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Building Lasting Relationships in Banff and Canmore Through Exceptional Service
If you need a mortgage, we have the solution!
We know that different people need different things in a mortgage. That's why up here in the Canadian Rockies, we have solutions for all kinds of homeowners. Whether you are buying your first home, an investment or vacation property, or looking at home renovations or renewing your mortgage, Trisha Isaac and Heather Petecky have a mortgage solution for you.
Updates
CAAMP released its Spring 2010 Consumer Survey today, May 10th.
Highlights:
• There are approximately 9.3 million homeowners in Canada, including about 5.55 million with mortgages.
• Almost 80 per cent of young borrowers have opted for a fixed rate mortgage or a mortgage that combines fixed and variable rates.
• A small number of mortgage consumers (17 per cent) have amortization periods of more than 25 years and the share of mortgages with extended amortizations has stabilized – a year ago the share was also 17 per cent.
• Among borrowers who have renewed a mortgage in the past 12 months, almost three-quarters received a reduction in their interest rate. On average, interest rates were reduced by 1 percentage point on mortgages renewed in the past 12 months.
• 16 per cent of mortgage borrowers have increased their monthly payments beyond required amounts. Combining the data obtained in the survey, the total increases amount to about $150 million per month or $1.8 billion per year if those increased payments are sustained.
• 13 per cent of mortgage borrowers made lump sum payments, with an estimated total of $7.8 billion, equivalent to 1 per cent of the total outstanding mortgage principal.
• For new mortgages, 50 per cent were obtained from a bank, 30 per cent from a mortgage broker, and 20 per cent were obtained from another source.
• Mortgage brokers are used most often in Alberta (32 per cent), B.C. (29 per cent) and Ontario (26 per cent) compared to the Maritimes (19 per cent), the Prairies (17 per cent) and Quebec (14 per cent).
• The total volume of the residential mortgage market is expected to pass the $1 trillion mark mid-year and by the end of 2010 would be in the range of $1.04 trillion. By the end of 2011, the forecast is $1.13 trillion to $1.14 trillion.
2. Average resale prices are up in major markets across Canada, year over year in, according to the Canadian Real Estate Association.
Average MLS Resale Price for Local Markets
City March 2009 March 2010
Halifax $229,548 $255,818
Saint John $158,731 $169,256
Quebec $203,935 $233,529
Montreal $259,322 $287,420
Ottawa $287,911 $330,906
Toronto $362,050 $434,693
Hamilton/Burlington $263,120 $313,372
Winnipeg $211,408 $227,167
Saskatoon $266,720 $282,615
Calgary $372,114 $405,551
Edmonton $309,032 $342,933
Vancouver $530,763 $693,482
Victoria $441,380 $521,917
Source: Canadian Real Estate Association
3. Highlights of a TNS Canadian Facts mortgage survey released May 5:
• Intentions to purchase a house or condo have risen to 14 per cent nationally in Canada, compared to 11 per cent last September. However, the majority of that demand remains unsatisfied, as nearly two-thirds (64%) of those who were planning to purchase six months ago have still not bought.
• One in 10 mortgage holders have made extra payments to pay down their mortgage faster, 13 per cent have renegotiated for better payment terms, and five per cent have switched from a fixed to a variable rate mortgage.
• 12 per cent of mortgage holders mention being worried about missing a mortgage payment. However, only four per cent report having actually missed a payment.
• 12 per cent of Canadian renters report that they are more likely to take out a mortgage in the near future to take advantage of current rates, and more than one in five (22%) mortgage holders are planning to renew early or renegotiate to take advantage of current rates.
Mortgage Market Changes
Effective Monday April 19th– make sure you’re in the know
Home buyers and real estate investors need to keep up with some upcoming changes to mortgage rules that could affect their purchase, if they are applying for a mortgage with a down payment of less than 20% of the value of the property.
Qualifying for a Mortgage
Borrowers applying for a variable-rate mortgage or a fixed-rate mortgage with a term of less than 5 years must qualify based on the Bank of Canada’s five-year fixed posted mortgage rate.
Rental Properties
A minimum down payment of 20% will be needed for government-backed mortgage insurance on non-owner-occupied properties such as rental properties. There are also changes in how much of rental income can be used when qualifying for financing.
Self Employed?
Make sure you contact us about how to show proof of income to lenders, and access mortgage products tailored for your needs.
Call Us for the Information You Need to Know
For full details on the changes, and personalized advice on the mortgage that fits your needs, contact us for a free, no-obligation consultation.
Trisha Isaac. B.comm, AMP
Accredited Mortgage Professional
Office: 403-609-0155403.609.0155
Toll Free 1-877-609-0155
Toll Free Fax: 1-866-207-9093
Email: trisha@canmoremortgagesolutions.com
Member of CAAMP - Canadian Association of Accredited Mortgage Professionals
Member of AMBA - Alberta Mortgage Brokers Association
Heather Petecky. BSc.
Mortgage Consultant
403-688-3716 403-688-3716
fax: 1-888-875-3716
Email: heather@banffmortgagesolutions.com
Member of Canadian Association of Accredited Mortgage Professionals
We are conveniently located at:
221-1001 6th Ave Mistaya Place Canmore, Alberta T1W 3L8
Free Parking
Call us at 403-609-0155