Duncan Gardiner, Great Pacific Mortgage and Investments

03/12/2024

The Bank of Canada continued to hold it's overnight rate at 5%, which in turn has kept mortgage lenders' prime rate stuck at 7.2%

For those of you with variable rates hoping to see some easing off of pressure from your monthly payment, it looks like we'll be waiting a bit longer. The good news is, most forecasters believe we will see some rate reduction in the near future.

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%.

06/08/2023

We are in interesting times with interest rates right now. Fixed rates are the highest they've been in over 15 years, and lenders' prime rate continue to go up with every Bank of Canada rate hike (the most recent of which, was this past Tuesday, with forecasts for potentially more coming our way again in July).

All that said, with creative underwriting tools, we are still finding ways to help clients qualify for mortgages, and the silver lining is that (hopefully) these interest rates will drop housing prices. If you are looking to purchase a home, or want to discuss your current mortgage, please reach out 🙂

07/06/2022

Saw an interesting survey today that polled Canadians on their knowledge of mortgage related topics. It was found that:

52% say they are not knowledgeable about a home-equity line of credit (HELOC) or how it differs from a mortgage

Nearly 40% are not knowledgeable about the difference between variable and fixed interest rates

33% don't feel knowledgeable about how rising rates could affect their ability to renew their mortgage

26% are unaware of potential prepayment charges for selling their home before the end of their mortgage term

and 40% of prospective first time home buyers do not understand how the mortgage pre-approval process works, or what it entitles you to.

I'll spend the next week discussing each of these categories. If there's another question you'd like more info on, let me know in the comments!

03/02/2022

Success story!

My clients had a purchase of a new home ready to close this past Monday, but their bank financing fell through just two business days prior to this (last Thursday!). In a big predicament with a substantial deposit already down and a seller unwilling to grant an extension for the closing date, I was able to find them a lending option and CLOSE this on time. I'm so excited for them to move into their new home, and even more excited they didn't lose out on their deposit and the house. Thanks to Victoria Law Firm for your outstanding work on such short notice, and to Mike Giordano for trusting me to get the job done.

02/09/2022

If you're currently a renter and want to do an analysis on how close you are to becoming a first time home buyer, message me and we'll set up a consultation! I work with lots of first time home buyers and setting a plan in action now can help you become a home owner quicker than you think.

12/08/2021

Did you know that if your mortgage term is coming up for renewal (or even if it's not but rates are drastically better today than when you signed your contract), that you can switch or transfer lenders, and they will cover your legal costs, appraisal fees AND let you cap any prepayment penalty from your previous lender onto your mortgage (up to $3000)? So long as you aren't taking out additional equity or extending your amortization, you're good to go!

Message me if you want to find out how much I can save you on your current mortgage!

11/05/2021

Success story!

Congratulations to Shannon in her first ever home purchase! She finally has a place for her and her daughter to call their very own. We battled some hurdles but managed to find the perfect starter home for her.

If you're looking at becoming a first time home buyer, give me a shout and we'll go over all the important details, talk budgeting for the down payment, and set you up for your own success 🙂🏠

10/06/2021

Success story!

Congratulations to Maclean, Melissa and Ian on their new property! After selling their condo, they finally have the beautiful home they've been dreaming of, including a huge back yard for Ian to play in. Little did Maclean know, there's a lot of work involved in keeping that yard looking fresh :)

Are you ready to sell your first property and get into something bigger? Give me a shout and we'll figure out how to get you there.

07/14/2021

Congratulations to my client Giacomo, on the purchase of his first property! Finding a good home at a decent price in Victoria is difficult for first time home buyers, but with a great attitude, strong will power to save your hard earned money for a down payment, and a great Realtor in Teryl Brenneman - Real Estate, you managed to find the perfect place!

have a question about what it will take to become a first time home buyer yourself? Reach out and we can chat.

07/06/2021

The amended stress test qualifying rate certainly plays a factor for first time home buyers trying to get into the market, but the real driver in housing prices is the lack of supply and the willingness of those upgrading their homes/moving out of downtown and selling their condos for detached homes, is really what has caused this spike.

I don't expect that behaviour to change anytime soon, so the only way prices will drop is if inventory increases and more people list their home. The trouble is, those people need to move into something... And Vancouver Island is one of the premier places to move to when you want to retire. I don't expect prices to fall anytime soon.

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06/23/2021

A beautiful home in an awesome neighbourhood! I ride by this house every day on my bike, so we can be neighbours :)