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Big Bank Survey Reports Need For Services Mortgage Brokers Provide.
SOURCE | Mortgage Broker News | By Justin da Rosa Brokers have for years boasted about their ability to find the best mortgage for clients by considering more than just the best rate. A new study suggests young homebuyers need that service now more than ever.When it comes to buying a home, its in a purchasers best interest to consider all aspects of a mortgage and not just the rate. It seems many arent considering their mortgage from all angles with a new study finding many regret taking on a mortgage that has left them house poor. Its important to choose the house and mortgage that you can afford so that you can manage your cashflow and wont end up with buyers remorse, David Nicholson, Vice-President, CIBC Imperial Service, said. A house can represent so much - a new start, independence, putting down roots, starting a family or building wealth. But, its important to evaluate the pros and cons and crunch the numbers so its the right decision for today and tomorrow. Many millennials regret purchasing their homes, according to a recent CIBC report. A poll found 39% of millennials have become homeowners; of those purchasers, 81% plan to sell in the near future.Of those, 63% cited housing costs making them cash poor; 57% are afraid interest rate increases will make it more difficult to meet payment requirements; and 36% believe renting is the better option.The results speak to the growing need for the services brokers provide - which include in-depth advice about long and short term mortgage options that best suit individual financial goals. One of the problems you have with millenials is they figure they can get all the information they need online as opposed to the information from people like brokers. The internet is no different from a dictionary or encyclopedia, Bill Macklem, a BC-based broker, told MortgageBrokerNews.ca. You can research how to build a car or a plane but building it is another matter. You need to have someone that is going to be your advocate, who is going to see what youre doing and help you plan it out. We dont have enough financial education and I think brokers provide that.
Toronto index stopped trending down in January
In January the TeranetNational Bank National Composite House Price IndexTM rose 0.3% from the previous month, a tic higher than the historical average for January and a second consecutive monthly increase. However, only four of the 11 metropolitan markets surveyed showed gains the first time since January 2016 that a rise in the Composite Index has had so little breadth. It was due mainly to a second straight monthly jump of the index for the important Vancouver market (1.2% in January on the heels of 1.3% in December). The Toronto index rose 0.2%, the Victoria index 1.0% and the Montreal index edged up 0.1%. All the other component indexes were down on the month: Hamilton (0.2%), Ottawa-Gatineau ( 0.2%), Edmonton (0.3%), Calgary (0.3%), Halifax (-1.0%), Winnipeg (1.1%) and Quebec City (2.0%). For Montreal, it was a 13th monthly increase, and for Hamilton it was a fifth decrease in a row. The rise of the Toronto index was the first in six months. The raw (unsmoothed) Toronto index  on which it is based was up for a third consecutive month. The firming of the smoothed index is due entirely to condo dwellings. The smoothed index for non-condo units fell in January for a sixth straight month, bringing its cumulative decline to 9.6%. Click here for full release. https://housepriceindex.ca/2018/02/toronto-index-stopped-trending-down-in-january/
2018 CMHC Prospective Home Buyers Survey
In October 2017, CMHC surveyed 2,507 prospective home buyers on-line. Respondents were all prime household decision-makers who intend to purchase a new home within the next two years, including approximately 1,500 First-Time Buyers, 500 current owners, and 500 previous owners. The survey results highlight that: First-Time Buyers and Previous Owners share the same top motivator to purchase a home: they want to stop renting. Improved accessibility (physical obstacles and barriers) and investment opportunity were also noted as top motivators across all groups. Changes to mortgage regulations and concerns about possible future interest rate increases were not among the top motivators. Over four-in-ten First-Time Buyers and Previous Owners say they would delay their home purchase if they were not able to find their ideal home, with a fairly similar proportion saying they would be willing to compromise on the size of the home and location. The majority of future home buyers intend to obtain a mortgage to finance their home purchase, with First-Time Buyers showing higher incidence compared to Previous Owners and Current Owners. Across all future home buyers groups, more than six-in-ten say they are likely to have a financial buffer in case their expenses change in the future. Furthermore, the majority of future home buyers, especially Current Owners, agree that they feel confident they have the necessary tools and information to manage their mortgage and debt load. Among all groups, the two most common actions completed one to two years prior to the purchase of a home were saving for a down payment and determining what type of home to buy. On the other hand, in the last three months before purchasing, about two-in ten of prospective buyers pre-qualify for a mortgage. About one-in-four prospective home buyers stated that they would be very likely to consider delaying their purchase in the event of an increase in interest rates.