mortgage reduction: Subprime bailout means the stupid won't have to pay
- 09/07/07 12:33 AM
This was a recent headline in a prominent newspaper referring to the current credit crisis in the American Sub prime Market. "Subprime bailout means the stupid won't have to pay" As a Canadian Mortgage Broker I have been very interested in reading comments from the "so-called" experts, the reasons why the U.S. mortgage / real estate market is in the current state that it is. Reasons have included everything from lost leader type mortgage promotions, called "scams" by some, the impact of rising rates on the infamous ARM mortgage market, to Realtors in certain markets using over aggressive subprime mortgages to sell property to those that may not … (8 comments)
mortgage reduction: Latest Stats Can. Report on New Homes Starts
- 09/06/07 06:52 AM
Construction intentions cooled down in July as the value of building permits declined, halting two months of record-setting performances. Municipalities issued building permits worth $6.2 billion, down 11.3% from $6.9 billion in June. Still, July was one of only a handful of months in which permits exceeded the $6-billion mark. At $6.9 billion in both May and June, the total value of permits was at its highest level on record. Losses occurred in both the residential and non-residential sectors. The value of residential permits fell 6.3% to $3.8 billion, with declines in both the single-family and multiple-family components. Contractors took out $2.3 billion in permits … (0 comments)
mortgage reduction: August Prepares to Roar into Fall Market
- 08/20/07 08:26 AM
TORONTO, Aug. 17 /CNW/ - Resale home transactions reached unprecedented heights in the first half of August,up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announcedtoday. So far this month 3,838 properties have sold with an average price of $355,829."The market has shown tremendous strength in recent months," said Mr. Bentley. "Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to arobust fall market." The rate at which transactions are occurring has increased over 2006 as well. … (0 comments)
mortgage reduction: Expect higher prices, interest rates and taxes to cool the housing market in 2008
- 07/25/07 12:15 AM
Expect higher prices, interest rates and taxes to cool the housing ... <- read moreRecord year-to-date sales of existing homes in June, along with double-digit increases in house prices, reflect a still-very-hot Canadian housing market as we reach the midway point in 2007. According to the Canadian Real Estate Association (CREA), 31,000 homes were purchased in June through the MLS system in major markets in Canada. In fact, June marked the third consecutive month that seasonally adjusted sales have reached a record high. In the month, the total dollar volume of home sales, the number of new listings and the average … (0 comments)
mortgage reduction: Ontario market continues to be "One Hot Summer"
- 07/18/07 04:58 AM
TORONTO, July 18 /CNW/ - July has started swiftly, with 3,947 sales to date, TREB President Donald Bentley announced today. This mid-month total is up 21 per cent over last July's 3,251 sales. "While it is too early to speak of a July record (currently the record is 8,084 sales recorded in 2003), this month should certainly end as one of our best summer performances," said Mr. Bentley. "And in terms of year-to-dateactivity (54,457 sales), 2007 is 11 per cent ahead of 2006 (48,961 sales). It is also up 13 per cent over the 2005 figure (47,956 sales), and when 2005 was … (0 comments)
mortgage reduction: TransUnion report, the impact of your credit score on the true cost of your mortgage
- 07/18/07 03:16 AM
Personally I think it is just as much an issue of lack of education on the part of the client's Lender as it is lack of knowledge on the part of the respondents. Regardless the "price matrix" as a result of your Credit Score can cost the YOU thousands of dollars in extra interest charges. Here is the Canada News Wire release:TORONTO, July 18 /CNW/ -- Do Canadians really know how much a mortgage will cost them? With the summer home buying season now in full swing, TransUnion recently commissioned GfK Roper Public Affairs & Media to survey consumer perceptions and attitudes about … (1 comments)
mortgage reduction: More on Toronto's tax (NOT) & cottage prices go through the roof
- 07/18/07 01:12 AM
Miller's tax push fails by a single voteGlobe and Mail - CanadaDespite the dire warnings of possible service cuts and tax hikes, Mr. Ashton said last night the deferral was necessary to get the Toronto Real Estate Board ... Cottages prices going through the roofCanoe.ca - CanadaThe average price for a piece of vacation real estate ranges from $86500 in Newfoundland to $225000 in Prince Edward Island, $525000 in Quebec, ... … (1 comments)
mortgage reduction: What happened to Toronto's proposed 100% increase the Land Transfer Tax?
- 07/17/07 12:54 AM
Tax attack launched <-click here to read moreToronto Sun - CanadaPalmer noted a small number of people -- those "trying to achieve the Canadian dream" -- will bear the brunt of the "unfair tax." For every real-estate ... Two new taxes vital for Toronto <-click here to read moreToronto Star - Ontario, CanadaCritics warn the land transfer tax, adding up to 2 per cent to the cost of a residential home, would dampen Toronto's white-hot real estate market. ... … (0 comments)
mortgage reduction: 3 reports on the health of the Canadian Real Estate Market
- 07/13/07 01:15 AM
Canadian Housing Market Gathers Momentum As US Market SlumpsMoney Morning - USARoyal LePage Real Estate said in its quarterly report that the average Canadian house price is expected to rise by 9.5% to reach $286775 by the end of this ... June a record month for Canadian home buyingToronto Star - Ontario, CanadaThe Canadian Real Estate Association said the average cost of a home was $335180 last month, compared to $303472 in June last year, an increase of 10.4 per ... No slump yet: Average house price hits $335180CBC Toronto - Toronto,Ontario,CanadaThat figure was up 10.4 per cent from June 2006, the Canadian … (1 comments)
mortgage reduction: Happy Canada Day!
- 06/29/07 02:27 AM
The Maple Leaf Forever! It was over 40 years ago, in 1965, that Canada's distinctive maple leaf flag flew for the first time. Then, as now, the flag had its supporters and detractors. But few realized what a powerful and positive symbol our Canadian flag would become. Though we endlessly debate our shortcomings as a country, we still wear Canadian flags on our lapels and our belongings when we travel abroad, because our flag is recognized and respected around the globe. This Canada Day, let's take a moment to see ourselves as others see us: one of the most-admired nations in the world, … (2 comments)
mortgage reduction: Toronto REALTORS® Tell City that 100% Land Transfer Tax Increase is Unfair
- 06/27/07 09:49 AM
TORONTO, June 27 /CNW/ - The Toronto Real Estate Board has told the City of Toronto that its proposal to charge a second land transfer tax treats home buyers unfairly. TREB's comments were made in a formal presentation to the City's Executive Committee earlier this week.If the City moves forward with the proposal, the average Toronto home buyer will pay another $4,200 in land transfer tax. That is a 100 per cent increase, and would give Toronto the highest land transfer taxes in Canada and the second highest in North America."A second land transfer tax discriminates against home buyers. The City … (2 comments)
mortgage reduction: Insist they need a REALTOR® but when it comes to......
- 06/22/07 12:10 AM
I have always operated my business on one simple premise. Give the client as much credible information as possible, so that they can make the best educated decision, at the time in which they have to make it. Regardless of recent minor fluctuations, we are still at historically low mortgage rates even at the current discounted rates of 5.69 to 5.79% for 5 years. This opposed to the current Bank's Posted Rate of 7.44%. Yes there are still clients in Canada that trust their banks enough to accept what ever offer they give them and believe that as their best possible deal. According to CMHC information the average … (3 comments)
mortgage reduction: An Outlook for U.S. & Canadian Interest Rates to 2020
- 06/21/07 03:09 AM
TD Bank Financial Group has just released a TD Economics Special ReportTHE SHAPE OF YIELDS TO COME: AN OUTLOOK FOR U.S. AND CANADIAN INTEREST RATES TO 2020Highlights include:Financial markets are currently fixated on the recent rise in bond yields, but U.S. rates have....Looking ahead, interest rates will fluctuate over business cycles and in response to changing.....From 2007 to 2020, the average level of U.S. short-term rates is expected to be....Canada's superior fiscal outlook and the likelihood of weaker global demand for for U.S. dollarsand U.S. Treasuries suggest Canadian fixed income markets will.....U.S. and Canadian yield curves will, on average, be positively sloped … (0 comments)
mortgage reduction: On average, households spent more than $11,000 on renovations
- 06/18/07 08:08 AM
OTTAWA, June 14 /CNW Telbec/ - Approximately 1.5 million households in 10 major Canadian centres surveyed(1) indicated they completed renovations last year, costing an average of more than $11,000, according to the new Renovation and Home Purchase Survey(2) released today by Canada Mortgage and Housing Corporation (CMHC). "More than $17.3 billion was spent on renovations last year across the 10 major centres surveyed," said Bob Dugan, Chief Economist at CMHC. "As well, 46 per cent of homeowners in these 10 centres surveyed indicated that they intend to spend $1,000 or more on renovations this year." The new Renovation and Home Purchase Survey is … (1 comments)
mortgage reduction: A Gentleman offers you $11,000 for your medium coffee
- 06/11/07 11:21 PM
Just imagine - as you're going through your favourite coffee drive-thru this week - that a well-dressed gentleman stops and offers you $11,000 for your medium double double. Who would hesitate? We'd take the cash. It's not so far-fetched. In fact, if you take that coffee budget and apply it to your monthly mortgage payment - a mere $30 extra per month -you could save yourself about $11,000 over the life of your mortgage.Most of us can accept the idea that we must borrow money to purchase a home. We look for the best mortgage, and then just keep doling out … (3 comments)
This was a recent headline in a prominent newspaper referring to the current credit crisis in the American Sub prime Market. "Subprime bailout means the stupid won't have to pay";)
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