AGENT LICENSE ID
M16002284
BROKERAGE LICENSE ID
11621
Tess Velkovska
Mortgage Agent Level 2
Office:
Phone:
Email:
Address:
226 King St E., Cambridge, Ontario
BROWSE
PARTNERSMortgages with Tess Velkovska - Excel Mortgage Canada Connection
Whether it is your first time applying for a mortgage or not, the process can be overwhelming and intimidating. With a great mortgage agent on your side you will be well informed and educated throughout the entire process. Being educated will give you confidence and provides you with realistic expectations.
If you are:
- A First Time Home Buyer
- Looking to Upgrade or Downsize Your Home
- At Your Mortgage Term Renewal
- Wanting to Consolidate Debt and Have Home Equity
- Have ANY Mortgage Related Questions
PLEASE KNOW I AM ALWAYS HAPPY TO HELP!
Thank you for taking the time to visit www.mortgageswithtess.com
Tess Arpa is a mortgage agent under Excel Mortgage Canada Connection and serves the Cambridge, Guelph, Kitchener, Waterloo, Brantford, Mississauga, Milton and surrounding areas in Ontario.
My office is located at:
226 KING ST. E
CAMBRIDGE, ON N3H 3M6
Head Office:
1 VICTORIA STREET SUITE 613
KITCHENER, ON N2G 0B5
BLOG / NEWS Updates
Scotiabank Economics: Rules of Thumb for Estimating the Impact of U.S. Tariffs on Canada
From Scotiabank
There are many uncertainties about the economic outlook as President Trump is set to take the helm of the United States. Those range from uncertainty about the policy actions he will take to uncertainty about the impact of those very policies. A case in point is the recent statement that he would implement tariffs hikes of 25% on all imports from Canada and Mexico, and 10% on imports from China. While we do not believe these tariffs will be implemented (see here), it is very likely that over the next several months, economic forecasts will need to present some alternative paths for the economy around a central scenario. Those alternative scenarios are likely to represent choices made by forecasters as to which policy assumption to include in their forecasts. Only when policy measures will actually be announced and implemented will uncertainty around the policy environment diminish. Given its critical nature to Canada and other trading partners, and to the U.S. itself of course, we thought it would be helpful to provide some rough rules of thumb for estimating the impact of trade policy changes on Canada and the U.S. These rules of thumb, derived from our macroeconometric model of the U.S. and Canadian economies, while by no means meant to be exact, are designed to help provide a quick and dirty assessment of the impact of changes in tariffs on the economy, inflation, and interest rates in both countries.
Click to read more https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.insights-views.tariffs--november-28--2024-.html
Canadian Home Sales See Surprise Jump in October
Home sales activity recorded over Canadian MLS Systems increased 7.7% on a month-over-month basis in October 2024, reaching its highest level since April 2022.
Rising home sales activity was broad based, with the Greater Toronto Area (GTA) and British Columbias Lower Mainland recording double-digit increases in October.
The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September, said Shaun Cathcart, CREAs Senior Economist. There probably wont be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well. With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year.
New listings posted a 3.5% month-over-month decline in October, although that followed on the heels of a 4.8% jump in September, so new supply remains at some of the highest levels since mid-2022. The national pullback in October was led by a drop in new supply in the GTA.
With sales rising considerably in October and new listings falling, the national sales-to-new listings ratio tightened to 58%, up from 52% in September. The long-term average for the national sales-to-new listings ratio is 55%, with a sales-to-new listings ratio between 45% and 65% generally consistent with balanced housing market conditions.
https://stats.crea.ca/en-CA/
Investors are more prominent among small condominium apartments in Toronto and Vancouver
Condominium apartments are the most common type of property owned by investors in census metropolitan areas (CMAs) like Toronto and Vancouver. In 2022, nearly two in five condominium apartments (38.9%) in the Toronto CMA were investment properties, while this was the case for about one in three (34.2%) in the Vancouver CMA. In these CMAs, new condominium apartment projects often rely on presales to investors to be built. Investors buy pre-construction units with the goal of making a profit when the buildings are completeeither by renting them out or by selling the unit at a higher price. These pre-construction sales are used by developers to secure financing for the projects. This dynamic means that investor preferences may have an influence on the type of buildings that get built.
One concern with this process is that it may lead to the construction of more properties with smaller units. Investors are perceived to prefer these units because rent per square foot of living area tends to be higher for smaller units. This may have contributed to the shrinking size of condominium apartments in CMAs. For example, in the Toronto CMA, the median living area of condominium apartments built in the 1990s was 947 square feet, compared with 640 square feet for those built after 2016. In the Vancouver CMA, the median size also declined over the same period, from 912 square feet to 790.
https://www150.statcan.gc.ca/n1/daily-quotidien/241003/dq241003a-eng.htm
