Leon Melville, Mortgage Agent

07/17/2023

Mortgage costs are now a major driver of inflation and dropping rates would actually reduce inflation.

"Excluding mortgage interest costs, prices actually rose by only 2.5 per cent year-over-year in May, well within the Bank of Canada's targeting range."

As inflation inches closer to three per cent, economists are warning the steady monthly declines in annual price growth will stall and even potentially reverse in the second half of the year.

01/28/2022

Want to optimize your budget? Your mortgage is good debt and can be used to pay off credit cards, unsecured lines of credit, and other high interest debt to improve your cash flow.

We recently saved a client $1500 a month on their mortgage ... that could be you! Get started with us today and to see first hand what we can do.

01/26/2022

The Bank of Canada keeps overnight rate steady. If you are in a variable rate mortgage, your rate won't be changing. If you want to see how you can save with the variable give me a call!

If you’re ready to purchase a property or refinance your mortgage, now is the perfect time!

Rates are still hovering around historic lows and variable rate mortgages are still the way to go! Give us a call to find out more.

07/19/2021

Could Canada's housing market be cooling? Sales to new listing ratio (SLNR) would indicate it is cooling in most markets.

London however remains very hot and has an SNLR of 74 for June, down from 80 and 82 in the previous months, but above 60 which indicates it is still a sellers market.

See article for full details.

Canadian housing is cooling very fast, something few would believe a few months ago. Canadian Real Estate Association (CREA) data shows the national sales to new listings ratio (SNLR) fell in June. The measure, a proxy for demand, shows buyers are dropping out of the market faster than sellers. Most...

05/05/2021

Gold baby - Top 15% Nationally!

Grateful to all my clients that trusted with their mortgage.

09/15/2020

New listings in Toronto up 57% year over year for August 2020. And new condo listings up 104% yoy to highest level ever with 5600 listings. Downtown Toronto condos are going to be the hardest hit segment of the real estate market as people exit the downtown core and buy homes in the burbs.

09/09/2020

London home of the week and its a beauty.

200 Cromwell Street: $1,195,000 for a modern Old North home with a backyard oasis

07/28/2020

Lenders and insurers are looking at extending the deferral program for those that qualify.

This fall, loan payments unemployed borrowers kicked down the road must start being repaid again, plus interest

07/15/2020

Bank of Canada telling Canadians there is no plan to raise rates for at least a few years.

“Our message to Canadians is that interest rates are very low and they’re going to be there for a long time,” Macklem said at a press conference Wednesday.

What this means for your mortgage is that variable rates will remain low and most Canadians would be better served with a variable rate mortgage and the lower penalties that come with it. Locking in to a 5 year fixed rate (or longer) does not make sense as you are exposing yourself to penalties of 4% to 4.5% of the balance of your mortgage.

His comments came after the central bank announced it is holding its key interest rate at 0.25 per cent in response to what it calls an “extremely uncertain” economic outlook due to the COVID-19 pandemic.

07/08/2020

8 ways covid will transform the economy and change business as we know it.

This is a longer read, but very interesting and informative.

No matter how much technology we have, we’ve discovered we cannot escape nature’s grip. And yet, no matter how humbling this crisis has been, it also should remind us that even a massive jolt to the planet cannot change the trajectory of the Fourth Industrial Revolution. If anything, we’re eme...

06/29/2020

Pay off your mortgage in 10 years! We have lots of strategies to help our clients pay down their mortgages faster. Reach out today and we'll put plan together.

06/19/2020

I can be your GPS and help you navigate your next (first?) real estate purchase.

It's important to consider not only what you can afford now, but what you’ll be able to swing if a baby comes along, your career goes off-track, or the property you buy needs a major repair.