in the Vancouver CMA, both residential components fell, offsetting the gains in September. Municipalities in the CMA of Montral issued $538.1 million in permits for multi-family dwellings in October, higher than in Toronto ($409.2 million) and Vancouver ($330.6 million). In regards to single-family homes, Toronto registered $451.3 million in permits, followed by Vancouver ($148.1 million) and Montral ($122.4 million). The Montral CMA issued permits approving the construction of 2,956 new units, stemming mainly from multi-family dwellings (2,720). October marked the fifth consecutive month where the number of units approved for multi-family dwellings exceeded 2,000. Vancouver approved the construction of 1,860 new units for multi-family homes, while Toronto (1,691) approved fewer despite having a higher value for the component.

Housing Market Digest by Will Dunning, Economist for Mortgage Professionals Canada

The Office of the Superintendent of Financial Institutions (OSFI) now requires that all residential mortgages by federally-regulated lenders must be stress-tested, at two percentage points above the contract interest rate (or the 5- year posted rate, if that is higher). In combination with the requirements for mortgage insurance, about 90% of all new mortgages will be tested. This can be expected to reduce housing activity by 10-15%. It is on top of the impact from recent rises for mortgage interest rates (another 5-10% drop in activity). The combined 15-25% drop in housing activity will affect the broader economy. In two years, employment could be 150,000-250,000 lower than it would otherwise be. There is a risk that house prices will fall. In a modern economy, a sustained drop in house prices is one of the most dangerous things that can happen: as happened in the US a decade ago, falling house prices can turn into widespread economic decline. Resale activity recovered a bit more in September, to 492,900, due to partial rebounds in BC and Ontario. Activity is flat in most other areas. CREAs House Price Index was flat in September. The year-over-year change is now 10.7% (down from the peak of 19.7% that was seen in April). The sales-to-new-listings ratio (SNLR) was 55.7% in September, slightly above the balanced market threshold of 51%. This indicator points to an outlook for stable prices (at worst). But, as noted, OSFIs stress test policy creates a risk of falling prices. We should, in general, expect that resale activity will trend upwards over time, because the population is growing and the housing inventory is expanding. Therefore, it is useful to look at sales on a per capita basis. Recent activity is below the long-term average.

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