Jagjit Singh - Mortgage Agent and Life Insurance Agent

10/20/2022

Odds of a 75-bps hike from the Bank of Canada just went up.
Core inflation recorded 5.4%
Food prices up 11.4%

09/22/2022

Federal reserve of US increased the benchmark interest rate by 75 basis points to touch 3.25%. This is third straight increase of 75 basis points .Federal reserve officials forecast that interest rate will touch 4.4% by end of year. This statement and hike in interest rate have put Bank of Canada under tremendous pressure. Since Canadian dollar was trading at two years low yesterday and today’s increase of interest rate will put more pressure on Loonie. Bank of Canada will be forced to increase interest rate further on October 26 to tighten money market and strengthen Canadian dollar.

09/15/2022

Average Home price in Canada gained more than 50% in two years starting March 2020 to February 2022.Since February it lost 22 % on an average but it is still higher
by 28% as compared to pre-pandemic level.Next rate announcement by Bank of Canada is coming on October 26 & economists are predicting another 50 basis point raise in overnight lending rates.

08/24/2022

Important News Effective January 1st, 2023:

The Prohibition on the Purchase of Residential Property by Non-Canadians Act received Royal Assent on June 23, 2022. The Act will come into force on January 1, 2023.

The Act prohibits foreign commercial enterprises and people who are neither Canadian citizens nor permanent residents from acquiring residential property in Canada for a period of two years. The Government announced this measure in Budget 2022 as part of a broader package of measures to improve housing affordability for Canadians.

Details of exceptions announced in Budget 2022, as well as certain definitions and clarifications to the Act, are being considered for Regulations, which the Government plans to bring forward prior to January 1, 2023.

"The Canada Mortgage and Housing Corporation (CMHC) is consulting with interested Canadians and stakeholders on policy proposals to include in the Regulations.

We invite you to read and comment on the policy proposals on the CMHC website (https://bit.ly/3wryMZl), which will be open for comment until September 16, 2022. Your feedback is very important as we work to finalize the Regulations. "

07/19/2022

Many people are feeling the financial strain current interest rates are causing on our economy. Wondering how to not overspend every month? This is a great way of looking at how to budget your monthly income. Look at the big picture and truly see what your wants vs needs truly are.

Need help creating a budget to help you better manage your expenses? We can help create a plan to help you work towards Pre-Approval, Renewal or Refinancing your Mortgage!

Lets Chat!
📞 587-703-7363 Many people are feeling the financial strain current interest rates are causing on our economy. Wondering how to not overspend every month? This is a great way of looking at how to budget your monthly income. Look at the big picture and truly see what your wants vs needs truly are.

Need help creating a budget to help you better manage your expenses? We can help create a plan to help you work towards Pre-Approval, Renewal or Refinancing your Mortgage!

Lets Chat!
📞 587-703-7363

07/17/2022

-Welcome to Reverse Mortgages-

You may be eligible for a reverse mortgage if:

📌You are 55 years old or over
📌You live in the major urban centers of Alberta
📌Your home is your principal residence (you live there for at least six months of a calendar year)
📌The residence is owner-occupied and not a second home or cottage
📌Your home is detached, semi-detached, condo, or townhome

- What is a reverse mortgage?

In Canada, a reverse mortgage is a loan secured against your principal residence. This financing solution gives you access to tax-free cash with no mandatory ongoing payments.

You can use a reverse mortgage for things like:

📌Paying off debt
📌Covering everyday expenses
📌Making renovations
📌Supporting your family
📌Paying for in-home care

Interest is calculated on the outstanding balance of both principal and interest throughout the life of the loan. The outstanding balance will increase accordingly over time.
Your reverse mortgage must be repaid when the remaining homeowner leaves home, which generally happens through the sale of property where the proceeds are used to pay back the loan.

As long as you meet your mortgage obligations, we guarantee that you will never owe more than the fair market value of your property where Fair Market Value is the amount that would be paid on the open market, on the applicable date, to buy the property, assuming there are no legal claims against the property.

07/15/2022

As a Mortgage Broker I am here to 𝐰𝐨𝐫𝐤 𝐟𝐨𝐫 𝐲𝐨𝐮 and 𝐨𝐟𝐟𝐞𝐫 𝐲𝐨𝐮 𝐰𝐡𝐚𝐭 𝐲𝐨𝐮 𝐜𝐚𝐧𝐧𝐨𝐭 𝐠𝐞𝐭 𝐞𝐥𝐬𝐞𝐰𝐡𝐞𝐫𝐞. Making your dreams happen.

Jagjit Singh Simply Mortgages with Cml Mortgages
✉️ [email protected]
🖥 www.mortgageweb/jagit

Manage your LIFE, not just your Mortgage. Talk to a VERICO mortgage advisor today!

07/15/2022

https://mailchi.mp/a5b262dc2d24/canadian-home-prices-fall-sharply-in-june

The number of newly listed homes climbed 4.1% month-over-month in June. The monthly increase was most influenced by a jump in new supply in Montreal, while new listings in the GTA and Greater Vancouver posted slight declines.

07/14/2022

This is a tough choice in today's market, but do you prefer new construction or an existing home?

Jagjit Singh CML Mortgages with Verico.
✉️ [email protected]
🖥 www.mortgageweb.ca/jagjit

07/14/2022

Rate Announcement Yesterday : July 13th 2022

Prime will be Increased by 1.00%

What this means, prime is currently 3.70% it will
increase to 4.70%.

If you are in a variable rate mortgage and your discount is prime -1.00% your rate is currently 2.70% now it will be increased to 3.70%.

The additional 1.00% increase is approximately a
$51.89 increase in your monthly payment per $100,000 mortgage amount.

Current uninsured fixed rates are around 5% currently for a 5yr term.

If you are in a fixed rate mortgage this change will not affect you.

Please reach out if you have any questions. I would be happy to help.

Mortgages with Jagjit Singh
587-703-7363

07/14/2022

Making an offer isn't as easy as it used to be. Which is why we cannot emphasize enough how important it is to get Pre-Approved! Not only does this show home sellers you're serious about the home purchase, it ensures you stay within a price range of a home you can afford.

Lets Chat!
📞 587-703-7363