23 Oct

Bank of Canada Announcement. October 23, 2013

General

Posted by: Anne Martin

 

NDLC Logo with wording
Bank of Canada Announcement
Date: October 23, 2013  
Bank of Canada Announcement

Market Commentcanadian economy

There was no change in today’s press release. Their overall message of keeping Bank prime the same has not changed. Bank prime remains at 3%.  

 

This means no changes in variable rate mortgages or line of credit rates.

 

Five year money ranging from 3.59-3.89% and 10 year money from 4.39% range. Variable rate mortgages are available in the 2.6% range  

 

Below are the highlights of the Bank of Canada Announcement: 

  • Growth expected into 2014 and 2015 
  • Inflation in Canada remains subdued. With inflation expectations well-anchored, both core and total CPI inflation are   expected to return slowly to 2 per cent into 2015
  • Monetary policy currently in place remains appropriate.

 Click Here to Read the Full Announcement 

 

The next Bank of Canada Announcement is scheduled for Dec 4th,   2013. 

 

Bank prime is 3.0%

P.S. If you have any questions as to what this means to your mortgage, we are always here to help you with unbiased advice. 
 

Rate of   inflation remains at 1.1% in September

The Star – Business Published on Fri Oct 18 2013 Canadian Press  

OTTAWA-The annual    inflation rate remained at 1.1 per cent in September,   unchanged from  August, Statistics Canada reported Friday.

 

The federal agency   said seven of the eight major components posted year-  over-year increases in September.

 

Consumer prices rose    in nine provinces in the 12 months to September.   Manitoba recorded the  largest increase and British Columbia was the lone province to post no  change   on a year-over-year basis last month.

 

Shelter costs, which   increased 1.4 per cent on a year-over-year basis, led   the rise.

 

Consumers paid more    for natural gas and rent in September compared with   the same month a  year earlier. However, mortgage interest costs declined 3.0 per cent in  the 12   months to September, after falling 3.6 per cent in August.

 

Food prices rose 1.2    per cent in September compared with the same month   last year. This  increase followed a 1.0 per rise in August.

 

Prices for food    purchased from stores increased 1.1 per cent in the 12   months to  September, as consumers paid more for fresh vegetables, meat and fresh  fruit.

 

Prices for food   purchased at restaurants increased 1.5 per cent in   September compared with a year earlier.

 

 
 
                              In This Issue                             
No change in bank rate…
Rate of inflation remains at 1.1% in September…
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Anne Martin
Anne Martin
Mortgage Agent FSCO M10002257
Neighbourhood Dominion Lending Centres FSCO Lic 11764

39 Collier Street, Suite 300 Barrie ON L4M 1G5

Cell: 705.791.6683 Office: 705.720.1001 ext.225 or 1.888.500.1851  

Email Website
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This email was sent to anne@ndlc.ca by anne@barriemortgagelocators.com |  
Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently owned and operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada
18 Oct

5 Things to ask when buying a new home. Mortgage Market Update October 18, 2013

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: October 18th, 2013  
Keeping you updated on Mortgage Matters

Market Update
No changes in rates the past week. With the U.S. Debt stalemate appearing to be over, it will be   interesting to see how the interest rate markets react to this in the upcoming week.. 5 year rates continue in the 3.59-3.89%. Variable rates are   increasingly becoming a more attractive option for many, with rates in the 2.55-2.70% range. 
 
With the Bank of Canada meeting next Wednesday, we do not anticipate any major changes at this time.
 
With rates starting to increase, and if your mortgage is maturing in the next 6 months   or you are thinking of refinancing, we strongly recommend you start the process now.
If you have a variable rate of any more than prime +.25 or a fixed rate of 4.25% or more, we should explore the   merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.     

  Contact me for a free, no obligation review. Spending a few minutes could save you thousands of dollars.

Bank prime is 3.00%
The next meeting of the Bank of Canada is October 23, 2013.
P.S. If you, your family, or co-workers require guidance on current market trends, please call me, I am always available to help.  
….Anne
 

5 key things to ask when buying a new home Real estate tips: When buying a new home check the builder’s   reputation and make sure the upgrades are worth it.
Mark Weisleder Real Estate, The Star Published on Mon Oct 14 2013

Many people will buy    their first home from a builder, whether it is a detached home,  townhouse or condominium unit. Here are the five questions you need to  ask to make   sure you don’t make a mistake.

 

What is the   builder’s reputation?

 

This may be the most    important research you can do before buying from a builder. Check any  prior home/subdivision/condominium project that they have built in the  past.   Look at the Tarion website under the Licensed Builder Directory,  so that you can see how many homes they have   built in the past 10  years, whether they have won any awards and the number of complaints, if  any, made to Tarion against them.

 

Tarion is a private   corporation which administers new home warranties in Ontario.

 

Better still, go   visit  any prior homes and talk to the neighbours. For example, ask if the  builder was diligent in fixing every problem with the home that was    identified by the buyer during their pre-delivery inspection.

 

Is the   builder contract unfair to buyers?

 

In many ways the    contract favours the builder. For example, the builder usually has the  right to extend the closing date, change the layout or square footage of  your   home and also many of the finishings and there is little the buyer  can do about it. This can cause real problems if the delay affects your  child’s new   school year or your employment plans. Again, remember to  ask prior buyers if their home was delivered on time, and whether they  received substantially   what they were promised.

Click   here to read full article 

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 
Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
                              In This Issue                             
Market Comment
5 key things to ask when buying a new home…
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin Mortgage Agent FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street, Suite 300 Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841 Direct: 705-791.6683 Fax: 705.739.1893 or 1.866.739.1893

Email Visit My Website

Like me on Facebook  
 
This email was sent to anne@barriemortgagelocators.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada
11 Oct

Stability at last with a few small drops in rate. Mortgage Market Update October 11, 2013

General

Posted by: Anne Martin

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: October 11th, 2013  
Keeping you updated on Mortgage Matters

Market Update
The bond market continued to remain stable the past week. We did see a few lenders soften their fixed rates slightly. 5 year rates continue in the 3.59-3.89%. Variable rates are increasingly becoming a more attractive option for many, with rates in the 2.55- 2.70% range.
With rates starting to increase, and if your mortgage is maturing in the next 6 months or you are thinking of refinancing, we strongly recommend you start the process now.
If you have a variable rate of any more than prime +.25 or a fixed rate of 4.25% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.

  Contact me for a free, no obligation review. Spending a few minutes could save you thousands of dollars.

Bank prime is 3.00%
The next meeting of the Bank of Canada is October 23, 2013.
P.S. If you, your family, or co-workers require guidance on current market trends, please call me, I am always available to help. 
….Anne
 

Canada’s Housing Market The Housing Market in Canada – 2007 – 2013
Newsroom – CMHC  cmhc logo Canada Mortgage and Housing Corporation August 29, 2013

In recent years, there have been significant changes in local housing market conditions that have had an effect on house prices. For example, house prices decreased by about 11 per cent from the peak of the fourth quarter of 2007 to the trough of the fourth quarter of 2008.

 

In 2009, the combination of an improving economy and very low mortgage rates led to a rebound and, as a result, the MLS® seasonally adjusted house price increased from mid-2010 to early 2011. From May 2011 to February 2013, however, housing prices remained relatively constant, due to more balanced market conditions. April and May saw slight month-to-month decreases of 0.3 per cent and 0.2 per cent, respectively, while June and July experienced increases of 2.0 and 1.9 per cent.

 

This recent experience demonstrates how, in the short and medium term, changes in the economic and financial fundamentals that support the housing market have an impact on house prices. Low mortgage rates, employment and income growth can all increase demand for homeownership and put upward pressure on house prices. Conversely, house prices can be subject to downward pressure during periods of economic uncertainty, either domestically or externally.

 

Overall, the resale market has been in balanced market conditions since the beginning of 2011. Balance is determined by the number of home sales relative to the number of new listings in a given period. Moving forward, balanced market conditions are expected to prevail in most local markets and the average MLS® price is anticipated to grow roughly in line with inflation in 2013 and 2014.

 

Click here to read full article

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 
Our Commitment to You

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
Canada’s Housing Market…The Housing Market in Canada – 2007 – 2013…
Interest Rate Graphs
Quick Links

Anne Martin
Anne Martin Mortgage Agent FSCO Lic. M10002257
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street, Suite 300 Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841 Direct: 705-791.6683 Fax: 705.739.1893 or 1.866.739.1893

Email Visit My Website

Like me on Facebook  
 
This email was sent to anne@barriemortgagelocators.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada
3 Oct

Some Interesting Home Buyer Statistics

General

Posted by: Anne Martin

RE/MAX recently released a report that offers some great insight into buyers who plan to purchase homes within the next 24 months:

  • 18% are single purchasers
  • More than 50% of that 18% includes single females. There is a real movement in the housing market these days with single women making purchases on their own
  • 43% are couples planning on purchasing homes
  • 33% are families planning on making a purchase
  • 77% of all those surveyed who plan on making a purchase within the next 24 months are between the ages of 18 and 54 – 40% are 35-54, while 37% are 18-34.
  • 53% plan to buy single detached homes
  • 17% plan to buy condos
  • 11% plan to buy semi-detached homes
  • 11% plan to buy duplexes