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
LISTINGS FALL AGAIN TO END 2019, PUSHING PRICES HIGHER
Canadian Real Estate Association data show that national-level home sales fell 0.9% (sa m/m) in December 2019 after rising in the previous nine months. Limited availability looks to be increasingly weighing on sales activity. The month saw another broad-based decline in new listings18 of the 31 centres for which we have data witnessed fallsthat lifted the national sales-to-new listings ratio to 66.9%. It was the highest ratio since 2004 and a third straight month of supply- demand conditions tilted in favour of sellers (after data revisions). Fourteen cities reported sellers market conditions; the rest were balanced. The aggregate MLS Home Price Index (HPI) rose 3.4% (nsa y/y), its best gain since March 2018.
Montreal remained Canadas tightest local market, with rising sales and falling listings leading to yet another record-high sales-to-new listings ratio and the citys steepest y/y MLS HPI gains since 2005. Ottawas ratio also reached a new high as new listings plunged by more than 20% (sa m/m), driving a record 12.5% (nsa y/y) MLS HPI increase. Toronto also crept into sellers market territory for the first time since March 2017as in Montreal, home purchases rose and new listings felland its 7.3% (nsa y/y) HPI rise was the sharpest since 2017.
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Source: Scotiabank Economics
Story in 2018 and early 2019 was weak sales; story in 2020 will be lack of supply
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 this year and for 2020.
Evidence suggests housing activity will continue to improve into 2020, with prices either continuing to rise or accelerating in many parts of Canada. Indeed, many housing market indicators continue to support this outlook.
Economic fundamentals underpinning housing activity remain strong outside of the Prairies together with Newfoundland and Labrador. The national resale housing market outlook continues to be supported by population and employment growth while consumer confidence is benefiting from low unemployment rates outside oil-producing provinces. Additionally, the Bank of Canada is widely expected to not raise interest rates in 2020.
Mortgage interest rates have declined, including the Bank of Canadas benchmark five-year rate used by Canadas largest banks to qualify applicants under the B-20 mortgage stress-test. Though the decline in the benchmark rate has been modest, it is helping to improve homebuyer access to home purchase financing.