Today's clients are sophisticated and knowledgeable but recognize their limitations of time and expertise. They consult their team of professionals such as accountants at tax time, realtors when it is time to make a real estate purchase and their mortgage broker when it comes to purchase or refinance and wouldn't you....our services are free and there are no costs built into the rate.*
It is easy to see why a mortgage broker will provide professional expertise, followed by objective opinions on current rates and products. We don't represent the bank... we represent you, the customer. Our business is built on referrals and repeat clientele and mortgages are what we specialize in.
How To Be A Debt Ninja
These five proven, debt-destroying techniques can help you pay down your mortgage and clear your balance faster.1.Apply your windfalls.Expecting abonus? Selling off an asset? Rather thansplurge when you're flush with cash, putsome money down on your mortgage.Last year, nearly a million Canadianmortgage holders (975,000) made anaverage $10,000 lump-sum payment totheir balance, according to the CanadianAssociation of Accredited MortgageProfessionals (CAAMP), wiping out atotal of $10 billion in mortgage debt.2.Pay more than you have to.Mostlenders allow an increase of 10% to 20%above and beyond your regular pay-ments. Every extra dollar goes rightto your principal, in turn reducinginterest costs.According to CAAMP's Spring 2013Consumer Mindset survey, one in fourmortgage holders plan to increase theamount of their payments this year.3. No amount is too little.Even afew dollars a month helps chip awayat debt, and you'll hardly miss it.Two-thirds of mortgage holderssurveyed in a recent ScotiabankMortgage Landscape Study agreed it'spossible to pay off their mortgage fasterwithout changing their lifestyle. Mostrespondents (59%) said they believeadding $20 per month to their mortgagepayment would have no impact ontheir finances.4. Set a timeline on non-mortgagedebt.Don't ignore the outstandingbalance on a credit line or home equityloan. Calculate the monthly cost to payit off over 18 months, two years orwhatever timeline you set as a goal.Canadians lowered personal debts by2% in the first quarter of 2013, accordingto a report by TransUnion, the biggestdecline since 2004.5. Leave no expense unturned.Underused gym membership? Costlyphone plan? Track your monthly householdspending and aim to cut down on yourbiggest non-essential expenses.We can find ways to help you savemoney on your mortgage or determinewhether refinancing makes sense as partof your debt-repayment strategy.Looking for a Mortgage Broker you can trust? Contact Marjan Watt - 604.603.9119
Almost no annual growth for national HPI
The national HPI has grown at a below-inflation rate of 0.5% over the last 12 months, the smallest gain since November 2009. Moreover, the fact that monthly gains are reported for May and June does not mean that the market recently turned the corner. These two months typically register the strongest growth rates in a year. Indeed, the two latest rises were among the weakest in history for months of May and June. If seasonally adjusted, the national HPI would been down in both months this year. However, the weakness is not regionally broad-based. The national HPI was dragged down by 12-month home price declines in Western Canada metropolitan areas (Vancouver, Calgary, Edmonton and Winnipeg) and a tiny increase in Victoria. In Central Canada and in the East, home price growth ranges from decent to strong (left chart). This is consistent with the state of home resale markets. For example, the Vancouver market turned favorable to buyers at the end of last year, while the Toronto market remained balanced and Montreal’s market has never been this tight since 2005. That being said, a rebound in home sales recently occurred in Canada which was also felt in the largest Western metropolitan areas. This should help limit home-price deflation in these areas.
The Teranet–National Bank Composite National House Price Index increased 0.8% in June, a second gain in a row after an eight-month string without a rise.
On a monthly basis, the index rose in 8 of the 11 markets covered: Winnipeg (0.1%), Quebec City (0.3%), Montreal (0.8%), Toronto (1.3%), Halifax (1.5%), Hamilton (+1.6%), Victoria (+2.1%) and Ottawa-Gatineau (+2.2%). The index was down in Calgary (-0.1%) and Vancouver (-0.3%), and flat in Edmonton.
From June 2018 to June 2019, the Composite index rose 0.5%, the smallest 12-month gain in ten years. The HPI declined in Vancouver (-4.9%), Calgary (-3.8%), Edmonton (-2.6%) and Winnipeg (-0.4%). It was up in Victoria (0.3%), Quebec City (1.5%), Halifax (2.7%), Toronto (2.8%), Hamilton (4.8%), Montreal (5.4%) and Ottawa-Gatineau (6.3%).
Source: National Bank Financial Markets; Marc Pinsonneault
NORTHERN STAR (FOR NOW...)
In contrast to the US, Canadian growth is accelerating sharply going into the second quarter, following a solid gain in domestic demand to start the year.
Fast, and accelerating, population growth, and remarkably strong employment growth are providing a solid underpinning to consumer spending and the housing market.
Positive export data suggest that the ongoing strength in domestic demand will be buttressed by net exports in the second quarter, and possibly beyond.
Canadian inflation is at the Bank of Canadas target, in sharp contrast to the US, where it has moved away from the Feds objective. This gives the BoC room to keep rates on hold if inflation remains on target.
Downside risks remain important and are all linked to US-centric developments, with worries about US trade policy ongoing despite the pause with China.
Recent Canadian developments stand in sharp contrast to events in much of the rest of the world. Whereas US growth is clearly decelerating, Canadian growth is on an upswing, with recent indicators pointing to a very sharp rebound from a somewhat sluggish start to the year. Canadians appear to be, for the time being, largely insulated from the broader malaise facing the global economy as consumer and business confidence has improved sharply in recent quarters, owing to strong sales and job creation. While there are a number of factors suggesting that the growth rebound observed will persist through 2020, there is a risk that a divergence between Canadian and US outcomes may not last.
Source: Scotiabank Economics