It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO JP Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO JP Mortgage Services speciallist are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO JP Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
Housing Market Overview
Toronto and Ontario Housing Market Forecast Canadian Real Estate Market Report Greater Toronto Area Real Estate Market Ontario Real Estate MArket Update Canada’s housing market displayed signs of cooling during the first quarter of 2013, as total sales declined 15.3% year-over-year. Prices remain higher year-over-year as the overall market remains in balanced territory with stable supply/demand dynamics. While comparing year-over-year metrics can be useful, we believe it can be misleading given we are coming off record volume years. The CMHC expects total sales for 2013 to reach 451,100, unchanged vs 2012 and 3.4% below the long term average of 467,100. Industry experts fully expect that headlines will continue to focus on how sales remain down from last year, but are quick to point out that those same numbers have held steady since the last round of mortgage regulations took effect in July 2012. Although transactions remained down from year ago levels in more than 90% of all local markets, the gap diminished in a number of large urban markets including Greater Vancouver, Calgary and Montreal. Edmonton was the only large urban market which had sales that surpassed those of a year ago. The national market remains firmly in balanced territory as inventory declined to 6.6 months at the end of April from 6.7 months in December. The decline was a result of an increase in sales combined with a decline in the overall supply of homes for sale. The national average price for homes sold in April was $380,588, which represents a 1.3% increase from the same month last year and a 4.6% increase from the average sale price in 2012. Greater Toronto Area Real Estate Market In the GTA, resale activity slowed during the first four months of the year with a 11% decline in total sales compared with the first four months of 2012. Shortage of listings in some market segments, stricter lending guidelines and the additional land transfer tax is likely to have played a role in the decline. The largest year-over-year decline amongst any segment was the resale condo market which was down 13.9% from the first four months of 2012. This decline was spread evenly between the “416” and “905” regions in the GTA. Prices continue to be supported by overall supply/demand dynamics as the average selling price during the first four months was $513,895 which represented a 2.8% increase from the same period one year ago. The average selling price in April was led by townhomes and highrise condo apartments which both saw a 3.1% year-over-year price increase followed by semi-detached homes where there was a 2.7% increase. The average selling price has rebounded to start the year after experiencing two consecutive down months to close 2012. GTA Year-Over-Year Summary For April Source: TREB Taking a closer look at the condo market in the GTA, there was a total of 4,133 sales reported through the MLS System in the first 3 months which was down 17% from the first quarter of 2012. New listings were also down 5.3% year-over-year. According to the Toronto Real Estate Board, condo buyers benefited from a substantial amount of choice in the market especially in comparison to low-rise home types. But given that new listings were down in the first quarter, this suggests that the market may become tighter moving forward. Inventory numbers continue to remain low amongst low-rise homes as the number of newly listed homes continue to decrease. At the end of April, there was just 1.8 months of inventory in this segment compared to over 3 months at the end of 2012. Condo inventories also felt the effects of fewer listings, as inventory fell to under 3.5 months for the first time since May 2012. The national inventory number is 6.6 months. Historical Home Sales and Average Price in the GTA Source: TREB Months of Inventory Between Highrise Lowrise Housing in GTA Source: TREB Ontario Real Estate Market Update Existing home sales in Ontario stabilized during the first quarter of 2013 after trending lower in each of the prior four quarters. A total of 39,330 homes were sold during the first three months which represented a 4.9% increase from the fourth quarter of 2012 and a 13.6% decline from the same period one year earlier. Modest job growth across the province coupled with more out-migration over the past year contributed to sluggish resale demand. New home listings dropped province wide for a third consecutive quarter as weather conditions and less upward pressure on prices discouraged homeowners from putting homes on the market. Row and apartment housing remained well supplied while single and semi-detached housing experienced less obliging supply conditions. The hottest market was Thunder Bay due in large part to lack of supply options. Hamilton, Barrie and Oshawa are markets which have tightened due to incoming demand from households bypassing the more expensive GTA market. Despite the presence of balanced market conditions, Ontario home prices still managed to grow above the general rate of inflation during the early part of 2013. The average selling price during the first three months was $393,170 which was a 2.4% increase over the first quarter of 2012. The price gain was supported by the fact that mid to higher end homes continue to dominate a large part of the entire market. This phenomenon is consistent with the tighter market conditions for singles and semi-detached housing in some of the major markets across the province. Ontario’s tightest resale markets posted the strongest price gains so far this year with Thunder Bay leading the way. Comparison of Select Markets in Ontario Source: CMHC Ontario saw a decline in the number of newly constructed residential homes during the quarter with most of the weakness concentrated in the multi-family home sector, with singles posting modest declines. Momentum in the residential construction sector has been less intense since last spring due to better supplied resale markets and high level of units under construction. Residential construction has declined most in Kitchener, Kingston and Windsor while holding up better in Barrie, Thunder Bay and St. Catharines-Niagara. Average Annual Home Prices in Ontario Source: CMHC
Top five home renovations that increase property value
Looking to increase your homes property value? Here are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment 5-6x what they cost.
Flooring is one of the most important aspects of your house. You will see an immediate rise in property valuation with the installation of hardwood floors. Existing hardwood floors that you can refinish are ideal as they are less costly to restore and in higher demand than new flooring materials. For the bathroom, tile will always be in demand and retain value exceptionally well.
Kitchens often look tired and dated, in large part due to old fixtures. Replacing or updating cabinet hardware, light fixtures, countertops and faucets will result in an immediate increase in your homes value. This small, but effective upgrade will also revitalize the entire home. Pot lights are in high demand in open concept style homes.
Thebathroomis the second most important room in the home in terms of valuation. If you can add a three-piece bathroom to a home with only one full bathroom, you will see a dramatic rise in the market value of your home. While you should never compromise bedroom space for a bathroom, try sneaking one in dead space in the home. Scott managed to fit in a 3-piece bathroom under a staircase the width of the room measured just 44 inches. As an added tip, use glass for the shower to make the bathroom feel more spacious.
Kitchens are the single most important room in the home relating to valuation. The kitchen can make a significant difference in the value of your home. As such, it is crucial that you invest in having a modern, fresh anddesirable kitchen. Modern cabinetry, under cabinet lighting and new appliances will all significantly increase the value of your home on the market. To save on cost without compromising construction and desirability, look at options like Ikea cabinets as opposed to custom cabinetry.
#1 An Income Suite
No surprise, but the single biggest way to increase the value of your home is to build an income suite within the property. Whether this is converting yourbasement into a rental, or another floor in the home, an income property will increase your homes worth. The main reason for this is that it covers a portion, or sometimes all of your mortgage payments, and results in your home being cash flow positive which creates real wealth that can supplement your income.
Valuable Fraud Prevention Tips for Homebuyers and Homeowners: Part 1
March is Fraud Prevention Month. Canada Mortgage and Housing Corporation (CMHC) has consistently been a leader in the fight against mortgage fraud and offers the following tips to protect yourself against becoming a victim of mortgage fraud.
Misrepresentation of Information
Mortgage fraudoccurs when someone deliberately misrepresents information in order to obtain mortgage financing that would not have been granted if the truth had been known. This can include:
Misstating ones position or inflating ones income or length of service at their job;
Misstating employment status (ie. salaried/full time versus contract, part time, hourly or commission-based or self-employed);
Misrepresenting the amount and/or source of the down payment;
Purchasing a rental property and misrepresenting it as owner-occupied;
Not disclosing existing mortgage and/or debt obligations;
Misrepresenting property details or omitting information in order to Inflate the property value;
Adding co-borrowers who will not be residing in the home and do not intend to take responsibility for the mortgage.
Another common form of fraud is when a con artist convinces someone with good credit to act as astraw buyer.A straw buyer is someone who agrees to put his or her name on a mortgage application on behalf of another person. In return for their participation, straw buyers may be offered cash or promised high returns when the property is sold. Often, straw buyers are deceived into believing that they will not be responsible for the mortgage payments.
Consequences of Misrepresentation
Borrowers who misrepresent information and straw buyers who allow a property to be purchased in their name are committing mortgage fraud and will be responsible for any financial shortfall in the event of default. They may also be held criminally responsible for their misrepresentation.
If you suspect that you or someone you know has been the victim of mortgage fraud, please contact your local police department or The Canadian Anti-Fraud Centre.
Toll Free: 1-888-495-8501
Toll Free Fax: 1-888-654-9426
To find out more about mortgage fraud, visit the fraud prevention section of the Canadian Association of Accredited Mortgage Professionals (CAAMP) website athttp://mortgageconsumer.org/protect-yourself-from-real-estate-fraud.
For over 65 years, Canada Mortgage and Housing Corporation (CMHC) has been Canadas national housing agency, and a source of objective, reliable housing information.