It is simple, when purchasing a home and need a mortgage; you can go to a local bank and accept one of their products only available to that institution. Or you can sit down with myself, Michael Giligson, a proud member of the Xeva Mortgage team, that has access to a wide range of lenders that will be competing for your business therefore offering a variety of products for you to choose from and the best interest rates possible with the best terms. It is a benefit to use me, a member of the Xeva Mortgage Team as we have access to more than 40 lenders including Canada’s largest banks, Credit unions, Trust Companies and private lenders. We give you unbiased advice and take the time to go through all your financing options. I will make sure you get the best mortgage available for your needs. I am here to work for you, not the banks.
Our team has more than 140 years of combined experience in the Banking and Real Estate Market. We utilize our expertise to cut through all the clutter and confusion, acting as a liaison between the lender, realtor, appraiser, credit agency, lawyers, and any other service-providers that could affect your transaction. Through our knowledge and experience we help you make sense of everything you may have trouble understanding. We know that it's especially important given the fact that your home is one of your single biggest investments. Michael utilizes an entire team that work with him at Xeva Mortgages to provide support and strength with clients' applications.
In most cases, we are paid directly by the Lender so there is no cost to our clients, and because we don't get paid until the mortgage is fully completed, we are highly motivated to move your mortgage application quickly through all the required channels. We work for you and not the banks. We are committed to finding you the best mortgage financing options available to you and that are tailored to your specific financial goals.
We are also on top of all the latest trends and innovations in our industry - from the status of interest rates to the availability of alternative financing options. With our superior technology and commitment to taking care of our clients after the transaction, you can be assured that not only now, but in the future, you will always have the best rates and products available by using Michael Giligson and Xeva Mortgage.
The difference of even a 0.25% on a mortgage can result in thousands of dollars’ worth of savings over the life of your mortgage and allowing you to be mortgage free years sooner.
Further information about Financial Planning; Life Insurance and Investments can be found at Rethinkfinancial.com
Housing affordability: Starting 2023 on a positive note
From National Bank of Canada
Housing affordability in Canada in the first quarter of 2023 posted a second consecutive improvement. It marked the largest betterment in affordability in nearly 4 years as all markets covered saw a net amelioration (which was a first since 2020Q3). Nonetheless, the reversal of the worsening which occurred in the last two quarters was tepid compared to the slide that has occurred during the post-pandemic period. Indeed, after having reached its most unaffordable level in over 30 years, the mortgage payment as a percentage of income (MPPI) registered at a still elevated 60.9% in 2023Q1, down 5.4 points from the recent high mark. Feeding into the improvement, home prices declined for a third consecutive quarter. The retracement in home prices has now reached -7.3%, the biggest drawdown in a generation due to the restrictiveness in interest rates. The correction in prices was the sharpest in Vancouver, Hamilton and Toronto which translated into the biggest improvements in affordability during the quarter. Still, mortgage interest rates appear to be tapering out. In this latest report, our 5-year benchmark mortgage rate used to calculate affordability declined by 14bps, which helped contribute to the moderation. In addition, we note that still rising incomes also contributed to the enhancement. Looking ahead, for the second quarter of 2023, we expect a slight easing of pressure on the interest rate side. That said, a stabilization in home prices is likely given the pickup in activity with sales increasing while listings have moderated. However, we have doubts as to whether this price rise will be sustained, given restrictive monetary policy which is contributing to maintaining affordability at a challenging level.
HIGHLIGHTS:
Canadian housing affordability posted the largest improvement in 15 quarters in Q1`23. The mortgage payment on a representative home as a percentage of income (MPPI) declined 3.2 points, a consecutive pullback following the 2.2-point decrease in Q422. Seasonally adjusted home prices decreased 2.4% in Q123 from Q422; the benchmark mortgage rate (5-year term) fell 14 bps, while median household income rose 1.3%.
Affordability improved in all ten markets covered in Q1. On a sliding scale of markets from best improvement to deterioration: Vancouver, Hamilton, Toronto, Victoria, Montreal, Winnipeg, Ottawa-Gatineau, Calgary, Edmonton, and Quebec. This was the first time in 10 quarters that all markets improved. Countrywide, affordability improved 1.8 pp in the condo portion vs. a 3.8 pp improvement in the non-condo segment.
https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf
Home sales jumped in April as interest rates stabilized and population boomed
Summary
On a seasonally adjusted basis, home sales increased 11.3% from March to April, a third consecutive monthly increase and the first double-digit gain since the summer of 2020. Unlike the previous month, the increase in sales was spread across all provinces, with New Brunswick (-2.5%) and Newfoundland (-17.0%) being the exceptions.
On the supply side, new listings increased by 1.6% during the month, a first increase in three months.
Overall, supply decreased in Canada as testified by the number of months of inventory (active-listings to sales) decreasing from 3.8 to 3.3 in April. This remains up from the trough of 1.7 reached in the pandemic but remains low on a historical basis.
The active-listings to sales ratio is still tighter than its historical overage in the majority of Canadian provinces, with only Manitoba indicating a ratio above average. Housing starts in Canada increased in April (+47.8K to 261.6K, seasonally adjusted and annualized), more than consensus expectations calling for a 220.0K print. This increase more than offset Marchs 27.7K decline and was the sharpest since November 2021. In urban areas, rises in housing starts were seen in Ontario (+35.8K to 110.7K), British Columbia (+9.9K to 58.1K), the Maritimes (+4.0K to 9.8K) and Quebec (+2.3K to 29.4K). Meanwhile, a decline was registered in the Prairies (-2.8K to 33.2K) on losses in Manitoba (-3.5K to 4.0K) and Saskatchewan {-0.3K to 2.4K) while starts in Alberta posted an increase (+1.1K to 26.8K).
The Teranet-National Bank Composite National House Price Index remained relatively stable in April with a slight decrease of 0.1% compared with the previous month and after adjusting for seasonal effects. After seasonal adjustment, 5 of the 11 markets in the composite index were down during the month: Edmonton (-2.5%). Ottawa-Gatineau (-2.1%), Vancouver (-0.9%), Hamilton (-0.5%) and Montreal (-0.2%). Conversely, prices increased during the month in Quebec City (+1.2%), Toronto (+0.7%), Winnipeg (+0.5%), Calgary (+0.3%) and Victoria (+0.1%), while they remained stable in Halifax.
https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf
CMHC Housing Market Outlook - Spring 2023
From CMHC
Key highlights from the 2023 release
We expect house prices and supply in Canada to decrease between 2022 2023. Price declines are expected to end sometime in 2023 before increasing for the remainder of the forecast period.
Our analysis forecasts a significant drop in housing starts in 2023 and we can see some recovery starting in 2023 to 2024 and onward.
Rental affordability is also set to decline due to demand outstripping supply, especially in Vancouver and Toronto.
Prairie provinces expect more positive housing market conditions due to interprovincial migration and affordable homeownership.
Ontario, British Columbia and Qubec will see significant drops in housing starts compared to other regions.
The Atlantic regions economy remains stable and moderate relative to other regions.
https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/housing-market-outlook/2023/housing-market-outlook-spring-2023-en.pdf?rev=5c29bc91-2310-435f-b2c9-b801866d0ede
