The Redwood/Raven Reporter
I hope this message finds you well, and 2017 has you off to a good start.
Redwood has been in the business for 28 fun years. This year will be a year of exciting change. The Leafs in the playoffs, the boat in the water, a new corporatedirection, summer weather, the knowledge that my transmission is good for another 200,000K KMs (as the last one exploded in rush hour traffic on the 401), and my daughter getting married.
I would like to announce that Redwood Mortgage will become a licensee of Verico, Canadas largest mortgage network. The lending landscape is changing rapidly, and now is the time to align ourselves with Canadas largest network of mortgage professionals. The Your brand, Your way network system will allow Redwood Mortgage to have access to innovative tools, support devices, industry leading technology and lender accessibility. Some of the large advantages are electronic document storage and an increase in the number of lenders, which leads to moreproducts for you.
Raven Financial Services (Redwoods sister company), will remain totally independent, as previously mentioned Raven specializes in the management of private mortgage portfolios. Raven has doubled in size in the first quarter of 2017. Fly Raven fly!
I would also like to take the opportunity to announce our Marketing Manager and Executive Assistant Natalia Chavez as part of our team. Natalia will be responsible for managing and executing all Marketing projects for Redwood Mortgage and Raven Financial Services. She will also be announcing new exciting news and updates on both Redwood Mortgage Corporation and Raven Financial Services. Natalia will bring a very new approach to our brand with her outstanding skills and extensive knowledge on Digital Marketing.
Lastly, if you want to talk about a mortgage, or refer a friend/family member, or talk about anything really please do not hesitate to call, and I mean this sincerely. Pick up the phone, drop in or send me and e-mail. It is perfectly okay. You know I am a person who loves to get letters in the mail, meet people and talk on the phone.
Robert A. (Bob) Gascon
Redwood Mortgage Corporation FSCO #10288
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.
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Decline in single-family component moderated by gain in multi-family dwellings
Canadian municipalities issued $8.1 billion worth of building permits in June, up 2.5% from May and the second highest value on record. Higher construction intentions for multi-family dwellings and commercial buildings were mainly responsible for the national increase. All building components reported gains in June, except for single-family dwellings.
The value of residential building permits fell 0.9% in June to $5.0 billion, the fourth decrease in five months. The decline was mainly the result of lower construction intentions in four provinces, notably Ontario.
In June, the value of permits for single-family dwellings decreased 12.5% to $2.4 billion. Seven provinces registered declines, with Ontario being the main contributor to the decrease.
Conversely, construction intentions for multi-family dwellings rose 12.5% in June to $2.7 billion, marking a third consecutive monthly increase. Seven provinces registered gains, led by Ontario and British Columbia.
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