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.
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Index growth slows further in January
In January the TeranetNational Bank National Composite House Price IndexTM was up 0.3% from the previous month. It was the third consecutive month in which the index rose less than the month before. The increase was led by five of the 11 constituent markets: Hamilton (2.0%), Montreal (1.0%), Victoria (0.6%), Halifax (0.4%) and Vancouver (0.4%). Rises of less than the countrywide average were reported for Quebec City (0.3%) and Ottawa-Gatineau (0.1%). Indexes were down from the month before in Toronto (0.1%), Calgary (0.2%), Edmonton (0.4%) and Winnipeg (0.4%). After three months September, October, November in which all 11 markets of the composite index were up from the month before, it was a second consecutive month in which one or more markets were down on the month.
The price rise is consistent with the rise of home sales volume over the last several months as reported by the Canadian Real Estate Association. For a fifth 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 0.9% in January, suggesting that the published (smoothed) index could continue its uptrend.
Canadian home sales continue their momentum to start 2021
In January, Canadian home sales increased 2.0% month-on-month, building on Decembers 7.0% gain. On a year-on-year basis, they were up 35.2%.
Provincially, sales were up in 8 of 10 provinces in January, with strong gains recorded in PEI (+20.5% m/m) and Alberta (+11.9%). On the flipside, a relatively steep decline was recorded in Nova Scotia (-8.3%).
New listings dropped by 13.5% m/m in January. The combination of rising sales and falling new listings brought the months supply of inventory measure to under 1.9 months.
The national sales-to-new listings ratio also increased to 90.7% its highest level by far. Every province was in sellers territory in December, and many of those in the eastern part of Canada had ratios over 100% (Quebec: 128.3%; New Brunswick: 116.0%; Nova Scotia: 114.3% and PEI:101.5%). This means that there were more sales than new units listed last month in these provinces. This is a rare situation, but has occurred before in the Atlantic Provinces. However, January marked a first on this front in Quebec. Elsewhere, ratios were particularly elevated in Manitoba (86.1%) and Ontario (88.6).
Strong demand and historically tight conditions were reflected in prices. Indeed, Canadian average home prices surged by 4.7% m/m in January. On a year-on-year basis, they were up 22.8%, marking an acceleration from December. However, prices were up in 8 of 10 provinces during the month, with the largest gains occurring in Alberta (+8.1%) and Ontario (7.4%).
Compared with the average sales price, the MLS home price index, a more like for like measure, increased 2.0% m/m. Single family home prices rose 2.6% m/m (and a robust 17.4% y/y), whereas apartment prices advanced by a smaller 0.2% m/m (and decelerated to 3.3% y/y). In Toronto, apartment prices increased 0.4% m/m, the first gain in 4 months.
Home sales picked up right where they left off to start 2021. Demand was likely given a lift by ultra-low mortgage rates, which dropped again during the month. Januarys robust gain coupled with a strong handoff into this year virtually ensures that sales will increase in the first quarter. However, with sales likely running above fundamentally-supported levels, we think some cooling in activity will take place, especially in the second half. A dwindling supply of inventories, when benchmarked against the current sales pace, could also weigh on activity moving forward.
With todays data showing a solid gain in prices last month and new supply collapsing across nearly the entire country, markets were historically tight. This points to further strong price gains ahead in the near-term.
Also notable was that benchmark condo prices grew for the first time in several months in Toronto. Although supply remains elevated, conditions are becoming tighter than what we saw last fall. This suggests that further gains are in store.