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!
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.
Click here for more.
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.