Archive for October, 2012

Summit 5 Award – 7th Year In a Row

Friday, October 12th, 2012

Mike and I are thrilled to announce that we have once again been been given TMG’s (The Mortgage Group) Summit 5 Award.    This is our 7th year in a row  (2006 – 2012).

The Summit 5 Award is given to the top 5% of all  TMG brokers.

We wish to thank all of our loyal customers who have made this possible.  We strive to give everyone our very best service and this is one of the indications that we are doing the right things!

Justin
604-736-1855

 

More Canadians Are Now Debt Free

Friday, October 12th, 2012

Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney have been constantly warning Canadians about borrowing too much.  They have been repeating their warning during virtually every news conference for the past few years.

Vancouver Mortgage Rates

Pay down your debts? or save?

It  appears that Flaherty’s and Carney’s messages are finally getting through to Canadians

A new poll suggests more Canadians are living debt free this year compared to 2011.

The annual RBC survey found that 26 per cent of respondents had no personal debt — excluding mortgage debt — in 2012, up from 22 per cent last year.

In the scheme of things,  a 4% jump is pretty significant.  But the big caution is that the information is coming from a poll and polls can include “wishful thinking.”

The poll also found a majority of respondents — 51 per cent — said it’s more important right now to pay down debt rather than save and invest for the future.

Most financial advisers would encourage you to do both!  Pay your debt down AND save for the future.

More information on the Poll.

Please give me a call if you are planning on buying a new home, or have to renew your existing mortgage.  I will work with you to get the best mortgage possible, with the least amount of hassle.  Justin:  604-736-1855

 

Is Suspect Data Driving Up Home Prices?

Thursday, October 11th, 2012

Confusion over Vancouver Housing Prices

The Toronto Sun reported today that house prices may have been driven up by a national database which estimates the worth of houses across Canada.

Dubbed Emili, the automated system uses data, such as from the recent sale of nearby homes, to set values, without having an appraiser sent to the address. The potential margin of error in making these calculations could cause problems for homebuyers, homeowners and banks …

In June of this year Finance Minister Jim Flaherty introduced new rules to slow down the housing market.  The decrease in Vancouver house sales would indicate that his plan has worked.

However …

Statistics Canada data shows that new home prices in Canada were up 0.2% in August for a 17th straight month-on-month increase. August prices were up 2.4% from a year ago.

… so though house sales may be down, prices still appear to be going up.

 

If you need help making it through the maze of conflicting statistics and information, be sure to give us a call.  We’ll explain what’s happening in the mortgage market and help you get the best mortgage possible.  Justin: 604-736-1855