Royal LePage City Centre Michael Wilcox Personal Real Estate Corporation | Kate MacPhail Personal Real Estate Corporation

Blog

 
What is Mortgage Loan Insurance?
 
There are many costs to consider and know about when purchasing a home. Especially if it's your first one. One of those costs is Mortgage Loan Insurance. Generally speaking financial institutions offer mortgage lending up to a maximum of 80% of the value of the home or, in other words, with a 20% down payment. If you have less than 20% down payment then a 3rd party insurer has to come in to insure against the possibility of defaulting on paying the mortgage in the future. There are several providers of this insurance but the primary 2 in Canada are CMHC ( Canada Mortgage Housing Corporation) & a company called Genworth. 
 
They both have many different kinds of programs for different situations, clients and properties but generally speaking the less you have to put as a down payment the higher the premium. It's calculated on a percentage of the Purchase Price. For example if you purchased a home for 370K and put the minimum down, which is 5%, then the insurance premium you would have to pay would be around $11,000.00 A fare chunk of change to say the least. 
 
You do have some options, though, with paying this fee. You have the option of paying up front when you complete on the purchase of your property or you can add it to the mortgage proceeds. If you add to the mortgage proceeds, of course, you'll be paying interest on this amount of money as well. The benefit of doing this is that you don't have to come up with the additional money on top of saving for your down payment as well as closing costs which is a struggle for people already, especially considering the costs of home ownership here in the Lower Mainland. Generally speaking you should have about 1.5% of the Purchase Price put aside or available to you in credit facility, like a line of credit, to cover closing costs.
 
Click on the link below to check out all of CMHC's mortgage loan programs as well as the premiums associated with them:
 
 
Tony
Read Full Story

Real Estate Association Lowers 2015 Forecast to Reflect Lower Oil Prices


OTTAWA - The Canadian Real Estate Association is predicting that the impact of declining oil prices on consumer confidence in some provinces will push down Canadian home sales by 1.1 per cent this year, to 475,700 units countrywide.

 

CREA also estimates the national average home price will grow by two per cent to $416,200 this year, a smaller increase than last year, as Alberta's average home prices slip by an estimated 3.4 per cent this year to $387,600.

The association had previously predicted home sales would be 0.8 per cent above 2014, rising to 485,200 units, but revised its outlook downwards to reflect further deterioration in the price of oil.

 

Provinces with significant oil production will see declines in home sales. Alberta is expected to see sales activity decline by 19.3 per cent in 2015, Saskatchewan by 11.2 per cent, Manitoba by 2.2 per cent and Newfoundland by one per cent.

 

Canada's other provinces will continue to see higher sales and relatively stable or higher average sales prices, according to CREA.

 

British Columbia is projected to see the number of home sales increase by 4.9 per cent, Nova Scotia by 3.7 per cent and Quebec and New Brunswick by 2.5 per cent.

 

Ontario is expected to see a 1.9 per cent boost in sales levels from 2014, while Prince Edward Island is projected to see sales activity rise by 1.4 per cent.

 

The B.C. average home price is expected to rise 3.4 per cent this year over 2014 to $587,600 and Ontario's average price will grow 2.5 per cent to $441,900. Apart from those two provinces and Alberta, prices elsewhere are expected to be within one per cent of last year.

 

The Canadian Real Estate Association says home sales in February were up one per cent from January as the market was divided by sharp regional differences.

 

The overall increase was led by the Vancouver and Okanagan regions in B.C. and Toronto. However, the association says sales were lower in more than half of all local markets compared with January as buyers on the Prairies stayed on the sidelines amid low oil prices.

 

Compared with a year ago, sales last month were up 2.7 per cent from February 2014. The number of newly listed homes fell 2.5 per cent in February compared to January. The national average price for a home sold in February was $431,812, up 6.3 per cent on a year-over-year basis.

Advertisement


Read Full Story

 Home Buyer and Seller Activity Outpaces Historical Averages in February


 

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month.

 

        

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.

 

Last month’s sales were 20.2 per cent above the 10-year sales average for the month.

 

“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.

 

Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.

 

The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.

 

The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.

 

“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”

 

Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.

 

Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.

 

Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.

 

Click here to download the complete stats package

 

- See more at: http://www.rebgv.org/monthly-reports?month=February&year=2015#sthash.TR8bQbey.dpuf

 

 

 

Home buyer and seller activity outpaces historical averages in February

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month.

     

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.

Last month’s sales were 20.2 per cent above the 10-year sales average for the month.

“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.

Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.

The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.

“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”

Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.

Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.

Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.

Click here to download the complete stats package

- See more at: http://www.rebgv.org/monthly-reports?month=February&year=2015#sthash.TR8bQbey.dpuf
Read Full Story

Hi everyone, its Tony here! Mortgage Broker at Mortgage Alliance West, as most of you may know I advise & broker the set up, of home financing for anyone who is purchasing, refinancing or renewing their mortgage.

Today I'd like to talk to you about a specific mortgage product. That is new to Canada or new Immigrant mortgages. I have access to lenders who will provide mortgages to people who are new to our grand Country.

Some of the requirements for this type of financing are:

1. The client cannot have lived in Canada for more than 3 to 5 years, depending on the lender.
2. They're either a permanent residence or applying to be one
3. Most times they only need 5% down payment

4. Should have some CDN credit but if they don't we could look at a U.S. credit bureau or get a letter of credit ref. from their bank in whichever country they are from.

So if you're either new to Canada or someone that may help people get settled in Canada, give me a call so I can either qualify you or tell you more about this great home financing solution!

Again, I'm Tony Marchigiano at Mortgage Alliance West! The RIGHT BROKER FOR THE RIGHT MORTGAGE!!!

Read Full Story

Why Using a Mortgage Broker When Interest Rates are Low Makes More $ense Than Ever


Canadians are discovering that there’s a big difference between the GBB’s (Great Big Banks) and a Mortgage Broker. A bank can only offer their individual products and with no clear definition on what the best discount and mortgage offering is. It becomes a game of haggling. The banks are looking to fit you into their products as opposed to a mortgage broker who fits you with the right mortgage offering in the Canadian marketplace.

 

The difference between going to your bank and getting a mortgage professional like me to arrange your mortgage while providing valuable counsel could easily mean thousands of dollars in savings and more importantly you could save years off your mortgage.  Let’s face it the best mortgage is the one that is paid off.

 

Lower interest rates are great news for most Canadians especially those who have mortgages and other debts. Implementing strategies that could save years off your mortgage while noticeably increasing your overall net worth, just makes sense. There is no disputing that those that take a closer look at their mortgage and debts today while interest rates are low will benefit greatly tomorrow.

 

With my expertise in all things mortgages, I can help you navigate the course that will save you thousands and increase your overall net worth faster than you probably think is possible.

Call or email me today to find out more.

 

Regards,

Tony
Read Full Story

 

It’s no secret that Vancouver is best place to live in the world. Heck, we know it, that’s why we live here! Vancouver has a lot going for it: there’s the majestic mountains, the ocean, the beaches, the parks, and the untamed wilderness at our doorstep.

But what makes Vancouver a truly great city is more than good looks and fortuitous geography. It’s the people who make this multicultural metropolis what it is today. It’s our friends, our families, our neighbours that make Vancouver the best place on Earth.

So for the 18th year in a row, Westender has asked you, the people of Vancouver, our readers, to tell us what makes this city so special. This year a record number of people took part in the online poll, proving once again that Vancouverites love their city, and they’re not afraid to say so.

Robert Mangelsdorf,
Editor

- See more at: http://www.westender.com/news/best-of-the-city/best-of-the-city-2015-the-results-are-in-1.1776018#sthash.lO89t0gV.dpuf

Best of the City 2015: The Results Are In!


It’s no secret that Vancouver is best place to live in the world. Heck, we know it, that’s why we live here! Vancouver has a lot going for it: there’s the majestic mountains, the ocean, the beaches, the parks, and the untamed wilderness at our doorstep.

 

But what makes Vancouver a truly great city is more than good looks and fortuitous geography. It’s the people who make this multicultural metropolis what it is today. It’s our friends, our families, our neighbours that make Vancouver the best place on Earth.

 

So for the 18th year in a row, Westender has asked you, the people of Vancouver, our readers, to tell us what makes this city so special. This year a record number of people took part in the online poll, proving once again that Vancouverites love their city, and they’re not afraid to say so.

Robert Mangelsdorf,
Editor - The Westender


Thanks to YOU, we made #1 in the City for 2015!


Services:


Realtor

 

1. Mike and Will Team
MikeAndWill.com



 

 

- See more at: http://www.westender.com/news/best-of-the-city/best-of-the-city-2015-results-city-wide-1.1775720#sthash.kfRAjFpC.dpuf

 

Services


Realtor

1. Mike and Will Team
MikeAndWill.com

2. Paul Toffoli
1965 West 4th Ave.
604-787-6963
Toffoli.ca

3. Aaron Jasper
AaronJasper.ca

- See more at: http://www.westender.com/news/best-of-the-city/best-of-the-city-2015-results-city-wide-1.1775720#sthash.kfRAjFpC.dpuf

Services


Realtor

1. Mike and Will Team
MikeAndWill.com

2. Paul Toffoli
1965 West 4th Ave.
604-787-6963
Toffoli.ca

3. Aaron Jasper
AaronJasper.ca

- See more at: http://www.westender.com/news/best-of-the-city/best-of-the-city-2015-results-city-wide-1.1775720#sthash.kfRAjFpC.dpuf

Services


Realtor

1. Mike and Will Team
MikeAndWill.com

2. Paul Toffoli
1965 West 4th Ave.
604-787-6963
Toffoli.ca

3. Aaron Jasper
AaronJasper.ca

- See more at: http://www.westender.com/news/best-of-the-city/best-of-the-city-2015-results-city-wide-1.1775720#sthash.kfRAjFpC.dpuf

Services


Realtor

1. Mike and Will Team
MikeAndWill.com

2. Paul Toffoli
1965 West 4th Ave.
604-787-6963
Toffoli.ca

3. Aaron Jasper
AaronJasper.ca

- See more at: http://www.westender.com/news/best-of-the-city/best-of-the-city-2015-results-city-wide-1.1775720#sthash.kfRAjFpC.dpuf

Services


Realtor

1. Mike and Will Team
MikeAndWill.com

2. Paul Toffoli
1965 West 4th Ave.
604-787-6963
Toffoli.ca

3. Aaron Jasper
AaronJasper.ca

- See more at: http://www.westender.com/news/best-of-the-city/best-of-the-city-2015-results-city-wide-1.1775720#sthash.kfRAjFpC.dpuf
Read Full Story

Housing Market Booming as B.C. Reaps Gain of Alberta Residents


The Vancouver region’s housing market is off to a hot start for 2015 amid forecasts that Alberta’s pain will be British Columbia’s gain.

 

The home price index (HPI) in Greater Vancouver for single-family detached homes hit a record $1,010,000 in January, jumping 8.4 per cent from the same month in 2014. The benchmark HPI, which strips out the most expensive properties, reached a new high of $641,600 last month for detached homes, condos and townhouses sold on the multiple listing service, up 5.5 per cent over the past year.

 

There were 1,913 existing properties that traded hands last month, up 8.7 per cent from January, 2014, and 14.9 per cent above the 10-year average for January sales volume, the Real Estate Board of Greater Vancouver said Tuesday.

 

More B.C. residents moved to Alberta than the other way around from 2011 to 2013, but the trend began reversing in the third quarter of last year as the B.C. economy stayed steady. Lower oil prices began hurting Alberta in the second half of 2014.

 

While international migration to B.C. has been strong since the 1990s, the province saw net losses of residents to other parts of Canada in 2012 and 2013, according to BC Stats.

 

In the third quarter of 2014, B.C. reaped a net gain of 640 residents from Alberta.

Most people who move to B.C. end up settling in Greater Vancouver and the Fraser Valley. Many proponents of liquefied natural gas exports have opened offices in downtown Vancouver, and if even one or two major LNG projects launch, northwest B.C. will also be attracting a good portion of workers from Alberta’s oil patch.

Jock Finlayson, executive vice-president of the Business Council of British Columbia, predicts that a continued influx of immigrants from overseas and low interest rates will be key drivers behind the Vancouver area’s housing market this year, with interprovincial migration providing an extra boost to population growth.

 

The lower loonie could also make Vancouver more attractive for buyers from countries such as China and the United States.

 

British Columbia posted a net gain of more than 37,000 people from other countries and nearly 7,500 residents from other provinces in the first nine months of 2014, according to preliminary data. The number of newcomers to B.C. in those first nine months has already exceeded original forecasts for the full 12 months of 2014.

 

Mr. Finlayson said that given the robust housing demand, the market will stay healthy this year in Metro Vancouver, especially for detached properties, but the question is: How high will prices go? “We’re pushing at the outer limits of conceivable pricing,” he said.

 

Detached homes on Vancouver’s west side hit a record HPI of $2,351,300 in January, up 9.6 per cent year-over-year, while the detached price on the city’s east side swelled 12.2 per cent to a new high of $974,500.

Hani Lammam, executive vice-president at Cressey Development Group, said housing affordability needs to be viewed in the context of a much wider area than Vancouver’s west side.

 

Many newcomers to Vancouver experience sticker shock, so they should broaden their search beyond detached homes and instead consider condos and townhouses in the city and the suburbs, he said.

 

“The affordability issue is front and centre,” Mr. Lammam said. “People tend to think of the west side of Vancouver, but when you look at the region as a whole, there are alternatives.” For instance, the HPI for a condo in Coquitlam reached $264,900 last month, up 2.5 per cent from January, 2014.

 

In the Fraser Valley, which includes the sprawling and less expensive Vancouver suburb of Surrey, there were 853 residential sales in January on the multiple listing service, up 10.5 per cent from 772 properties sold in the same month last year.

 

January’s HPI for Fraser Valley detached homes climbed to $571,700, up 3.5 per cent year-over-year.

The real-estate industry argues that the HPI provides a better barometer of the housing market. Adding in the high-end sales, the average price for detached properties sold was $659,522 in the Fraser Valley and $1,303,256 in Greater Vancouver.

 


Read Full Story
Could We See Mortgage Rates Lower Than 2% This Year?

Two banks, TD & CIBC, have now forecasted that the Bank of Canada will, again, lower the Prime lending or Benchmark rate by another .25%. If this happens and banks and lenders follow suit then we could see variable rate mortgages for less than 2% again. The last time this happened was at the beginning of the "Great Recession" about 6 year ago.
 
Will these lower rates spur the housing market even more? According to a recent article on MortgageNews.ca reporting on a recent survey by Bank of Montreal, they will indeed.
 

See the full article below...

 
"More Canadians are considering become homeowners as lower interest rates make it even more attractive. With rents higher and mortgage rates lower almost half of all those surveyed said they were thinking of getting on the property ladder in the next five years and among the younger demographic that figure was 75 per cent. The Bank of Montreal report shows that 15 per cent of those thinking of buying are doing so as a direct result of the Bank of Canada’s rate cut. The lower oil prices are also playing a part with those in Ontario and Atlantic Canada feeling particularly upbeat about finances thanks to lower gasoline prices. However for many households the survey shows a focus on cutting existing debts rather than taking on new ones."
Read Full Story
Reverse Mortgages - The Facts

There is confusion as to what reverse mortgages are based on information obtained perhaps 20 years ago… or US media coverage, or possibly the fact that a reverse mortgage is designed to be a long term life mortgage if the client wishes. A reverse mortgage isn't for everyone & a line of credit may be better as long as one can qualify it. If a retired person is equity rich with the value in their home but cash poor then a line of credit or a reverse mortgage are two options for obtaining money required to pay bills or too supplement monthly or annual income.
 
Let’s separate fact from fiction in the marketplace. Here's the Top 10 reverse mortgage facts provided by CHIP Home Equity Bank
 

Read Full Story

Condo Bargain? Surrey Micro-Suites Start at Under $94K 

 

A new condominium project has people intrigued about the low cost of owning real estate in Metro Vancouver.

 

The sales centre for the Evolve housing complex in Surrey was buzzing with potential homebuyers Saturday.

 

The condo complex will include 35 suites just 316 square feet in size with presale prices starting at $93,900. Dozens more micro-suites in the complex will also be under 400 square feet.

“I think they offer great space, great affordable space and a chance to own your own home in a very difficult marketplace in British Columbia,” said Surrey Mayor Linda Hepner earlier this week.

 

Some prospective home buyers were shocked by the affordability of units in the project.

 

“I haven’t seen anything in the Lower Mainland at this price point, so it’s quite a surprise,” one said.

 

Another person said while the size of the smallest units was initially worrying, the tiny suites were designed efficiently.

 

“It will be a tight space but for a single person and even for a couple who’s out of the house most of the time I think it’s totally doable,” she said.

 

While there are currently 18 residential towers going up in Surrey Town Centre, trends in the area show more home buyers are looking outside of high-rises.

 

Last year sales of single family homes went up 19 per cent in Surrey, townhouse sales went up 13 per cent and condo sales dropped by three per cent.

 

See Video HERE>

Read Full Story

Expensive Looking Décor on a Budget


Modern Farmhouse Décor

Modern farmhouse is one of the hot trends forecasted for 2015. Designer, Andrew Pike, shows us how to get the look for less.

 



  • Layering textured neutrals replaces the need for colour in the space. Mixing them all up creates a relaxed and elegant aesthetic.
  • A pair of ottoman creates a perfect coffee table. Just hide where they meet with a throw and top with a tray to fool the eye even more!
  • Grey woods are hot this year, and are now being shown on even more products. Plus, they’re available at various price points.
  • Mixing modern and traditional styles creates nice tension, and adds interest to the space.


Products:

STRUCTUBE
www.structube.com

  • Polo Armchair
  • Eiffel Wooden Chair

Urban Barn
www.urbanbarn.com

  • Magnus Side Table
  • Ashton Throw
  • Levi Velvet Toss Cushion
  • Polar White Fur Throw
  • Sophie Shag
  • Mongolian Toss Cushion
  • Flynn Ottoman
  • Cormac Floor Lamp


west elm

www.westelm.com

  • Modern Bankers Table Lamp

Bouclair
www.bouclair.com

  • Console Table with Tempered Glass Base
Read Full Story

Surprise Move to Lower Key Lending Rate by The Bank Of Canada

 

In a very surprising move the Bank of Canada made a surprise announcement & decision this week by lowering the Prime lending rate by a quarter percent. All economists were forecasting to the rate to stay the same with indications of a rise later on this year or early next. They made this decision due to the dramatic drop in oil prices.
 

What does this mean for people borrowing money? Good news! People that are in variable rate mortgages will most likely see their interest rate drop and people looking at new financing have more reason to go with a variable rate over a fixed one. That is, of course if banks and lenders pass this rate drop onto their clients. TD has already stated it will not; at least right away.



 If you want or need some advice on whether to go fixed or variable.  I would love the opportunity to speak with you.
 
 Tony Marchigiano @ Mortgage Alliance West. The Right Broker FOR THE RIGHT MORTGAGE!


Read Full Story

Vancouver's Housing Market is 2nd-Most Unaffordable in the World

 

TORONTO -- Vancouver has been ranked among the most unaffordable real estate markets in a recent international report, leaving economists concerned about the potential impacts of rising mortgage rates on the city's homeowners.

 

"Given how high house prices are relative to household incomes, you'd only have to see a moderate increase in mortgage rates to have a really huge hit to affordability," said economist David Madani of Capital Economics.

 

Only Hong Kong was rated less affordable than Vancouver in the annual Demographia International Housing Affordability Survey, which tracks 378 metropolitan markets in Canada, the United States, Australia, China, Ireland, Japan, New Zealand, Singapore and the United Kingdom.

 

The survey calculates affordability by comparing median house prices with median incomes -- the higher home prices relative to incomes, the more unaffordable the market.

 

Cities like Vancouver and Toronto, where house prices are significantly higher than incomes, would be hit hardest by a spike in mortgage interest rates, Madani said. Many homeowners could find themselves struggling to make monthly payments.

 

In Vancouver, the report said the median home price was $704,800, 10.6 times higher than the median household income of $66,400 in 2014. That's the worst affordability ranking Vancouver has ever received in the survey's 11-year history, and an increase from 2013 when prices were about the 10.3 times higher than incomes.

 

Meanwhile, the median home price in Toronto was $482,900, about 6.5 times higher than the median household income of $73,900 last year.

 

A report released Monday by TD Economics said a mortgage increase of two percentage points could cause financial hardship among Greater Toronto Area homeowners, pushing up the number of residents who devote 30 per cent of their income to mortgage payments to 20 per cent from 16 per cent.

 

Although Vancouver was the only Canadian city that made it to the Top 10 list, Toronto, as well as in Victoria, Kelowna and the Fraser Valley in B.C., were also ranked as unaffordable by the Demographia study.

 

Meanwhile, Moncton, N.B., was ranked Canada's most affordable market.

 

Fredericton and Saint John, N.B., Windsor, Ont., and Charlottetown were also ranked as affordable places to buy homes.

 

Overall, the study ranks Canada as "seriously unaffordable," with home prices in major urban markets about 4.3 times higher than incomes, while for Canadian real estate markets overall, median home prices are 3.9 times median incomes.

 

The Bank of Canada had been expected to raise its trend-setting interest rate, which has been at one per cent for more than four years, this fall. Economists now suggest that may be delayed, given the collapse in the price of oil and its likely impact on economic growth and inflation.

 

However, Madani says even if the central bank remains in a "holding pattern," Canadian mortgage rates could rise in response to economic recovery south of the border and policy actions from the U.S. Federal Reserve.

 

"We can expect the U.S. Federal Reserve to soon begin to raise interest rates, and with that we expect to see rising U.S. Treasury yields," Madani said. "On that basis, we have been expecting long-term interest rates in Canada to go up, and those rates are what really, in some sense, determine or influence mortgage rates.

 

Article CTV News Vancouver >

Read Full Story

Housing Starts On The Rise In Vancouver

 

While housing starts across Canada slipped in December, the Vancouver area saw an increase in construction in the month, according to the Canada Mortgage and Housing Corporation.

 

Starts were trending at 20,030 units for the month, which represents an increase of 2.7% compared with 19,511 units in November.

 

“The trend measure of housing starts moved higher in December due to small increases in construction of all types of homes except town houses,” said CMHC senior market analyst Robyn Adamache.

 

“Single-detached homebuilding accounted for most of this increase and was concentrated in the cities of Burnaby, Coquitlam, Richmond, Surrey and Vancouver.”

 

Across the province, starts were trending at 27,988 units, compared with 27,568 in November. CMHC’s B.C. regional economist Carol Frketich said this number has remained relatively flat since August, which is indicative of balanced market conditions.

 

Nationwide starts were trending at slightly lower compared with a month ago, falling from 194,807 to 192,047. Both multiple-and single-detached starts fell over the month.

 

CIBC economist Avery Shenfeld points out that December is consistently a soft month for housing starts, and spring numbers will provide a clearer picture of the overall trend.

 

The CMHC uses a six-month moving average in order to take into account swings in monthly estimates. This is done to remove month-to-month swings that the corporation said can be misleading.

 

ecrawford@biv.com

@EmmaHampelBIV

Read Full Story
Debt Repayment The #1 Financial Priority For Canadians!

According to a recent poll the #1 financial priority for Canadians is paying down debt. This is why, as your mortgage broker, I not only help get you the mortgage you need; I then show you ways to get that mortgage paid off sooner rather than later. 

Things like:
 
Paying your mortgage on an accelerated basis
Seeking mortgages with features such as lump sum pymts, double up pymts, etc.
Doing Annual reviews and proposals on how to get their mortgage paid faster.

Of course debt repayment isn't the only goal one should focus on. There's also retirement planning; so I can definitely work in partnership with a Financial Planner to ensure the best plan of action.

So if you have a mortgage & want some advice on how to get that sucker paid off a lot sooner or are looking to buy a home & are concerned about how long you would have a mortgage for give me a call or shoot me an email. I would love the opportunity to speak with you.

Again, I'm Tony Marchigiano @ Mortgage Alliance West. The Right Broker for the Right Mortgage!
Read Full Story
January 5, 2015
 

Home sale and listing activity reach historical norms in 2014


It was a typical year for the Metro Vancouver housing market in certain respects. The region’s home sale and listing totals for 2014 both rank fifth when compared against the past 10 years of activity, while home prices increased.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in 2012.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver increased 2.4 per cent in 2014 to 56,066 compared to the 54,742 properties listed in 2013. Looking back further, last year’s total represents a four per cent decline compared to the 58,379 residential properties listed for sale in 2012.

“While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year,” Ray Harris, REBGV president said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 per cent increase compared to December 2013.

“Detached homes continue to be the most sought after property type in our market,” Harris, said. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”


December summary


Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of 8.3 per cent from the 1,953 sales recorded in December 2013 and a 15.9 per cent decline compared to November 2014 when 2,516 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,888 in December 2014. This represents a 1.7 per cent increase compared to the 1,856 units listed in December 2013 and a 37.4 per cent decline compared to November 2014 when 3,016 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,320, a 10.7 per cent decline compared to December 2013 and a 17.8 per cent decrease compared to November 2014.

Sales of detached properties in December 2014 reached 833, an increase of 9.3 per cent from the 762 detached sales recorded in December 2013. The benchmark price for detached properties increased 8.1 per cent from December 2013 to $1,002,200.

Sales of apartment properties reached 912 in December 2014, an increase of 7.3 per cent compared to the 850 sales in December 2013.The benchmark price of an apartment property increased 3.5 per cent from December 2013 to $380,700.

Attached property sales in December 2014 totalled 371, an increase of 8.8 per cent compared to the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5 per cent between December 2013 and 2014 to $476,800.

Read Full Story

Why Are Home Buyer's Turning to Alternative Lenders?


According to a recent article more home buyers are turning to alternative lenders as the big banks keep tightening the rules on their mortgages. Some of this is self tightening and some is due to Government changes and restrictions. 
As a broker I have access to bank, credit unions and alternative lenders. So for some unbiased advice on which would be the most appropriate route and lender to use please feel free to reach out to me at anytime. 

Here's the article below:

"A higher number of homebuyers are turning to alternative lenders as the big banks have tightened restrictions on mortgages. Analysis from CIBC World Markets using StatsCan data shows a 25 per cent growth in the subprime market compared to 4 per cent in the whole mortgage market. The percentage of loans held by alternative lenders is still small though at 2.2 per cent of all mortgages and is not considered large enough to be a risk to the housing market from defaults."


Tony Marchigiano 1-155 Water Street
Mortgage Broker Vancouver, BC

cell: 604 505 7109
fax: 604 909 4666


Read Full Story

A New Twist On A Xmas Classic: Let It Snow!

 

Oh the weather outside is frightful!
But Mortgage Rates still so delightful
You think theres no place to go

 

Tony M is the broker to know.

Oh it doesn't show signs of leaking
So we called The Mike&Will Team for completing
The strata fees are kind of low
But be prepared for a levy down the road

When you finally sign the forms
You'll be happy with what you've saved
And with Tony watching your back now 
The future will be great, will be great, will be great! ;-)

 

 

Happy Holidays Everyone!

 

Cheers,
Tony

 

Read Full Story

These Everyday Home Items Can Double As Christmas Decor

 

When in search of DIY Christmas decor, we always seem to find ourselves just a little bit short on time. With the holidays close by and budgets that keep getting tighter, it's time to make stellar decorations out of what's already in our homes.

 

It's true -- every Christmas decoration you need is already. in. your. house. Rejoice!

 

We've compiled a Pinterest board of our favorite DIY decoration projects, which use around-the-house standbys from cake stands to serving trays to even your own front door.

 

With a sprinkle of holiday magic, the items you already have can easily double as the only decorations you'll ever need.

THE CHANDELIER: Hang mismatched ornaments from your chandelier with both wide and skinny ribbons to achieve a look that's whimsically festive. Or wrap the chandelier with leafy garlands... or do both!THE CHANDELIER: Hang mismatched ornaments from your chandelier with both wide and skinny ribbons to achieve a look that's whimsically festive. Or wrap the chandelier with leafy garlands... or do both!

 

TALL JARS & VASES: Martha Stewart's signature holiday project involves dusting tall, glass apothecary jars with a layer of salt or faux snow, then arranging ornaments or tiny figurines inside. It's a design-your-own, grown-up snow globe, if you will.TALL JARS & VASES: Martha Stewart's signature holiday project involves dusting tall, glass apothecary jars with a layer of salt or faux snow, then arranging ornaments or tiny figurines inside. It's a design-your-own, grown-up snow globe, if you will.


SERVING TRAYS: Spruce up your appetizer platter (literally) with festive-looking ferns, glowing candles, branches or glittery accents. The more trinkets, the merrier!SERVING TRAYS: Spruce up your appetizer platter (literally) with festive-looking ferns, glowing candles, branches or glittery accents. The more trinkets, the merrier!


YOUR FRONT DOOR: Turn your regular entryway into one big gift. Wrap it with an oversized bow to welcome guests, or do the same with a living room door to make the Christmas morning reveal more special than ever.YOUR FRONT DOOR: Turn your regular entryway into one big gift. Wrap it with an oversized bow to welcome guests, or do the same with a living room door to make the Christmas morning reveal more special than ever.


YOUR MANTLE: Chunky statement candles, a DIY wreath, an evergreen garland or a string of pennant letters will turn your regular fireplace into the centerpiece that Christmas-ifies an entire room. Just add stockings!YOUR MANTLE: Chunky statement candles, a DIY wreath, an evergreen garland or a string of pennant letters will turn your regular fireplace into the centerpiece that Christmas-ifies an entire room. Just add stockings!


RECYCLED WINE BOTTLES: Empty your recycling bin, and add a pretty coat of paint to empty wine bottles to make a set of brand-new vases. Draw letters to spread messages of holiday cheer, and arrange twigs or holly inside.RECYCLED WINE BOTTLES: Empty your recycling bin, and add a pretty coat of paint to empty wine bottles to make a set of brand-new vases. Draw letters to spread messages of holiday cheer, and arrange twigs or holly inside.

Read Full Story

Vote and You Could Win!  
 

We have been fortunate enough over the last 4 years to be voted Best in the City and we owe it all to you!


Please vote for The Mike and Will Team in the 2015 Best in the City Contest. After you vote post on any one of our Personal Facebook pages or The Mike and Will Team Facebook page that you voted with the link to the contest and we put your name in for a draw to win a $100 My Treat Visa.
 
It only takes 30 seconds to vote, as you only have to vote in the categories you want! .
 
Here's how to vote:
 
1) GO TO: http://www.westender.com/contests
2) CLICK ON "2015 Best of the City Reader's Choice"
3) Scroll down and on the left hand side menu under "Categories" CLICK ON "Services"
4) CLICK ON " Best Realtor" at the top and TYPE the Mike and Will Team
5) If you have the time please vote for our wonderful office, Royal LePage City Centre and Tony Marchigiano for best Mortgage Broker!
6) POST ON OUR ANY OF OUR FACEBOOK PAGES  THE LINK TO THE CONTEST AND SAY " I VOTED FOR YOU!". AND YOU WILL BE ENTERED TO WIN!
 
Thanks for your vote and may the odds be ever in our favour.

 

Read Full Story

Newsletter

*indicates required fields.
Name:*
Email:*

Meet the team

  • Will Pratt
  • Kate MacPhail
  • Justin Sabbagh
  • Sandra Nanavaty
  • Mike Wilcox

Mortgage Calculator

Purchase Amount:
Down Payment:
Interest Rate:
%
Payment Interval:
Mortgage Term (Years)
Payment:
Total Payments:
Total Amount Paid:
Total Interest Paid:

Neighbourhoods