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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.
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.