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.
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Keep it Simple
Keep it simple when buying a houseSpring is here, which means increased activity in the real estate market. If you are thinking of buying a house, keep these simple tips in mind.Decide whether the time is right for you to buy – “If you currently own a house, you should buy and sell at the same time, which will help ensure you don’t sell low and buy high,” explains Chartered Professional Accountant Eli Palachi, a partner with Crowe Soberman LLP in Toronto. “If you are a first-time purchaser, try to buy when you can secure low mortgage rates so that your monthly cash outflow is lower.”Determine what you can afford – “Establish a budget that includes the cost of the new house and then try living with that budget for a while to make sure you won’t become financially strapped and end up house rich and cash poor,” advises Chartered Professional Accountant Albert Yu, a sales representative with RE/MAX Hallmark Realty Ltd. in Toronto. “Mortgage rates are at historically low levels these days. But keep in mind that every one-per-cent increase in interest rates means you can buy 10-per-cent less house.” Yu says your budget should also include other costs, including a rainy day fund that covers three to six months’ worth of expenses, retirement savings and a children’s education fund. Your Chartered Accountant can help you set up a realistic budget and help with decisions on how to finance a house purchase.Don’t forget to factor in the hidden costs – “In addition to the price of the house itself, your other costs include legal fees associated with closing the sale, adjustments for property tax and utilities, the land transfer tax, mortgage fees, house appraisal fees and moving,” says Palachi. “If you are buying a bigger house, you may also have higher insurance costs.”Shop around for the best mortgage rate – “Speak to several banks to see what their rates are,” says Palachi. “It doesn’t hurt to get an idea of what competitive rates are, and banks don’t charge a fee or commission for securing financing. Your CA can also introduce you to mortgage officials at the bank.” If you are going to shop around for rates, Yu cautions against signing several applications that would result in a credit check. “Your credit score will decrease if too many checks are done at once,” he explains.Make the biggest down payment you can afford – “You must pay at least 20 per cent of the purchase price down to avoid a high-ratio mortgage and paying one-time Canada Mortgage and Housing Corporation premiums,” explains Yu. A larger down payment will also lower your monthly payments.
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.