It PAYS to shop around.
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The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
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Have You Heard Yet? It's Becoming a Little Tougher to Get a Mortgage!
As if it wasnt becoming hard enough to qualify!
Another change in the industry which is making it harder for people to qualify for a mortgage. TD Canada Trust was among the first to announce that they would be making changes to the way they qualify some for mortgages. More specifically it was decided they would use the full credit limit on a secured line of credit instead of the balance owing. So, if you have a secured line of credit with a limit of $100,000 and a balance $25,000, they would use a payment assuming a balance of $100,000.
This change will most certainly impact those looking to buy another house. Another potential impact would be when your mortgage is up for renewal you may not qualify to move your mortgage to another lender. Also, it may affect your ability to co-sign for a mortgage.
What can you do?
Dont apply for the biggest line of credit you can get
Only apply for what you need
Reduce your limit as the need decreases
Contact a mortgage broker so we can discuss your needs and come up a plan to ensure you have as many options as possible.
My two cents
This new policy is in my opinion paving the way for what is coming next. I feel like it is only a matter of time before the policy makers are looking at unsecured debt the same way. Looking at your qualifying power based on how much available credit you have. You may in the future have to really pick and choose what cards you carry in your wallet and more importantly how many with what credit limits!
At the end of the day it is always best you speak to your Mortgage Broker about your options. I specialize in mortgages so therefore offer the best unbiased opinion about what is best for you.
I have a plan, contact me if you find yourself in this predicament. There are things we can look at.
Shawn Mooney | Bayfield Mortgage Professionals Ltd.
Broker of Record
Your Mortgage Broker for Life
Bus. # 403-945-8769 | Mobile # 403-828-1838
Building permits up in Western Canada, down east of Manitoba
Four provinces reported increases in March, led by British Columbia with an increase of 12.8% (+$180 million). Meanwhile, all provinces east of Manitoba reported declines. The largest decrease was in Ontario, down 1.4% (-$43 million) due to lower construction intentions in the residential sector.
Quebec drives movement in non-residential permits. The national value of permits for non-residential buildings rose 7.9% in March, due to higher construction intentions for both institutional (+$175 million) and commercial (+$166 million) buildings. Gains in both of these components stemmed from Quebec. A high value permit for an addition to the Centre hospitalier de lUniversit de Montral drove the increase in the institutional component.
In the industrial component, the value of permits declined 15.6% in March (-$102 million). The decrease was largely the result of lower construction intentions in Quebec, where multiple high-value permits were issued in February.
Canadian home sales edge higher in March 2019
Home sales via Canadian MLS Systems edged up 0.9% in March 2019 following a sharp drop in February, leaving activity near some of the lowest levels recorded in the last six years.
There was an even split between the number of markets where sales rose from the previous month and those where they waned. Among Canadas larger cities, activity improved in Victoria, the Greater Toronto Area (GTA), Oakville-Milton and Ottawa, whereas it declined in Greater Vancouver, Edmonton, Regina, Saskatoon, London and St. Thomas, Sudbury and Quebec City.
Actual (not seasonally adjusted) sales activity fell 4.6% y-o-y to the weakest level for the month since 2013. It was also almost 12% below the 10-year average for March. That said, in British Columbia, Alberta and Saskatchewan, sales were more than 20% below their 10-year average for the month. By contrast, activity is running well above-average in Quebec and New Brunswick.
It will be some time before policy measures announced in the recent Federal Budget designed to help first-time homebuyers take effect, said Jason Stephen, CREAs President. In the meantime, many prospective homebuyers remain sidelined by the mortgage stress-test to varying degrees depending on where they are looking to buy. All real estate is local, and REALTORS remain your best source for information about sales and listings where you live or might like to in the future, added Stephen.