20 Dec

Report on Home Inspector Qualifications in Ontario

General

Posted by: Anne Martin

December 13, 2013 The Ministry of Consumer Services released a report on the home inspection industry.

What is unknown to most home buyers is that home inspectors in Ontario are not regulated or licensed.

The report states “Currently anyone in Ontario can call themselves a home inspector.  Many consumers depend on the opinions of their home inspector to make what is often the largest purchase decision of their lifetime.”

Often, a condition is included in the offer to purchase property only to be removed after the buyer is satisfied to the condition of the home as a result of a home inspection usually conducted by someone they perceive as a “qualified” home inspector.  As most consumers and Realtors are unaware of the lack of regulation of the home inspection industry and unless the consumer has the time and ability to interview potential home inspectors, they may or may not receive quality and knowledgeable service. 

Many home inspectors make the effort, take courses and have the experience and background to provide excellent non-biased service which allows the buyer to make an informed decision regarding the finalization of their purchase agreement. However, there are also many inspectors who possess little to no related experience or training leaving the buyer either misinformed or faced with a difficult decision.  Buyers can also be misled into thinking they have made a sound purchase only to find after possession that important property defects have been missed by the home inspector and they may be left with costly repairs.

Regulation of this industry is imperative.  The Ontario Ministry of Consumer Services has studied these very issues and has made numerous recommendations to rectify this situation. 

Here’s the link to more info; http://ow.ly/rXOtg

20 Dec

Bank of Canada rate expected to stay low for quite a while. Mortgage Market Update December 20, 2013

General

Posted by: Anne Martin

 

  

      
 
Anne Martin Mortgage Agent | FSCO # M10002257
705-720-1001 1-800-500-1841   anne@ndlc.ca | www.barriemortgagelocators.com
39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated
 
Thursday, December 19, 2013
Market Update
The bond market was extremely flat the last week. No changes in Fixed or variable rates. 5 year fixed rates are running in the 3.39-3.59% range and variable rates in the 2.5-2.65% range.   If your mortgage is renewing 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 us 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 January 22, 2014
P.S.  If you, your family, or co-workers require guidance on current market  trends, please call us, we are always available to help.

…Anne

Interest rate will stay 1% for ‘quite some time’
Greg Quinn and Andrew Mayeda, Bloomberg News Published on December 13, 2013
MONTREAL — Bank of Canada Governor Stephen Poloz said his policy interest rate may remain unchanged for “quite some time” as the central bank weighs the risk of a sharp correction in housing prices against the threat posed by persistently low inflation.
Poloz said his October decision to drop language about the need for future interest rate increases was “more a movement toward honesty than dovishness,” and that his interest rate announcements were trying to project a neutral stance.

Read More

 Historical Interest Rate Graphs   
Below you will find a feature which will give you current interest rate trends. It  can also be accessed on our web site. I hope you and your clients find it useful
Click here to  access rate graphs

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
13 Dec

Housing Market to Stay Hot in 2014. Mortgage Market Update December 13, 2013.

General

Posted by: Anne Martin

 

  

      
 
Anne Martin Mortgage Agent | FSCO # M10002257
705-720-1001 1-800-500-1841   anne@ndlc.ca | www.barriemortgagelocators.com
39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated
 
Friday, December 13, 2013
Market Update
The bond market was extremely flat the last week. No changes in Fixed or variable rates. 5 year fixed rates are running in the 3.39-3.59% range and variable rates in the 2.5-2.65% range.   If your mortgage is renewing 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 us 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 January 22, 2014
P.S.  If you, your family, or co-workers require guidance on current market  trends, please call us, we are always available to help.

…Anne

Housing market to stay hot in 2014
Lisa Wright Business Reporter, Business Reporter, Published on Wed Dec 11 2013
Residential sales to finish 2013 strong across Canada while Toronto sales and home values will continue to increase next year, says Re/Max.
Toronto will finish the year strong in home sales after a “somewhat harrowing” beginning, but prices will be on the rise in 2014, according to a Re/Max report released Wednesday.
Despite a downward trend over the first half of 2013, both home-buying activity and the values of homes across Canada are approaching five-year highs — and the trend is expected to continue through next year, says the realty firm’s 2014 Canadian housing market outlook.

Read More

 Historical Interest Rate Graphs   
Below you will find a feature which will give you current interest rate trends. It  can also be accessed on our web site. I hope you and your clients find it useful
Click here to  access rate graphs

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
11 Dec

Monthly Mortgage & Home News. December 11, 2013

General

Posted by: Anne Martin

 

  

      
 
Anne Martin | FSCO # M10002257
705-720-1001 1-800-500-1841   anne@ndlc.ca | www.barriemortgagelocators.com
39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated

HAPPY HOLIDAYS
May the magic and wonder of the holiday season stay with you throughout the coming year. Best wishes for a new year filled with health, happiness and spectacular success!
Find out how a simple “mortgage check-up”can help you. A single call may be all the care you need.  

It’s important to protect yourself against market conditions. But how do you know you have the right mortgage if you haven’t seen what’s possible?
Simply call us today for a “mortgage check-up” and you’ll be better prepared. 
 
 
705-720-1001 1-800-500-1841
DID YOU KNOW… 

Dominion Lending Centres has a great line of Visa cards that you can apply for directly through my website or by calling/emailing me today.
The Dominion Lending Centres Student Visa is the perfect back-to-school accessory. It features a competitive interest rate and no annual fee, as well as a unique cell phone insurance feature to protect students from having to pay for a new phone if theirs is lost or stolen.

HOMEOWNER TIPS 
Seal Out the Cold:
In winter, reduce the heat lost from your home or workplace by getting rid of drafts around windows, doors, baseboards and outside wall openings.
Windows can account for a large part of heat loss in a building. Upgrade them if they are too old. Window insulators can help keep your home warm in winter and cool in summer. Insulate power outlets and other sockets using foam pads – this is really important if the walls are not properly insulated
INSPIRATION

“There is no exercise better for the heart than reaching down and lifting people up.”
~ John Holmes

Welcome to our holiday issue of our Home Digest
I would like to thank all of my clients and referral partners for your support during 2013, it is your endorsements of my services that keep me in business  –  a Sincere THANK YOU
Best wishes for a safe and healthy festive season.

 


Anne

ROB CARRICK The Globe and Mail Published Wednesday, Dec. 04 2013, 7:52 PM EST
It’s easy to get caught in the posted mortgage rate trap at the big banks.
No, you won’t have to pay the posted rate on your next mortgage. Pretty much nobody does that any more, according to mortgage broker Robert McLister. The real danger is that posted rates will be used to calculate the penalty if you ever have to break your mortgage, probably costing you thousands of extra dollars.
A mortgage penalty compensates a lender for the interest payments it loses out on when you break a mortgage contract. “That’s the intention,” said Mr. McLister, who is also editor of CanadianMortgageTrends.com. “But in many cases, it overcompensates. It’s punitive in many cases.”
As we head into another round of quarterly bank earnings reports, it’s worth thinking for a moment about how those wonderful profits and dividends for investors are generated. One way is by using posted instead of lower discounted rates when calculating how much to penalize a client breaking a mortgage.
With houses as expensive as they are today, it’s crucial to get the lowest mortgage rate you can. Keep the same level of focus when inquiring about mortgage penalties. Although it’s hard to imagine the need to break a mortgage on a house you’re just buying or living in happily, it can happen. Mr. McLister said roughly 70 per cent of people adjust their five-year fixed rate mortgage before maturity, although many do it to refinance or move to a bigger house rather than to break the mortgage outright.
Read More
Canadian mortgage holders have told the Canadian Association of Accredited Mortgage Professionals (CAAMP) in its fall 2013 survey that they’re comfortable with their mortgage debt levels and consider mortgages to be a form of “good debt.”
This level of comfort may be due to the fact that Canadians believe they’re in control of their mortgages – taking aggressive actions to pay them down, leveraging their equity to consolidate debt or make new investments, taking advantage of low interest rates and increasingly turning to mortgage brokers rather than major banks for their mortgage needs.
The Annual State of the Residential Mortgage Market in Canada report, released late last month, contains some interesting information and statistics pertaining to Canadians’ mortgage views and borrowing habits.
Key highlights from the new report include:

  • Mortgage brokers are gaining share in the overall mortgage market compared to traditional financial institutions. Among all new mortgages obtained this year, 40% were obtained through a mortgage broker and 42% from a bank. Overall, mortgage broker share increased from 25% to 28% in the past year
  • Confidence in the market is strong. Less than 10% of Canadians expect that a housing bubble will burst, though the expectation is stronger among younger people
  • 80% of homeowners selected at least one of the following emotions when asked about their mortgages: comfortable, confident, content, secure
  • More than 80% of Canadian homeowners have at least 25% equity in their homes
  • Of the new homes purchased in the past year, 57% were purchased by first-time buyers
  • 68% of Canadians feel mortgage debt is “good debt”
  • For mortgages repaid in the past two decades, actual repayment periods have been 30% shorter than original contracted periods
  • This year, 38% of mortgage holders took steps to accelerate their repayments and shorten their amortizations

The report also covers the role housing has played in Canada’s recovery from the 2008/2009 recession.
As always, if you have questions pertaining to your specific mortgage needs, I’m here to help!


Many Canadians are doing everything they can to cut down on the amount of energy used around the house. One of the best ways to do this, while also reducing your environmental footprint and lowering your monthly utility bills, is by ensuring your attic is well insulated.
Adding insulation to an attic is a lot like putting on a hat when it’s cold outside. Insulation helps keep the heat inside the home where it belongs, so you can stay warm and cozy without spending a fortune. Insulating and air sealing an attic can also help prevent icicles from forming at the roof edge.
To help save money while keeping your home warm in the winter and cool in the summer, Canada Mortgage and Housing Corporation (CMHC) offers the following tips on how to super-insulate your attic:

  • Create an air barrier by having all gaps and holes that pass through the ceiling into the attic sealed. A good air sealing job will help prevent warm, moist, house air from escaping into the attic. This is a very important first step to any attic insulation project. Ceiling electrical boxes, exhaust fans, pot lights, wiring and duct penetrations, attic hatches, vent pipes and chimneys are locations that should be inspected and properly sealed.
  • If you don’t need frequent access to your attic and if space permits, consider having at least a 71-centimetre (28-inch) layer of blown-in or batt-type insulation added over top of existing insulation. Make sure the new insulation does not block the ventilation spaces needed to permit air to move freely from the eaves into the attic. Insulation dams or guards can be installed to ensure this ventilation space does not become blocked by the new insulation.
  • In restricted spaces, such as the eaves where the roof passes over the exterior walls, spray foam insulation may provide a better air seal and insulation level than can otherwise be achieved with batt-type or blown-in insulation. Spray foam insulation can also help prevent “wind washing” of the insulation in this area, which can reduce its insulating value and create cold spots along the ceiling-wall intersection below the attic.
  • To stop heat from escaping through the attic hatch, insulate the hatch with RSI-5.3 (R-30) or similar high-R-value solid board insulation. Add compressible weatherstripping and a couple of latches to the hatch to ensure an airtight seal.
  • If you think you will need access to different parts of your attic, have planks installed through the roof truss members above the insulation layer to provide a surface to crawl over.
  • In some cases, due to the condition of the roof, limited space, or a desire to change the appearance of the house, it may be possible to install a new roof over top of the existing roof. This can provide an opportunity to add more insulation than would otherwise be possible.

For more information on how to insulate your attic, visit CMHC’s website: www.cmhc.ca; or call; 1-800-668-2642.

5 Dec

Bank of Canada Update December 4, 2013

General

Posted by: Anne Martin

 

  

      
 
Anne Martin Mortgage Agent | FSCO # M10002257
705-720-1001 1-800-500-1841   anne@ndlc.ca | www.barriemortgagelocators.com
39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated
 
Wednesday, December 4, 2013
Market Update
No changes with the Bank of Canada Announcement. Bank Prime remains at 3.0%. We currently have 5 year money in the 3.39-3.69% range. Variable rates continue to be an attractive option with rates around 2.50-2.70%.   Please find a summary below of the Announcement:  

  • US economy is gathering momentum
  • Housing market continues to be strong due to favourable  “financing conditions”
  • Inflation continues to move below the 2% target
  • Current monetary policy stimulus in place remains appropriate

  Bank prime is 3.00%   The next meeting of the Bank of Canada is January 22nd 2014.
P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.

…Anne

Bank of Canada maintains overnight rate target at 1 per cent
4 December 2013 Contact: Media Relations 613 782-8782
OTTAWA —
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
The global economy is expanding at a modest rate, as the Bank expected. Although growth in several emerging markets has continued to ease, growth in the United States during the third quarter of 2013 was stronger than forecast. Even if some of this pickup was due to temporary factors, the data are consistent with the Bank’s view of gathering momentum in the U.S. economy.

Read More

 Historical Interest Rate Graphs   
Below you will find a feature which will give you current interest rate trends. It  can also be accessed on our web site. I hope you and your clients find it useful
Click here to  access rate graphs

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