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
Employment continues to rebound in July
From February to April, 5.5 million Canadian workers were affected by the COVID-19 economic shutdown. This included a drop in employment of 3.0 million and a COVID-related increase in absences from work of 2.5 million.
Employment rose by 419,000 (+2.4%) in July, compared with 953,000 (+5.8%) in June. Combined with gains of 290,000 in May, this brought employment to within 1.3 million (-7.0%) of its pre-COVID February level.
The number of Canadians who were employed but worked less than half their usual hours for reasons likely related to COVID-19 dropped by 412,000 (-18.8%) in July. Combined with declines recorded in May and June, this left COVID-related absences from work at just under 1 million (+972,000; +120.3%) above February levels.
By the week of July 12 to July 18, the total number of affected workers stood at 2.3 million, a reduction since April of 58.0%.
Canadian home sales and new listings up again in June
Home sales recorded over Canadian MLS Systems in June 2020 rebounded by a further 63%, returning them to normal levels for the month some 150% above where they were in April.
Transactions were once again up on a m-o-m basis across the country. Among Canadas largest markets, sales rose 83.8% in the Greater Toronto Area (GTA), 75.1% in Montreal, 60.3% in Greater Vancouver, 99.7% in the Fraser Valley, 54.9% in Calgary, 59% in Edmonton, 22.5% in Winnipeg, 34.8% in Hamilton-Burlington, 67.9% in London and St. Thomas, 55.6% in Ottawa and 43.6% in Quebec City.
Actual (not seasonally adjusted) sales activity posted a 15.2% y-o-y gain in June.
REALTORS across Canada are increasingly seeing business pick back up, stated Costa Poulopoulos, Chair of CREA. With sellers and buyers returning to the market, we continue to make sure clients stay safe by complying with government and health officials directives and advice, increasingly using technology to list and show properties virtually while providing secure methods to complete required forms and contracts. As always, but maybe now more than ever, REALTORS remain the best source for information and guidance when negotiating the sale or purchase of a home, continued Poulopoulos.