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In order maximize your purchasing power, you'll need to understand how interest rates impact your home buying power.
REACH OUT to learn more about your potential as a homeowner! #interestrates #mortgage #realestate
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REACH OUT to learn more about adding value to your home and how you may be able to access extra cash by leveraging your Home Equity! #mortgage #realestate
5 FIRST-TIME HOMEBUYER MISTAKES TO AVOID!
1) Looking For a Home Before Applying For a Mortgage.
2) Draining Your Savings.
3) Buying More House Than You Can Afford.
4) Miscalculating the Hidden Costs of Homeownership.
5) Paying More Attention to the House Than the Neighborhood.
Buying your first home is a scary and exciting process because it’s a HUGE commitment.
Don’t Hesitate to Call or Email with ANY questions! Let’s get you started.
Ready to start looking for your forever home? Get Pre-Approved first!
A pre-approval works to verify your budget and allows your Real Estate Agent to find the best home in your price range!
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Time to ask a favour... I've been officially nominated for the Reader's Choice Awards for the second year in a row. I'd really appreciate your vote in BOTH categories (if you think I deserve it of course). It only takes a moment. Thanks!! #mortgage #realestate
Bank of Canada Rate Update - Sept 7, 2022:
"The Bank of Canada today increased its target for the overnight rate to 3.25%, with the Bank Rate at 3.5% and the deposit rate at 3.25%. The Bank is also continuing its policy of quantitative tightening."
REACH OUT to learn more about how this could affect you and your homeownership goals!
Knowledge is key! Especially when it comes to considering owning rental property.
REACH OUT to learn more about the ins and outs of Rental Property Ownership!
When it comes to #mortgage financing, it's often a case of how much will it cost, rather that whether we can do it or not. While 80% of my clients are in "prime" mortgages, here's some reasons why we may need to look at alternative solutions. #realestate https://bit.ly/3jhzLnD
With more potential buyers being priced out of the market for houses, the condo market is the one to watch this year. #mortgage #realestate https://bit.ly/3CKRLQi
I'm hearing the market has slowed down SLIGHTLY, but these numbers aren't surprising to anybody who has been watching. #mortgage #realestate #interestrates https://bit.ly/3ty7oX0
No surprise, the Bank of Canada increased their overnight rate by 25 basis points to 0.50%. We'll expect lenders to do the same. This is the first increase in more than 3 years and while it was time, I only expect 1, maybe 2 more increases this year. No reason to panic. #mortgage #realestate https://bit.ly/3pvuEnz
I've been on vacation this week, so just a #fridayfunny. However, this is a serious issue. Most borrowers are so hung up on rate that they miss the fine print. You'd be surprised how often a mortgage penalty is triggered. #mortgage #realestate
It’s funny because it’s true. #mortgage #realestate
#BREAKING The Bank of Canada has held the overnight rate at 0.25%. No bump to prime yet. #mortgage #realestate #interestrates
With #rates expected to rise soon, does that mean that housing supply will increase? The Canadian Home Builders Association says don't bet on it. #mortgage #realestate
Rates may increase by 500% this year!!! Time to panic? Well, maybe not just yet. Here's my video blog on the topic. #mortgage #realestate #interestrates https://bit.ly/33HnmFk
Don't hold your breath for any quick solutions. There simply are not enough new homes being created to fulfill growing demand. #Housing unaffordability is a supply issue. #mortgage #realestate
#RealEstate showed no signs of slowing down in 2021 and there's no reason to think that's going to change much in 2022. Supply remains at historic lows. #mortgage
Should the Bank of Canada increase rates? Canadians say "YES", but it remains to be seen how much that will influence inflation. It seems to me that scarcity is driving inflation more than cheap money right now. #mortgage #realestate #inflation #interestrates
Wishing everyone a very safe, healthy, and happy holiday.
Bank of Canada holds the overnight rate and expects to stay there until mid-2022, noting that inflation is starting to cool off. #mortgage #realestate
Something to be aware of when buying a pre-construction home: The price may not be the price... and I'm not talking about development charges. #mortgage #realestate
The question I'm asked most these days is unquestionably about #interestrates. While fixed rates have already increased, variable looks like a bargain for now. #realestate #mortgage
Real estate prices continue to escalate and likely no end in sight. The bottom line is that we're not building enough homes to meet population growth. #mortgage #realestate
As cities strive to build vertically, the big problem has traditionally been family-friendly condominiums. Developers are beginning to adapt. #mortgage #realestate
Some really exciting news... I've been named the Diamond Winner in the Mississauga News Reader's Choice Awards! Thanks to everyone who took the time to vote. #mortgage #realestate
Bubble? What bubble? I've been hearing about it for more than a dozen years now. This is just the market. #mortgage #realestate
The upcoming federal election is going to be an important one when it comes to affordable housing. A key ingredient will be addressing housing supply. Here's what the parties have promised so far. #mortgage #housing #realestate
As you've heard from me before, the government needs to do more to address the shortage of homes in Canada. We simply do not create enough #housing to keep pace with the growing population.
A year and a half after covid started beating up the downtown condo resale and rental markets, activity has returned to pre-covid levels as Toronto #realestate continues to show its resiliency. #mortgage
Are mortgage rates going to increase soon? It looks like 5-year fixed rates will later in the year. Variable rates will probably stay where they are for at least until 2022. Although if covid has taught us anything, it's that nothing is guaranteed. #mortgage #realestate
Hi everyone, I've been nominated for "Best Mortgage Broker / Adviser" by the Mississauga News. If I've helped you with a mortgage or you like these updates, please consider voting for me. Also willing to accept votes if you just don't like anyone else. 😉
If you were wondering if people would quickly move back into the city post-covid, it looks like we may have our answer. #mortgage #realestate
Here's an interesting perspective on the #housing market for a Friday afternoon. It's will be interesting to see what in-demand items are going to stick once we're through the pandemic. #realestate #mortgage
Canadian #realestate continues its forward momentum, but important in this article is the fact that it's starting to slow down. A period of levelling off is healthy. #mortgage
As expected, home prices have started to level off after the spring mayhem. However, chronic supply shortages will continue to buoy #realestate for the foreseeable future. #mortgage
A recent poll suggests that two thirds of Canadian are looking forward to returning to work rather than work from home. Are you one of them? #mortgage #realestate
Some good economic news for a Friday: Canada posted better than expected job numbers, suggesting that the economy will likely start booming as covid restrictions are eased over the summer. #mortgage #realestate #economy
Wishing everyone a safe, peaceful and reflective Canada Day.
One of the under-appreciated elements of condo apartments are the innovative ideas that can be incorporated into a new building. Here are a few interesting ones. #mortgage #realestate #condolife
Some good economic news from BMO for a Friday afternoon. Have great weekend! #mortgage #realestate #economy
I try to stay away from politics here, but this is a necessary exception. Mississauga is considering a municipal land transfer tax which would add thousands to the up front cost of a new home. Please sign this petition and share this post. #mortgage #realestate #homebuyers https://bit.ly/3vQiG8g
Condos were hit hard by the pandemic as people fled the cities. They've now come all the way back. #realestate #mortgage
I don't agree with everything in this article, but it does convey an important message: there are many factors at play which have pushed home values up. By extension, many things also have to happen for prices to decline. #realestate #mortgage
Interesting concept. While this is good news for renters it will put some additional upward pressure on prices. That being said, 1 billion doesn't buy what it used to. But it tells you something about confidence in the market. #mortgage #realestate
Will the #condo market come roaring back as people want to move back into the city post-covid? BMO says YES.
Bank of Canada holds overnight rate at 0.25%. While there weren't any real surprises in this announcement, BoC reiterated that they don't expect to increase this benchmark rate for at least another year. #mortgage #realestate
While the media loves the scary stories, the doom and gloom is starting to wain. More and more experts are backing away from the #realestate bubble narrative. #mortgage
The problem with #housing supply isn't going to improve anytime soon. Demand side solutions don't address the underlying problem: there aren't enough homes and there aren't enough new homes being built to match population growth. #mortgage #realestate
This goes to underscore the importance of homeownership for younger Canadians as well. It can be difficult to save enough for retirement with a young family, so home equity becomes a vital asset. There are a number of different tools for seniors to access that equity. I can help you find the best one for you. #mortgage #realestate #seniors
Fixed vs Variable? Desjardins sees fixed rates rising in the near term while variable rate #mortgages will likely stay low for longer. #realestate
Good to see RBC pushing for solutions to the housing shortage. As long as supply remains low, prices will remain out of reach for many first time homebuyers. That being said, there's no quick fix. #mortgage #realestate
As the recovery progresses, there has been growing concern about inflation and whether that might drive #interestrates up. Here's an interesting take on why that may not happen. #mortgage #realestate
Echoing my comments from last week, Scotiabank agrees that the increase to the Qualifying Rate won't do much to cool the #realestate market. #mortgage
Effective June 1, the Qualifying Rate for the stress test will increase to 5.25% for ALL mortgages. I doubt it's going to do much to cool the market as people won't stop wanting a home. They'll just have to compete for a home that's a little less expensive. #mortgage #realestate
Did #realestate sales dip in April? Yes, but that's only because we're comparing against a record setting month in March. The market is still red hot. #mortgage
Do you want to improve your credit score? If you follow me on social media you can now get 50% off MyMarble Premium for your first month using discount code WELCOME50. Just follow my link below. #mortgage #realestate #creditscore
I had this scheme come up with a client for the first time last week. It wouldn't have helped, but I would have tried to talk them out of it regardless. The Feds could have found much simpler solutions for legit #firsttimehomebuyers #mortgage #realestate
CMHC has lost its title as Canada's largest #mortgage insurer with Sagen (formerly Genworth) taking top spot. This was bound to happen with CMHC asserting a more conservative approach. #realestate
While CMHC has got a lot wrong over the last year, this seems to be more on point. Key stat if you look at the graph is projected sales in 2022 & 2023. Does that look like a bubble to you? Yeah, me neither. #mortgage #realestate
Home sales are still flying. TD sees the market cooling off toward the end of the year, but that doesn't mean a decline in prices.
If you could move anywhere,
where would you go? Here are some options from across the country.
I've talked about this before, but #mortgage pre-approvals are not underwritten and supporting paperwork has not been scrutinized by a lender. It's a guideline, nothing more. A mortgage professional will let you know about any areas of concern. #realestate
I think it's important to emphasize that the coming change will only impact a small subset of buyers and only by a fairly modest amount. I don't think this is either a necessary nor a very impactful change.
Are we going to see an increase to the Prime rate soon? It looks like that may be on the table for later this year. But don't expect it to run up to pre-covid levels yet. #mortgage #realestate
No surprise, but the Bank of Canada announced today that the overnight rate will hold at 0.25%. They've also raised the economic outlook for Canada, forecasting higher growth than previously expected. #mortgage #realestate
This article references the situation in Quebec, but it's the same here in Ontario. The government really needs to step in and give buyers an opportunity to get their financing approved before waiving conditions. #mortgage #housing
Canadian #realestate keeps on rolling. It will be interesting to see what happens over the next 2 months as vaccination rates increase vs. this 3rd wave that's hitting us. #mortgage
Changes are coming to #mortgage rules effective June 1st. Some mortgages will be stress tested at a higher rate (5.25% vs 4.79%). This only applies to uninsured mortgages, meaning:
👉 Purchases of $1 million + 👉 Rentals.
👉 Refinances 👉 Amortizations > 25 years
👉 Some B lending products
🏡 Buying a home is one the biggest investments of your life.
Our #mortgage #insurance options make sure you get:
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Contact me to find the coverage that best meets your needs!
I touched on this a couple of weeks ago. There are two big problems with capital gains tax on principal residences: 1) The move will be phenomenally unpopular; and 2) It won't do anything to cool down the #realestate market. In fact, it could turn up the heat. #mortgage
This would make it slightly harder to get a #mortgage, but once again, fails to address the real problem: a lack of supply. It seems like everybody gets this except for the government. #realestate
Have we reached the peak of the #realestate market? Not so fast says TRREB. It comes down to supply and demand, and while demand remains high, supply is still sadly lacking. #mortgage
For the last year, it's been hard to make a case for variable rates when you can lock in for 5 years, in some cases well below 2%. However, now that fixed rates have jumped up, variable looks like the better deal again. #interestrates #mortgage
More good news for the Canadian economy: Consumer confidence, one of those leading indicators, is running high. When consumers feel confident in the economy, they're more likely to spend which spurs additional economic activity. #mortgage #realestate
Slapping a capital gains tax on principal residences would be political suicide, so I don't see it happening. It ignores what a home primarily represents: a place to live; and suggests that it is more of an investment than anything else. #mortgage #realestate
Some good points here. One thing that all bankers learn to do early is to mitigate risk. With #mortgage money still flowing and no signs of banks turning off the tap, it tells you a lot about their appetite for residential #realestate, even in the present environment. http://bit.ly/3lBjeLS
While I've generally brushed off the talk of a #housing #bubble for most of the last dozen years, I do have some concerns that the price increases over the last few months are getting out of control. Certainly the current pace is not sustainable. However, I don't see a flood of homes suddenly hitting the market and the demand is still there. My bet is that prices will likely start to flatten over the next 6 months. #mortgage #realestate
It's been a while since my last blog... I hope it was worth the wait. #mortgage #realestate
How do we fix the economy as covid restrictions crawl to an end? It's going to depend on all of us. When making travel plans, try to stay in Canada, and here are some other key areas. #mortgage #realestate #economy http://bit.ly/30IG4HK
Those of us on the Aaron Phinney Team have been recognized for being among the top teams at #Mortgage Architects! Being on a great team makes all the difference, both for myself and for what it means to my clients. #realestate
Fixed rate #mortgages have already started to climb. Will variable rates be next? The Bank of Canada will increase their overnight rate eventually, but the big question is, "when?". #realestate
It must be tough for the outgoing chief of CMHC to eat crow, but he's finally admitting that they got it wrong. #realestate is not going to implode. It always comes back to supply and demand. #mortgage
Exciting news! Announcing a strategic partnership with MyMarble. Get FREE credit score updates + tips to improve your score. There is also a paid service through ScoreUp that can give you specific advice to bring your "score up". Ask me for details!
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Combined with historically low #mortgage rates, there may never be a better time to buy a condo. Post-covid, the desire to return to condo life may push prices up significantly. #realestate
You know how when gas prices drop, people rush out and start buying giant SUVs? This is the #realestate version of that. Rapid changes don't tend to stick. When buying a home, think long term. #mortgage
I'm not sure if I agree... rates have to go up sometime, but as far as the Canadian Dollar being undervalued, it's almost at $0.80 USD having steadily climbed about 10 cents since covid hit. Increasing interest rates will put more upward pressure on our dollar and is not good for exports. #mortgage #realestate
I'm not sure what is worse: CMHC's ludicrous warning that in a "W recovery" we could see #realestate prices fall by 50% or the media's clickbait saturation of headlines with the warning, without mentioning that it's the least likely scenario. #mortgage
#BREAKING Bank of Canada holds the overnight lending rate at 0.25%. This was widely expected and suggests that BoC is satisfied with the direction of the economy. #mortgage #realestate
If you were waiting for the bottom of the condo market, it looks like a full reversal of the downward trend is now happening. #realestate #mortgage
RBC has joined the chorus of voices predicting an aggressive #realestate market in 2021. It seems like it's going to be a busy year. #mortgage
This CIBC economist thinks that there's a lot of pent up demand ready to burst forth once we get covid in the rear view mirror. I tend to agree. Remember, 95% of our economy is performing very well. #mortgage #realestate
The media loves to warn us about these "cliffs" that we're approaching. Have you ever noticed that we never seem to go over the cliff? Sure, there is a risk. There always is. But if the housing market has held strong thus far, it's hard to imagine going over the edge anytime soon. #mortgage #realestate
While 2020 will always be remembered as being an awful year, one silver lining has been Canada's resiliency. It looks like 2021 might be a great year, economically. #mortgage #realestate
Nearly everyone knows what a will is, but a surprising number of people don't have one. Do you? #mortgage #realestate
For more info: http://bit.ly/3pS6v8o
The #realestate market, facing historic low supply levels, is showing signs of overheating. Bank of Canada will not raise #interestrates yet, but remember that fixed #mortgage rates reflect the bond market, which has taken off like a rocket in the last 10 days. http://bit.ly/3bHOgx1
There's still a lot of confusion about whether CERB payments need to be re-paid. Here's some news. Have a great Family Day! #mortgage #taxes #insurance
I generally don't have a problem with the wealthy paying more taxes, but any increase in land transfer tax, even on luxury homes, is going to have a trickle down effect on the rest of the #realestate market as it further chokes off the supply of homes. #mortgage
It's getting harder to save money on #realestate by travelling out of the GTA. Kitchener is hardly a suburb of Toronto, but there are a lot of homes in-between that will be influenced by both markets. #mortgage
More signs of the condo market coming back to life in Toronto and the 905 areas. #mortgage #realestate