Associated with Verico Financial Group, a top Mortgage Broker Network in Canada, I aim to provide you with the best possible independent professional mortgage advice.
Starting with your own financial goals, I will advise on the best lenders and products available to you, lead you through the Mortgage approval process and keep you well informed as we move towards completion.
I offer advice both as in individual with the practical experience of shopping for a family home, in addition to that of a business owner when financing a business through both good and bad economic times, plus valuable experience as a commercial and residential property owner and investor.
Whether you are taking a mortgage for your first home, remortgaging, or re-financing, the priority remains the same – developing an ongoing mortgage strategy centred around your own particular needs.
Time for some Independent, Professional advice
Sourcing a mortgage which is right for you Independent Professional advice
Most home buyers today need a mortgage, and in todays market there is good reason to get an early start to organising your finances.
By using the services of an independent mortgage broker you not only are able to access all lenders and products to get the best fit for you, but in the majority of instances, the service is free!
Your consultation with a broker is without obligation and it will put you in a strong position to offer on a property when you find the right home.
By taking time to meet with a mortgage professional you will go through a pre-approval process which will result in a conditional pre-approval or, more accurately, a 120 day rate hold.
Subject to receiving and approving financing key words to remember
It is important to realise that although you may now be pre-approved at a certain rate there will remain a number of Lender conditions to be met. In addition, the Lender still needs to approve of the property which you wish to purchase.
For these reasons never offer on a property without inserting a subject to receiving and approving financing clause.
Be ready to make your move
Once you have met with your mortgage broker you will be on a forward footing and know:
What price range of home you should be looking at;
What your monthly mortgage payments will be;
How much deposit you will need to come up with;
What your various purchase costs are likely to be including Property Transfer Tax;
Start dealing with any wrinkles
Your discussion with your Mortgage Broker will also let you know:
How strong your credit score is and whether you need to take any remedial action;
Whether you need to arrange Gift letters (if a family member is helping with your deposit); NOAs; letters of employment and so on.
Whatever you do
Do not enter into any new credit card or financing arrangements until you have purchased your new home. A $100 monthly credit payment will reduce your purchasing power by $100,000!
Housing market continues to moderate in June
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down between May and June 2021.
Home sales recorded over Canadian MLS Systems fell by 8.4% month-over month in June 2021, marking the third straight monthly slowdown since activity hit an all-time record back in March. While sales are now down a cumulative 25% from their peak, and below every other month in the last year, June transactions still managed to set a record for that month.
Month-over-month declines in sales activity were once again quite broad-based, with sales moderating in around 80% of all local markets, including almost all large markets across Canada.
The actual (not seasonally adjusted) number of transactions in June 2021 was up 13.6% on a year-over-year basis and marked a new record for that month.
While there is still a lot of activity in many housing markets across Canada, things have noticeably calmed down in the last few months, said Cliff Stevenson, Chair of CREA. There remains a shortage of supply in many parts of the country, but at least there isnt the same level of competition among buyers we were seeing a few months ago. As these conditions continue to evolve over the summer and fall, your best bet is to consult with your local REALTOR for information and guidance about buying or selling a home at this stage in the cycle, continued Stevenson.
Record rise of home prices in May
In May the TeranetNational Bank National Composite House Price IndexTM was up 2.8% from the previous month, the largest monthly rise since the index series began in 1999. It was led by four of the 11 constituent markets: Ottawa-Gatineau (4.9%), Halifax (4.3%), Hamilton (3.7%) and Toronto (3.4%). Rises were more moderate for Vancouver (2.3%), Winnipeg (2.2%), Montreal (2.2%), Victoria (2.1%), Calgary (1.4%), Quebec City (1.2%) and Edmonton (1.2%). It was a third consecutive month in which all 11 markets of the composite index were up from the month before.
The May rise was consistent with the increase in number of home sales over the last several months as reported by the Canadian Real Estate Association. For a ninth straight month, the number of sale pairs entering into the 11 metropolitan indexes was higher than a year earlier. The unsmoothed composite index, seasonally adjusted, was up 2.1% in May, suggesting that the uptrend of the published (smoothed) index could continue.
The May composite index was up 13.7% from a year earlier, for a 10th consecutive acceleration and the strongest 12-month gain since July 2017. The 12-month rise was led by five markets Halifax (29.9%), Hamilton (25.5%), Ottawa-Gatineau (22.8%), Montreal (17.6%) and Victoria (15.3%). Toronto matched the countrywide average at 13.7%. Lagging that average were Vancouver (11.9%), Winnipeg (10.4%), Quebec City (9.8%), Calgary (4.5%) and Edmonton (3.6%).
Besides the Toronto and Hamilton indexes included in the countrywide composite, indexes exist for seven smaller urban areas of the Golden Horseshoe Barrie, Guelph, Brantford, Kitchener, St. Catharines, Oshawa and Peterborough. In May all seven were up from the previous month and from a year earlier. The 12-month gains ranged from 27.6% for Brantford to 31.4% for Barrie.