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
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.