MortgageswithNicola

11/24/2022

Opportunity remains despite higher borrowing costs. Those who are in a position to purchase will find value for their money in the current climate. Investors are well aware that you do best when you look backwards. The investors that do best are the ones that buy into the bottom of a downturn, rathe...

11/23/2022

Home sales rose by 1.3% in October, the first time since February. CREA said that 60% of all local markets had seen a jump in sales, with the Greater Vancouver Area posting a 6% increase. The number of newly listed homes also saw an increase over the previous month. The national average home price c...

11/21/2022

Average monthly rents saw an annual increase of 11.8% to reach $1,976 across all residential asset classes in October. The unprecedented growth in rents underway is broad based across the country, with most markets reporting double digit annual rent inflation. The October upswing was impelled by the...

11/18/2022

Interest rate hikes have slammed the brakes on the housing market, with average home prices falling by 22% over the last 7 months. If it continues to trend downward, we could see it dip into negative annual change territory. A 50 bps rate hike caused rates to rise to 5.95%, the highest it's been sin...

11/17/2022

Buyers and sellers are labouring under immense pressure in the current environment. The housing market is in a period of transition as buyers & sellers adjust to higher rates. Home sales slowed down by 32%, average home prices have gone down for 7 consecutive months. But there is a silver lining, ec...

11/16/2022

11/14/2022

We are in a new environment as far as the housing market goes, and as far as the lending landscape goes. It requires new solutions that clients haven't considered. There is rent to own financing, a solution that has grown recently amid surging house prices and a complex mortgage landscape. There is....

11/14/2022

Canada added 108,000 jobs to its economy in October, 10 times higher than expected that reversed many job losses and stagnant growth experienced over the past 4 months. This could have a big influence on the next rate decision, scheduled to take place in December. October's jobs spike was entirely f...

11/08/2022

Rising interest rates combined with soaring prices of groceries and energy has eroded purchasing power as pensions lag inflation. Groceries are up 11.4%, the fastest increase since 1981, recent weakening of our dollar could continue to make this worse. We are expecting increases in energy costs due....

11/07/2022

53% of borrowers are concerned about higher payments at renewal time. Most said they have a plan to help deal with the payment shock, decrease spending in other areas, use their savings to make up the difference, take out a loan, sell their homes. Switching lenders isn't part of the plan, some said....

11/04/2022

Rising rates and the mortgage stress test means that borrowers now have to qualify at a rate that's similar to those paid for private mortgages recently. The stress test is now pushed closer to 7%, with the potential to be higher with more increases on the horizon. New borrowers were paying less tha...

10/28/2022

Mortgage brokers can be an invaluable resource for newcomers looking to buy their first home. New immigrants have to build up their credit history from zero. With no Canadian work experience, most cannot find jobs with high enough pay to qualify for a mortgage. Mortgage brokers can advise newcomers....