News, Views and Trends!
A FOUR PART SPECIAL EDITION… PART 1 of 4
Canada’s mortgage lending rules and policies are broken. They just don’t work. And the more our Federal government tries to help, the worse it gets. Message to the government… STOP TRYING TO HELP!.. CAUSE YOU AREN’T!
And if you think the interest rate cuts will solve all of this, guess again. There’s a lot more to it.
Continue reading “The Great Mortgage Reset”
LOTS OF MOVEMENT IN MORTGAGE RATES
Sounds like a football play. But I’m not talking about football even though the NFL season just started and my Buffalo Bills won their first two games. I’m referring to how many times the Bank of Canada’s (BoC) Governor, Tiff Macklem, has changed the Overnight rate since March 2022.
Did you know we saw 10 rate hikes totaling 4.75% in just 16 months from March 2022 to July 2023? That’s never happened before. And most of those rate hikes
Continue reading “10 up and 3 down, unintended consequences!”
Rates are up, inventory is low, and sales volume is flat. If you’re looking to buy a new home, what are you supposed to do? A lot of people will tell you to wait. After all, rates are dropping soon! Why not just be patient until you can lock into lower monthly mortgage payments?
What these people don’t realize is that waiting can be a dangerous game. I’ve been in real estate for more than 3 decades, and while things change all the time, one thing has remained consistently true: it’s never a good idea to time the market.
Continue reading “There’s Never a Good Time To Time the Market”
Before I get into the topic of new home financing, I want to share some positive news! The Ontario housing market is definitely alive and well! I’m seeing new properties come to market and disappear within weeks or even days. Multiple offers are also a reality, once again. Watch for encouraging sales stats to be reported next month.
Buying a resale home
Buying resale is great because you can see what you’re getting and you can have it now (average closing is 45 to 90 days). You can also set and hold your mortgage rate now.
But, there are also some negatives to buying a resale. For one, you’ll never get 100% of what you want. Maybe the kitchen, master bedroom or backyard could be bigger or perhaps you’d prefer a different floorplan. The truth is, you’re buying someone else’s home that wasn’t designed for you.
But, hey, that’s life and you can’t have everything you want. At least, not yet… or maybe you can?
Construction financing as low as prime minus 0.80% – 3.15% today!
Continue reading “Finance Your New Construction Home at Prime Minus 0.80%!”
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