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Big Bank Survey Reports Need For Services Mortgage Brokers Provide.
SOURCE | Mortgage Broker News | By Justin da Rosa Brokers have for years boasted about their ability to find the best mortgage for clients by considering more than just the best rate. A new study suggests young homebuyers need that service now more than ever.When it comes to buying a home, its in a purchasers best interest to consider all aspects of a mortgage and not just the rate. It seems many arent considering their mortgage from all angles with a new study finding many regret taking on a mortgage that has left them house poor. Its important to choose the house and mortgage that you can afford so that you can manage your cashflow and wont end up with buyers remorse, David Nicholson, Vice-President, CIBC Imperial Service, said. A house can represent so much - a new start, independence, putting down roots, starting a family or building wealth. But, its important to evaluate the pros and cons and crunch the numbers so its the right decision for today and tomorrow. Many millennials regret purchasing their homes, according to a recent CIBC report. A poll found 39% of millennials have become homeowners; of those purchasers, 81% plan to sell in the near future.Of those, 63% cited housing costs making them cash poor; 57% are afraid interest rate increases will make it more difficult to meet payment requirements; and 36% believe renting is the better option.The results speak to the growing need for the services brokers provide - which include in-depth advice about long and short term mortgage options that best suit individual financial goals. One of the problems you have with millenials is they figure they can get all the information they need online as opposed to the information from people like brokers. The internet is no different from a dictionary or encyclopedia, Bill Macklem, a BC-based broker, told MortgageBrokerNews.ca. You can research how to build a car or a plane but building it is another matter. You need to have someone that is going to be your advocate, who is going to see what youre doing and help you plan it out. We dont have enough financial education and I think brokers provide that.
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.