AGENT LICENSE ID
FSCO Lic#M24000791
BROKERAGE LICENSE ID
12919
Margaret Zalewski
Mortgage Agent Level 1
Office:
Phone:
Address:
15-995 Paisley Rd, Guelph, Ontario, N1K 1X6
As a mortgage professional, it is my commitment to get you the mortgage you need at the price that you deserve. I work on your behalf and have access to over 25 different lenders.
Choose a mortgage that works for you ! Contact me for today’s unpublished Rates !
BLOG / NEWS Updates
CREA: Fourth Quarter Housing Data Hints at Home Sales Rebound for 2025
With much of the early fall surge of supply having now been picked over, home sales activity recorded over Canadian MLS Systems dipped in December 2024.
Sales were down 5.8% compared to November, but still stand 13% above where they were in May, just before the first interest rate cut by the Bank of Canada in early June.
The fourth quarter of 2024 saw sales up 10% from the third quarter and stood among the stronger quarters for activity in the last 20 years, not accounting for the pandemic.
The number of homes sold across Canada declined in December compared to a stronger October and November, although that was likely more of a supply story than a demand story, said Shaun Cathcart, CREAs Senior Economist. Our forecast continues to be for a significant unleashing of demand in the spring of 2025, with the expected bottom for interest rates coinciding with sellers listing properties for sale in big numbers once the snow melts.
December Highlights:
National home sales fell 5.8% month-over-month.
Actual (not seasonally adjusted) monthly activity came in 19.2% above December 2023.
The number of newly listed properties dipped 1.7% month-over-month.
The MLS Home Price Index (HPI) climbed 0.3% month-over-month and was only down 0.2% on a year-over-year basis.
The actual (not seasonally adjusted) national average sale price was up 2.5% on a year-over-year basis.
https://www.crea.ca/media-hub/news/fourth-quarter-housing-data-hints-at-home-sales-rebound-for-2025/
How to prepare for renew mortgage
Start to prepare for your mortgage removal few months in advance
Check your credit score. Use your credit cards and make your payments in full on time.
Work on your monthly budget and cash flow based on your family income and expenses to see the impact on your household expenditures.
Find a way to cut back on discretionary expenses, to see if you can make up some of that difference.
Reduce payment shock and make a lump sum payment when renewing your mortgage or move to biweekly payments instead of monthly.
Consider taking some funds from TFSA to pay down the mortgage. It is about comparing your current mortgage rate and interest rate on your investments.
File your taxes up to date, last two years of your NOA will be required.
Dont wait until you receive the renewal letter from your lender. If you dont act, the renewal of your mortgage term may be automatic.
You dont have to renew your mortgage with the same lender. You can move your mortgage to another lender if their conditions better suit your needs.
Contact mortgage broker early for multiply lender options and to get the best interest rate and conditions of your new mortgage.
Sincerely,
Margaret Zalewski
Tips for first time home buyer
Start early to save money for down payment. The more time you must save and invest your money, the easier it will be to reach your savings goal. Stay focus to save 20% of downpayment to qualify for better interest mortgage rate.
Build a credit history by getting a credit card and making all your payments on time. This is also a good strategy if you are new to Canada and looking to buy first house in the future.
Open FHSA. Tax-free savings account it allows contributions up to $8,000 per year, for a lifetime contribution total up to $40,000
towards a qualifying home purchase. FHSA contributions you make are tax- deductible (like RRSP).
Save money for HBP by contribution to an RRSP. With the HBP program individuals can borrow a maximum of $60,000 from an RRSP towards the first home purchase. If both spouses are eligible, they could combine the downpayment up to $120,000. The amount borrowed from RRSP is tax-free for the first-time home purchase as long as the repayment schedule is followed, and the loan is paid back into RRSP account within 15 years.
Combining the Home Buyers Plan (HBP) and First Home Savings Account (FHSA) is a way to save tax-free for a down payment on your first home purchase. $60,000 from the HBP, and $40,000 from the FHSA, a person will be able to contribute $100,000. For a couple this gives them a combined total of $200,000 toward downpayment. but the amount could be higher if both FHSA accounts have benefited from capital growth.
Hire a professional tax consultant to be sure you follow the rules to avoid unexpected tax consequences.
Contact mortgage broker to search multiple lender options and get pre-approval for best mortgage rate. It is free and it helps you make an offer to purchase as soon as you find the dream home.
