Do you really want the LOWEST interest rate????
Often the question is asked what is your BEST rate? So what are you really looking for?
Do you want the lowest monthly payment?
Do you want to payoff your mortgage faster?
Do you want the lowest interest cost over the life of the mortgage?
Do you care if the penalty you incur when you break the mortgage will result in your overall interest cost to skyrocket???
The caveat exists now more than ever. Be sure you review the fine print on the features of a mortgage.
The biggest complaint is the high penalty incurred when wanting to move or refinance or early renew a mortgage.
How is the penalty calculated?
1. 3 month interest penalty
2. interest rate differential ( a calculation which is different at each lender)
3 The greater of 1 or 2
The greater of:
3 months interest OR
Interest Rate Differential (IRD) OR
2.75% of the principal amount outstanding
In a nutshell, the interest rate on its own is NOT going to guarantee the cheapest financing cost. My rates are competitive but my expertise wil give you the most value.
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.