Mortgage Market Report
CAAMP (the Canadian Association of Accredited Mortgage Professionals) just released its mortgage report filled with interesting facts and information relevant to property owners, buyers and mortgage professionals.
Over the past year, according to Jim Murphy, the President and CEO of CAAMP, Canadians have worked hard to get their fiscal responsibilities in order and have room to handle a rise in mortgage rates. However, there are still approximately 650000 households who would find a rate increase of 1% challenging. Yet, many economists in Canada are now saying that a decrease in rates is possible, or even that rates will stay low for a very long time.
If you are thinking of purchasing a new home, the market and mortgage rates are still favourable.
From the CAAMP Report
According to the CAAMP mortgage report, the value of owner-occupied housing in Canada is now worth over $3 trillion, with over 72% of home owners surveyed agreeing that real estate is a good long-term investment in Canada. Last year, according to CAAMP, 9% of home owners took out a new mortgage, 23% renewed or renegotiated, and 1.9 million took out a new mortgage.
If your mortgage is coming up for renewal, starting a mortgage hunt now with a Mortgage Broker with a minimum of 120 days before the renewal date can ensure that you can get a rate hold as well as have enough time to shop around for the best mortgage product to suit your finances.
Mortgage borrowers are also taking different kinds of mortgages, with the report noting that 37% of borrowers taking out variable rate mortgages based on the expectation of mortgage rates staying low. Another interesting stat that the report produced was that 8% of borrowers had a mortgage that was a hybrid of fixed and variable terms. Of those who renewed or changed their mortgage, almost 30% obtained their mortgage from a mortgage broker. (The data quoted from this report was commissioned by CAAMP and produced by Will Dunning, Chief economist of CAAMP, in collaboration with Maritz. This report is based on online survey responses from 2,000 Canadians compiled between from October 20 and 25, 2011.)
It's still a good time to buy a new home
With the financial situation in Europe remaining fairly unstable, an American election coming soon and the real estate market overheating in China, many believe that interest rates will remain low throughout 2012. If you are thinking of purchasing a property, it is an excellent time.
If you are a first time buyer, or you want to buy the house of your dreams, it is still a good time to buy. Real Estate ownership is still a solid way to save your money, build your retirement savings, provide you credit over your life and allow you to live in your own investment. Home ownership has tax advantages if you own your own business, and it can provide you with a chance to take advantage of increasing real estate values.
The mortgage professionals at One Stop Mortgage can assist you in finding the best rate to suit your financial needs, whether the mortgage comes from major banks or from alternative mortgage sources. With One Stop Mortgage on your side, you don't need to have to worry about negotiating with the big banks hoping to save, since the One Stop team will do the work for you. If you are looking for the most competitive rates, they can find it for you and help you choose the best mortgage product to suit your life. Whether it is a conventional mortgage, variable or fixed rate, private mortgage or secured mortgage, the One Stop team of Mortgage professionals has access to an extensive private lender base that enables them to build a mortgage product that best suits you.
With as little down as 5% of the purchase price along with a mortgage enables you to buy your home. The down payment can come from your RRSP (certain conditions apply) or may even come from your parents or relatives in the form of a gift. For first time home buyers there are some extra benefits, such as being exempt from property transfer taxes under certain conditions. Mortgage rates look like they will stay low for a long time, so if you are thinking of buying a home, it is a good time to contact the One Stop Mortgage team and discover which mortgage product best suits your life and financial needs.
Call them today at 604 874 8988 or 1-877-874-8988 or email them at firstname.lastname@example.org.