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 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 mortgage specialists 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 Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
Rent vs. Buy - Five Year Scenario
No matter your situation, one of the main necessities in life is having a place that you, and possibly your family, can call home.
Given this assumption, it is probably safe to assume that the Rent vs. Buy debate is something you have thought about or discussed with family,friends and colleagues.
As a Mortgage Professional I like to let the numbers do the talking. Take a look at these two Five Year Plan scenarios:
Purchase Price of home: $250,000
Min. down payment required: $12,500
Five year fixed rate as of Feb. 21, 2014: 3.19%
Mortgage Amortization: 25 years
Monthly Principle and Interest Payment: $1,178.79
Estimated Monthly Property taxes: $200
Total Monthly Payment: $1,378.79
Estimated Annual Appreciation of Home (3% based onaverage for HRM):
$250,000 * .03 = $7,500
Estimated Value of home at the end of your Five year term(not compounding):
$250,000 + ($7,500 * 5) = $287,500
Balance owing after Five years based on Monthly payments:
Equity accumulated after Five years:
Monthly Rent: $1,000
Monthly Rent paid over five years: $60,000
Monthly Rent: $1,200
Monthly Rent paid over five years: $72,000
Monthly Rent: $1,400
Monthly Rent paid over five years: $84,000
I am sure we can all make the conclusion that we would rather have several thousands of dollars in Equity, as opposed to paying several of thousands of dollars to cover someone else’s mortgage.
However some of you may be saying to yourself this is great, and I can easily afford the mortgage payment, but the main obstacle to achieving this five year plan, is coming up with the start-up funds (i.e. down payment,Closing costs).
This is where setting up a consultation with an experienced Mortgage Professional can help get the ball rolling. There are different options available,depending on your qualifying details, to get you on track to purchase sooner then you may think.
So whether you feel like this is your time to buy, want to setup a plan, or are just interested in gathering information and options, I work for you and am here to help!
C – (902) 237 4472
Bank of Canada maintains overnight rate target at 1 ¾ percent
The Bank of Canada today maintained its target for the overnight rate at 1 percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 percent.
The Banks October projection for global economic growth appears to be intact. There is nascent evidence that the global economy is stabilizing, with growth still expected to edge higher over the next couple of years. Financial markets have been supported by central bank actions and waning recession concerns, while being buffeted by news on the trade front. Indeed, ongoing trade conflicts and related uncertainty are still weighing on global economic activity, and remain the biggest source of risk to the outlook. In this context, commodity prices and the Canadian dollar have remained relatively stable.
Growth in Canada slowed in the third quarter of 2019 to 1.3 percent, as expected. Consumer spending expanded moderately, underpinned by stronger wage growth. Housing investment was also a source of strength, supported by population growth and low mortgage rates. The Bank continues to monitor the evolution of financial vulnerabilities related to the household sector. As expected, exports contracted, driven by non-energy commodities. However, investment spending unexpectedly showed strong growth, notably in transportation equipment and engineering projects. The Bank will be assessing the extent to which this points to renewed momentum in investment.
CPI inflation in Canada remains at target, and measures of core inflation are around 2 percent, consistent with an economy operating near capacity. Inflation will increase temporarily in the coming months due to year-over-year movements in gasoline prices. The Bank continues to expect inflation to track close to the 2 percent target over the next two years.
Based on developments since October, Governing Council judges it appropriate to maintain the current level of the overnight rate target. Future interest rate decisions will be guided by the Banks continuing assessment of the adverse impact of trade conflicts against the sources of resilience in the Canadian economy notably consumer spending and housing activity. Fiscal policy developments will also figure into the Banks updated outlook in January.
Gross domestic product, income and expenditure, third quarter 2019
Real gross domestic product (GDP) grew 0.3%, following a 0.9% increase in the second quarter. Third quarter growth was led by higher business investment and increased household spending, boosting final domestic demand by 0.8%.
Expressed at an annualized rate, real GDP advanced 1.3% in the third quarter. In comparison, real GDP in the United States grew 1.9%.
Business investment rose 2.6% in the third quarter, the fastest pace since the fourth quarter of 2017. Growth in household spending accelerated to 0.4%, after rising 0.1% in the second quarter. These increases were moderated by a 0.4% decline in exports, while imports were flat.
Non-farm business inventories were drawn down by $550 million in the third quarter, and the economy-wide stock-to-sales ratio hovered at 0.84. Cannabis inventories contributed to the $4.9 billion accumulation of farm inventories.
Housing investment accelerates
Housing investment rose 3.2%, the fastest pace since the first quarter of 2012. The increase was driven by both new home construction (+3.3%)mostly single-detached homes in Ontarioand higher ownership transfer costs (+8.7%) from increased resale activities in British Columbia and Ontario.