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My Rates

1 Year 2.99%
2 Years 3.29%
3 Years 3.44%
4 Years 3.64%
5 Years 3.44%
7 Years 3.59%
10 Years 4.09%
*Rates subject to change and OAC
AGENT LICENSE ID
M09000057
BROKERAGE LICENSE ID
10349
Tim Fong Broker & Director of Sales and Development for Northwood Dream Team

Tim Fong

Broker & Director of Sales and Development for Northwood Dream Team


Phone:
Address:
7676 Woodbine Avenue, Suite 300, Markham, Ontario

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Welcome and thank you for taking the time to visit my website.

 

If you are looking to achieve your dream of home ownership or looking to achieve debt and financial freedom, please feel free to give me a call.  My objective is to provide sound mortgage advice and strategies to reduce your overall debt, free up cash flow and minimize interest costs.

 

Feel free to also follow me via social media for the icons above.

 

To the left, you can view references from my past clients to see the additional value I bring compared to your typical banker.   

 

If you have any questions, comments or concerns, please feel free to call or email me directly. I will always be happy to assist and I look forward to helping you with your financing needs.

 

Thank you, Tim

 


BLOG / NEWS Updates

CREA Updates Resale Housing Market Forecast

The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS) Systems of Canadian real estate Boards and Associations in 2018 and 2019. Housing market fundamentals remain strong in many parts of the country. Nonetheless, many housing markets continue to struggle in the face of policy headwinds. The new mortgage stress test announced last October had been expected to cause homebuyers to rush purchases in advance of the new rules coming into effect in January and for the pull-forward of sales activity to result in fewer transactions in the first half of 2018. Evidence suggests the policy response was stronger than expected, with seasonally adjusted national home sales last December having surged to the highest level ever recorded before dropping sharply in early 2018. Actual (not seasonally adjusted) national sales figures for March, April and May are typically among the most active months in any given year. Combined sales fell to a nine-year low for the three-month period. The seasonally adjusted trend suggests sales momentum has not yet begun to rally. Interest rates are widely expected to rise further this year and next. Home sales activity is nonetheless still expected to strengthen modestly in the second half of 2018 as housing market uncertainty diminishes. Taking these factors into account, the national sales forecast has been revised downward and is now projected to decline by 11% to 459,900 units this year. The decrease almost entirely reflects weaker sales in B.C. and Ontario amid heightened housing market uncertainty, provincial policy measures, high home prices, ongoing supply shortages and this years new mortgage stress test.

Bank of Canada maintains overnight rate target at 1¼ per cent

The Bank of Canada today maintained its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1 per cent. Global economic activity remains broadly on track with the Banks April Monetary Policy Report (MPR) forecast. Recent data point to some upside to the outlook for the US economy. At the same time, ongoing uncertainty about trade policies is dampening global business investment and stresses are developing in some emerging market economies. Global oil prices have been higher than assumed in April, in part reflecting geopolitical developments. Inflation in Canada has been close to the 2 per cent target and will likely be a bit higher in the near term than forecast in April, largely because of recent increases in gasoline prices. Core measures of inflation remain near 2 per cent, consistent with an economy operating close to potential. As usual, the Bank will look through the transitory impact of fluctuations in gasoline prices. In Canada, economic data since the April MPR have, on balance, supported the Banks outlook for growth around 2 per cent in the first half of 2018. Activity in the first quarter appears to have been a little stronger than projected. Exports of goods were more robust than forecast, and data on imports of machinery and equipment suggest continued recovery in investment. Housing resale activity has remained soft into the second quarter, as the housing market continues to adjust to new mortgage guidelines and higher borrowing rates. Going forward, solid labour income growth supports the expectation that housing activity will pick up and consumption will continue to contribute importantly to growth in 2018.

MY LENDERS

TD Bank Scotia Bank First National B2B Bank Home Trust
MCAP Merix Industrial Alliance Optimum Canadiana Financial
Equitable Bank ICICI Bank Fisgard Capital  RMG Mortgages Street Capital