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4 Things To Consider Before You Buy Your First Home
MARKs MORTGAGE SMART TIPS WHY USE A MORTGAGE AGENT? Simple .... we work for YOU! What can you afford? Have a Budget: Buying a home shouldnt be taken lightly; it is a big step and probably the largest financial decision you will make. Before making the decision to buy, take time to work out your personal budget which includes what you can afford and the different costs you will incur between renting and owning. (Email me for a free easy to use budget planner) Your budget is not necessarily referring to the maximum you qualify for, but what is more in line with your own personal spending habits. This is imperative if you dont want to have to change your lifestyle significantly because each month you are financially strapped, or worse, regret it and lose your home because you cant afford it! Use our FREE Budget Planner Tool to figure out what you can realistically afford. Financial Difference between Renting and Owning: Working thru a budget and knowing what your new expenses will be as a home owner versus what you pay now (as a tenant or if you are living with family) will give you a clear idea of how buying a home will impact your lifestyle choices. Things to consider would be; 1) will your transportation costs change as you will be moving closer to or further from work? 2) Will you eat out less or more now that you have your own place? 3) What are the extra utility costs? 4) What are the maintenance costs of the property etc.? You might be surprised to see that buying your first home may cost you less than renting! But if it doesnt, how much of a difference is it and are you prepared for that? Our Rent Versus Buy Budget Planner Tool will breakdown the difference between your expenses as a renter versus a home owner giving you all the answers you need. Please keep watch for our Smart Tips for your Mortgage Needs! If you found this useful, please dont hesitate to forward onto any other friends, family or colleagues you know that might also be thinking of purchasing their first home and would benefit from being informed with this information. As always, please do not hesitate to call or email if you have any questions at all. Take care Cashin Mortgages Inc. #12543 | MarkCashin@CashinMortgages.ca | www.MarkCashin.ca www.CashinMortgages.ca | 8- 3100 Ridgeway Drive, Mississauga, ON L5L 5M5 | phone 416-898-7600 Ext. 288 | fax 416-655-8997
Teranet–National Bank National Composite House Price Index
In October the Teranet-National Bank National Composite House Price IndexTM began the fourth quarter with a dip of 0.1% from the month before. The final quarter of the year is typically slow for the index, and the monthly decline was in line with the average of the last 10 Octobers, in five of which the index retreated. In short, it is too soon to herald a downward trend on the national home resale market. Indeed, if seasonal pressure were removed (seasonal adjustment), October would have been the third consecutive month of an underlying uptrend. Pulling the composite down on the month were retreats in the indexes for Edmonton (-1.0%), Winnipeg (-0.4%), Toronto (-0.2%), Hamilton (-0.2%), Calgary (-0.1%) and Montreal (-0.1%). Pulling it up were Quebec City (0.1%), Vancouver (0.2%), Ottawa-Gatineau (0.2%), Victoria (0.7%) and Halifax (1.3%). For Vancouver it was a first monthly rise in 15 months, consistent with a strong revival of home sales since August. For Ottawa-Gatineau, October was the seventh consecutive monthly rise, for a cumulative surge of 9.8%. Victoria has also had a good run, with gains in six of the last seven months. For Halifax it was the 10th advance in 12 months. For Toronto, on the other hand, October ended a run of six monthly rises. Same story for the five-month runs of Montreal and Winnipeg. According to the most recent data, however, the resale market remains balanced in Toronto and favourable to sellers in Montreal.
Unemployment rate unchanged in October
Following two consecutive months of growth, employment held steady in October. The unemployment rate was unchanged at 5.5%. On a year-over-year basis, employment grew by 443,000 or 2.4%, driven by gains in full-time work. Over the same period, total hours worked were up 1.3%. In October, employment increased in British Columbia and Newfoundland and Labrador, and was little changed in the other provinces. Employment was down for men in the core working ages of 25 to 54, and grew for the population aged 55 and over. Employment declined in manufacturing and construction. At the same time, employment was up in public administration and in finance, insurance, real estate, rental and leasing. The number of self-employed workers decreased, while the number of employees in the public sector increased for the second consecutive month.