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4 Things To Consider Before You Buy Your First Home
MARKs MORTGAGE SMART TIPS WHY USE A MORTGAGE AGENT? Simple .... we work for YOU! What can you afford? Have a Budget: Buying a home shouldnt be taken lightly; it is a big step and probably the largest financial decision you will make. Before making the decision to buy, take time to work out your personal budget which includes what you can afford and the different costs you will incur between renting and owning. (Email me for a free easy to use budget planner) Your budget is not necessarily referring to the maximum you qualify for, but what is more in line with your own personal spending habits. This is imperative if you dont want to have to change your lifestyle significantly because each month you are financially strapped, or worse, regret it and lose your home because you cant afford it! Use our FREE Budget Planner Tool to figure out what you can realistically afford. Financial Difference between Renting and Owning: Working thru a budget and knowing what your new expenses will be as a home owner versus what you pay now (as a tenant or if you are living with family) will give you a clear idea of how buying a home will impact your lifestyle choices. Things to consider would be; 1) will your transportation costs change as you will be moving closer to or further from work? 2) Will you eat out less or more now that you have your own place? 3) What are the extra utility costs? 4) What are the maintenance costs of the property etc.? You might be surprised to see that buying your first home may cost you less than renting! But if it doesnt, how much of a difference is it and are you prepared for that? Our Rent Versus Buy Budget Planner Tool will breakdown the difference between your expenses as a renter versus a home owner giving you all the answers you need. Please keep watch for our Smart Tips for your Mortgage Needs! If you found this useful, please dont hesitate to forward onto any other friends, family or colleagues you know that might also be thinking of purchasing their first home and would benefit from being informed with this information. As always, please do not hesitate to call or email if you have any questions at all. Take care Cashin Mortgages Inc. #12543 | MarkCashin@CashinMortgages.ca | www.MarkCashin.ca www.CashinMortgages.ca | 8- 3100 Ridgeway Drive, Mississauga, ON L5L 5M5 | phone 416-898-7600 Ext. 288 | fax 416-655-8997
Canadian home sales edge down from December to January
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were down slightly in January 2017 on a month-over-month basis. Highlights: - National home sales declined 1.3% from December 2016 to January 2017 - Actual (not seasonally adjusted) activity in January was up 1.9% from a year earlier - The number of newly listed homes dropped 6.7% from December 2016 to January 2017 - The MLSHome Price Index (HPI) in January was up 15.0% year-over-year (y-o-y) - The national average sale price was little changed (+0.2%) y-o-y in January Sales activity was down from the previous month in about half of all local markets, led by three of Canadas largest urban centres: the Greater Toronto Area (GTA), Greater Vancouver, and Montreal. Actual (not seasonally adjusted) sales activity was up 1.9% compared to the same month last year. While sales were up from year-ago levels in about two-thirds of all local housing markets including in the GTA, Calgary, Edmonton, London and St Thomas, and Montreal, they were down significantly in the Lower Mainland of British Columbia. The number of newly listed homes dropped 6.7% in January 2017, the second consecutive monthly decline. New listings were down in about two-thirds of all local markets, led by the GTA and environs across Vancouver Island. With the monthly decline in new listings surpassing the decline in sales, the national sales-to-new listings ratio jumped to 67.7% in January compared to 64.0% in December and 60.2% in November. The ratio was above 60% in about half of all local housing markets in January, the vast majority of which are located in British Columbia, in and around the GTA and across southwestern Ontario. A monthly decline in newly listed homes further tightened housing markets that were already in sellers market territory. There were 4.6 months of inventory on a national basis at the end of January 2017 unchanged from December 2016 and a six-year low for the measure. The imbalance between limited housing supply and robust demand in Ontarios Greater Golden Horseshoe region is without precedent (the region includes the GTA, Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country). The number of months of inventory in January 2017 stood at or below one month in the GTA, Hamilton-Burlington, Oakville-Milton, Kitchener-Waterloo, Cambridge, Brantford and Guelph. In the Fraser Valley and Greater Vancouver, prices have receded from their peaks posted in August 2016. That said, home prices in these regions nonetheless remain well above year-ago levels (+24.9% and +15.6% respectively). Meanwhile, benchmark prices continue to climb in Victoria and elsewhere on Vancouver Island together with Greater Toronto, Oakville-Milton and Guelph. Year-over-year price gains in these five markets ranged from about 18% to 26% in January. By comparison, home prices were down 2.9% y-o-y in Calgary and by 1.0% y-o-y in Saskatoon. Prices in these two markets now stand 5.9% and 4.3% below their respective peaks reached in 2015. Home prices were up modestly from year-ago levels in Regina (+3.8%), Ottawa (+3.7%) and Greater Montreal (+3.1%). In Greater Moncton, home prices for the market overall held steady (-0.2%), reflecting an increase in townhouse row units prices (5.8%) that was offset by a decline in prices for one-storey single family homes (-1.0%). The actual (not seasonally adjusted) national average price for homes sold in January 2017 was $470,253, almost unchanged (+0.2%) from where it stood one year earlier. The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which remain two of Canadas tightest, most active and expensive housing markets. That said, Greater Vancouvers share of national sales activity has diminished considerably over the past year, giving it less upward influence on the national average price. The average price is reduced by almost $120,000 to $351,998 if Greater Vancouver and Greater Toronto sales are excluded from calculations.
Canadian Housing Starts Trend Increased in January
The trend measure of housing starts in Canada was 199,834 units in January compared to 197,881 in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of Canadas housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next. The standalone monthly SAAR for all areas in Canada was 207,408 units in January, up from 206,305 units in December. The SAAR of urban starts increased by 1.0per cent in January to 189,688 units. Multiple urban starts increased by 4.2per cent to 125,886 units in January and single-detached urban starts decreased by 4.6 per cent, to 63,802 units. In January, the seasonally adjusted annual rate of urban starts increased in Ontario and Atlantic Canada, but decreased in British Columbia, the Prairies and Quebec. Rural starts were estimated at a seasonally adjusted annual rate of 17,720 units.