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Premiere Makes Profit 500 List
Premiere named mortgage firm of year, makes Profit top 500 list
Don MacVicar, president of Premiere Mortgages. (TIM KROCHAK / Staff)
Accolades just keep coming in forPremiere Mortgage Centre Inc.in Halifax.
The locally owned and managed mortgage brokerage firm was recently named Mortgage Brokerage of the Year by the national publication Canadian Mortgage Professional.
Just last week, Profit Magazine put Premiere Mortgage on its list of the top 500 fastest-growing companies in Canada at 69th place, with growth of 1,018 per cent over the past five years.
“It feels pretty good to get back-to-back recognition like this,” company president Don MacVicar said Monday.
“The competition is pretty aggressive in some of the other markets.”
MacVicar, a Halifax native, and some partners set up Premiere Mortgage about seven years ago after he returned to Nova Scotia with his family following a career in the banking business in Toronto.
Growth to date has far exceeded anything he had in mind, he said.
“I thought I was coming back to the Maritimes to get in a little of that more relaxed pace of life everybody was talking about.”
MacVicar said the brokerage firm plans to maintain an aggressive growth rate in Atlantic Canada and Ontario in coming years.
The company has 60 mortgage agents and originated $600 million in new mortgages in 2012, with a forecast of $700 million for 2013.
Canada’s big banks are expected to follow theRoyal Bank of Canadaand increase mortgage rates in the coming days. MacVicar said this may be good for the real estate industry.
RBC raised the rate on one-year mortgages 14 basis points to 3.14 per cent on Monday. A hundred basis points are equal to one per cent.
Two- and three-year mortgages went up 10 basis points to 3.14 and 3.65 per cent, respectively.
MacVicar said independent brokerages like Premiere can sometimes offer consumers a buffer from interest rate hikes, but he said some upward movement in rates is inevitable across the board.
“Even with these modest increases of 10 to 14 basis points, rates are at historic lows,” he said.
“The upward movement in rates might be good for the real estate industry as it may encourage consumers who’ve been sitting on the fence with rate guarantees to make a move.”
Other Nova Scotia companies on the Profit magazine list of fastest-growing companies includedMercer’s Best Built Structures Inc.of Dartmouth,Terra Beata Farms Ltd.of Heckmans Island, Lunenburg County, andJewelPop Inc.of Dartmouth.
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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