It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
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I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
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Home Owner Dreams Dead.... or not?
Are you thinking about purchasing a home this year or know someone else that might be? One of the top banks is advocating to increase the minimum down payment from 5% to 7% and decreasing the amortization from 30 years to 25. So what does that mean for you? Some people might not qualify under the new rules if they are implemented. If you are looking at purchasing a place at $200,000.00 under the current rules, you would need $10,000 as a minimum down payment (or 5% of $200,000). At 7% you would have to come up with an additional $4,000.00 for a total of $14,000.00 as your down payment. As well, by reducing your amortization your monthly payments would increase as well. You would be looking at an additional $104.00 per month which for some could make a significant difference for their budget. Below is an article by Vernon Clement Jones that explains the changes they are considering. If you are sitting on the fence about whether to get into the housing marketing or thinking of refinancing, you may want to take that leap sooner than later and take advantage of our super low rate specials that won’t last long. Give us a call at VERICO ZANDERS Associates Mortgage Brokers Inc. to discuss strategies to ensure your dream of homeownership can become a reality. We can get the BEST mortgage for you! TD economist to Govt: Raise minimum down payment By Vernon Clement Jones | 18/03/2012 5:00:00 PM |15 comments Brokers are guaranteed to bristle at the suggestion, but a top bank economist is among the first to advocate for an increase in the minimum down payment to 7 per cent instead of 5 – an option with significant implications for first-time and cash-back clients. We need to acknowledge that a significant imbalance has developed and it poses a clear and present danger to Canada's medium-term economic outlook,” Craig Alexander, chief economist with TD Bank, said in a report late last week. “It also suggests that further actions to constrain lending growth may be prudent. If the overvaluation was fully unwound rapidly, it would be three times the correction in the early 1990s. While other economists have called for further tightening of the country’s mortgage rules, Alexander is among the first to call for an increase in the minimum down payment to 7 per cent from 5 per cent. He has also broached the idea of instituting a minimum interest-rate floor for income tests, focused on ensuring borrowers can handle a higher rate environment. Another, more commonly debated option, is shortening the maximum amortization to 25 years from 30. Brokers, and their associations, have roundly rejected the need for more stringent mortgage rules, despite near-record high levels of household debt relative to income. That situation became even less sustainable after the Central Bank decided to hold its overnight rate steady last month, further raising concerns that consumers would move to raise their debt levels instead of cutting them. Alexander is now pegging the overvaluation of Canadian home prices at between 10 and 15 per cent. He argues that the real culprit in spiking debt levels has been growing home purchases in the current low interest-rate environment. The outlook is for mild employment and income growth in the coming year, implying that households will gradually become more lever-aged over time, he said.
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.
Canada: Household Credit Growth Continues To Climb in September
CANADIANS BORROWING HAND OVER FIST
Total Canadian household credit growth continued to accelerate in September, reaching a pace last seen in mid-2018. Despite a slight deceleration from the previous month to 4.3% at a seasonally adjusted annualized rate (m/m saar), trend growth remains at elevated levels. Both mortgage and consumer credit growth contributed to the 68 bps slowdown from the prior month (46 bps and 22 bps, respectively), but borrowing conditions remain favourable overall with trend growth still in strongly positive territory.
RESIDENTIAL MORTGAGE CREDIT EXPANSION CONTINUES ITS ASCENT
Residential mortgage credit growth continued on its upward trajectory in September supported by favourable borrowing conditions and strong labour markets. Mortgage loan growth accelerated by 4.9% m/m saar in September, pushing the year-on-year trend growth rate to 4.2% y/ythe fastest pace since mid-2018, marking a well-pronounced recovery in the mortgage-borrowing market.
Canadas real estate market looks to be rebounding following a turbulent couple of years due to various policy announcements from 2017 to 2018 designed to cool the market. Mortgage borrowing has picked up through the second half of 2019 with the uptick in demand following a reduction in the mortgage qualifying rate in July and a decline in 5-year mortgage rates. With the Bank of Canada under pressure to continue to provide a stimulative environment following sustained levels of uncertainty, residential mortgage credit growth is expected to remain supported in the foreseeable-future.
Strength in Canadian labour markets has also been conducive to a favourable borrowing environment. Septembers surge in job gains contributed to a fall in the unemployment rate to 5.5%.