August News and Rate Advisor

Welcome to the August issue of the News & Rate Advisor.

Current Discount Mortgage Rates	Aug 2014
Variable Rate	2.45%
1 Year	2.89%
2 Year	2.59%
3 Year	2.69%
4 Year	2.77%
5 Year	2.99%
7 Year	3.79%
10 Year	4.49%
Prime Rate	3.00%
* Rates subject to change and OAC.

Canadian Qualifying Rate	Aug 2014
Rate	4.79%

Source: Bank of Canada

Current Posted Mortgage Rates	Aug 2014	Aug 2013	Aug 2012
1 Year	3.14%	3.14%	3.10%
3 Year	3.75%	3.95%	4.05%
5 Year	4.79%	5.34%	5.24%

Source: Bank of Canada

Nationwide Building Permits	Jun 2014	Jun 2013	Jun 2012
Residential	$4,188,101,000.00	$3,971,033,000.00	$4,437,438,000
Commercial	$3,802,918,000.00	$2,652,087,000.00	$2,571,295,000
Total	$7,991,019,000.00	$6,623,120,000.00	$7,008,733,000

Source: Stats Canada - preliminary figures

Current Bank of Canada Rate & Prime Rates	Aug 2014	Aug 2013	Aug 2012
Bank Rate	1.25%	1.25%	1.25%
Prime Rate	3.00%	3.00%	3.00%

Source: Bank of Canada

Average House Prices by City	Jun 2014	Jun 2013	Jun 2012
Yellowknife	$465,219	$437,024	$398,789
Vancouver	$796,714	$762,861	$701,141
Victoria	$496,225	$507,940	$486,611
Edmonton	$371,839	$353,360	$340,391
Calgary	$466,994	$442,529	$422,139
Saskatoon	$345,773	$335,046	$287,355
Regina	$307,830	$311,471	$312,241
Toronto	$568,953	$531,374	$508,622
Hamilton-Burlington	$409,195	$390,572	$363,162
Ottawa-Carleton	$365,366	$359,372	$354,690
Quebec City	$267,564	$272,008	$263,740
Montreal	$332,462	$329,512	$336,054
Fredericton	$192,433	$177,551	$189,732
Saint John	$161,224	$189,614	$163,468
Halifax-Dartmouth	$277,838	$272,477	$272,495
Winnipeg	$280,112	$274,121	$257,095

Source: CREA - Most Recent Month Reported

Average House Prices by Province	Jun 2014	Jun 2013	Jun 2012
National	$413,215	$386,585	$369,339
Yukon	$291,994	$345,795	$321,621
Northwest Territories	$465,619	$437,024	$398,789
British Columbia	$556,977	$533,219	$503,232
Alberta	$407,166	$385,959	$369,895
Saskatchewan	$301,741	$291,981	$267,534
Manitoba	$274,173	$266,903	$250,698
Ontario	$436,620	$407,228	$369,339
Quebec	$274,069	$270,221	$277,181
New Brunswick	$166,208	$167,878	$170,619
Prince Edward Island	$150,886	$142,002	$164,251
Nova Scotia	$204,071	$224,839	$224,765
Newfoundland	$294,158	$289,828	$265,051

Source: CREA - Most Recent Month Reported
www.philrom.com

Tough questions to ask when buying a home

(NC) Home ownership is part of the Canadian dream, according to 90 per cent of Ontarians who participated in a recent study by the Ontario Real Estate Association (OREA). Achieving that dream however, requires serious planning, says Costa Poulopoulos, president of OREA.

“Buying a home is a major financial decision and maintaining it requires a great deal of discipline,” Poulopoulos continues. “Home buyers should be prepared to make some tough choices in this pursuit.”

Some of these choices include:

Condo, house or other: Before deciding to buy a detached or semi-detached house, a condo or other form of home, consider your lifestyle, current and anticipated needs, and your budget. It's a good idea to create a prioritized list of features that you are looking for. Finding the right home involves balancing your "must-haves" with your "nice-to-haves".

Fixed or variable mortgage: A fixed rate mortgage offers security and is guaranteed not to change for the term of the mortgage. A variable rate mortgage, on the other hand, offers possible long term interest savings, but with the risk of interest rate increases. The 'right' mortgage depends on your tolerance for risk, as well as your current goals and life stage.

More than, or less than, 20 per cent down payment: If you buy a home with anything less than 20 per cent down, you'll have to buy high-ratio mortgage insurance. The lower your down payment, the more expensive the insurance. If you don't want to pay mortgage insurance, you'll need at least 20 per cent down. A bigger down payment also means that you'll pay less interest in the long run.

Conditional or unconditional offer: In a multiple offer situation, some buyers might be tempted to waive all conditions in the hope of securing the sale. Conditions are in place to protect the buyer. If you decide to waive conditions on an offer that gets accepted, you'll be in a bind if you have trouble securing a mortgage, or end up with a home that needs costly repairs.

“It doesn't end there,” adds Poulopoulos. “As a home owner, you'll be faced with choices every day. But we believe that the sense of pride, security and the long-term investment value that comes with home ownership, makes it all worth it.”

More information is available at www.wedothehomework.ca.

www.newscanada.com

www.philrom.com  

***this article only applies for Ontario

July News and Rate Advisor!

Welcome to the July issue of the News & Rate Advisor. Current Discount Mortgage Rates Jul 2014 Variable Rate 2.45% 1 Year 2.89% 2 Year 2.34% 3 Year 2.79% 4 Year 2.77% 5 Year 2.99% 7 Year 3.79% 10 Year 4.39% Prime Rate 3.00% * Rates subject to change and OAC. Canadian Qualifying Rate Jul 2014 Rate 4.79% Source: Bank of Canada Current Posted Mortgage Rates Jul 2014 Jul 2013 Jul 2012 1 Year 3.14% 3.14% 3.10% 3 Year 3.75% 3.75% 3.95% 5 Year 4.79% 5.14% 5.24% Source: Bank of Canada Nationwide Building Permits May 2014 May 2013 May 2012 Residential $4,134,301,000.00 $4,554,913,000.00 $4,184,799,000 Commercial $2,811,245,000.00 $2,856,371,000.00 $2,825,538,000 Total $6,945,546,000.00 $7,411,284,000.00 $7,010,337,000 Source: Stats Canada - preliminary figures Current Bank of Canada Rate & Prime Rates Jul 2014 Jul 2013 Jul 2012 Bank Rate 1.25% 1.25% 1.25% Prime Rate 3.00% 3.00% 3.00% Source: Bank of Canada Average House Prices by City May 2014 May 2013 May 2012 Yellowknife $462,143 $373,454 $441,465 Vancouver $814,418 $772,569 $732,736 Victoria $496,378 $477,281 $506,195 Edmonton $371,871 $350,921 $347,078 Calgary $465,579 $440,675 $429,459 Saskatoon $338,195 $341,737 $318,603 Regina $317,662 $322,029 $303,393 Toronto $585,204 $542,174 $516,787 Hamilton-Burlington $406,007 $416,664 $369,292 Ottawa-Carleton $383,168 $370,591 $363,502 Quebec City $270,824 $273,389 $260,230 Montreal $335,937 $331,594 $329,282 Fredericton $196,656 $200,245 $201,176 Saint John $183,755 $182,829 $175,815 Halifax-Dartmouth $290,587 $285,583 $283,010 Winnipeg $287,026 $274,437 $266,379 Source: CREA - Most Recent Month Reported Average House Prices by Province May 2014 May 2013 May 2012 National $416,584 $388,910 $375,605 Yukon $314,974 $344,053 $381,871 Northwest Territories $462,143 $373,454 $441,465 British Columbia $565,233 $534,013 $519,923 Alberta $405,294 $385,702 $374,653 Saskatchewan $301,409 $294,414 $280,517 Manitoba $279,668 $267,662 $256,923 Ontario $447,682 $418,430 $403,156 Quebec $276,919 $277,225 $274,840 New Brunswick $178,609 $173,256 $175,466 Prince Edward Island $177,533 $166,994 $153,137 Nova Scotia $215,298 $229,646 $237,285 Newfoundland $295,199 $274,342 $255,897 Source: CREA - Most Recent Month Reported

www.philrom.com

Powered By GoMax Solutions

Are you ready to buy your first home?

(NC) Buying a house is one of the biggest investments of our lifetime – and it's a journey that is usually filled with questions around affordability, impact on savings, and lifestyle changes.

There are a number of online calculators and tools that can help answer many of these questions and give you a good sense of how much 'house' you can afford and what your monthly mortgage payments will look like. Take a look at these three tips for first-time homebuyers, courtesy of the mortgage specialists at RBC:

Know how much you can afford – beyond the mortgage amount, don't forget to consider ongoing home ownership costs and your lifestyle needs. Use the How much home can I afford calculator available at www.rbcadvicecentre.com to find out where you stand.

Get a pre-approved mortgage – shop for a home with confidence and let everyone know you are a serious buyer. Additional benefits for pre-approval include being able to put in your offer faster, and potentially beating out another prospective buyer who hasn't done their homework.

Know your mortgage options – take advantage of flexible pre-payment privileges to cut years off your mortgage. There is always more to your mortgage than the interest rate, so be sure you know what options are available in each mortgage type, and how they can be used to save you money. Use online tools and calculators to test out different scenarios.

Additional information, including mortgage tools and tips, is available at

www.rbcadvicecentre.com

www.newscanada.com

www.philrom.com

News and Rate Advisor

Welcome to the May issue of the News & Rate Advisor.

Current Discount Mortgage Rates	May 2014
Variable Rate	2.50%
1 Year	2.89%
2 Year	2.59%
3 Year	2.79%
4 Year	2.87%
5 Year	3.09%
7 Year	3.79%
10 Year	4.39%
Prime Rate	3.00%
* Rates subject to change and OAC.

Canadian Qualifying Rate	May 2014
Rate	4.79%

Source: Bank of Canada

Current Posted Mortgage Rates	May 2014	May 2013	May 2012
1 Year	3.14%	3.00%	3.20%
3 Year	3.75%	3.55%	3.95%
5 Year	4.79%	5.14%	5.44%

Source: Bank of Canada

Nationwide Building Permits	Mar 2014	Mar 2013	Mar 2012
Residential	$3,674,001,000.00	$3,597,733,000.00	$3,910,267,000
Commercial	$2,313,322,000.00	$2,700,725,000.00	$2,932,792,000
Total	$5,987,323,000.00	$6,298,458,000.00	$6,843,059,000

Source: Stats Canada - preliminary figures

Current Bank of Canada Rate & Prime Rates	May 2014	May 2013	May 2012
Bank Rate	1.25%	1.25%	1.25%
Prime Rate	3.00%	3.00%	3.00%

Source: Bank of Canada

Average House Prices by City	Mar 2014	Mar 2013	Mar 2012
Yellowknife	$328,945	$417,875	$359,510
Vancouver	$801,543	$759,340	$761,742
Victoria	$493,323	$474,937	$513,374
Edmonton	$361,870	$350,723	$335,579
Calgary	$462,994	$441,424	$409,750
Saskatoon	$344,600	$331,249	$315,935
Regina	$328,781	$314,353	$287,772
Toronto	$557,684	$519,879	$504,117
Hamilton-Burlington	$410,553	$388,147	$353,165
Ottawa-Carleton	$359,286	$359,321	$353,714
Quebec City	$252,400	$266,897	$259,316
Montreal	$320,558	$326,259	$317,924
Fredericton	$175,007	$182,540	$185,192
Saint John	$169,978	$164,182	$168,371
Halifax-Dartmouth	$268,333	$282,048	$272,599
Winnipeg	$278,527	$271,198	$247,459

Source: CREA - Most Recent Month Reported

Average House Prices by Province	Mar 2014	Mar 2013	Mar 2012
National	$401,419	$378,532	$369,453
Yukon	$328,954	$331,520	$327,267
Northwest Territories	$328,945	$417,875	$359,510
British Columbia	$562,316	$540,662	$545,959
Alberta	$402,933	$386,330	$362,798
Saskatchewan	$304,428	$291,094	$272,260
Manitoba	$269,865	$257,657	$240,414
Ontario	$435,046	$405,780	$393,153
Quebec	$264,197	$272,531	$264,788
New Brunswick	$156,795	$163,566	$159,943
Prince Edward Island	$174,311	$151,243	$163,333
Nova Scotia	$213,336	$222,688	$225,304
Newfoundland	$288,865	$281,210	$259,088

Source: CREA - Most Recent Month Reported

Hamilton Real Estate: March 2014 Stats

Hamilton Real Estate: March 2014 Stats: (April 3, 2014 – Hamilton, Ontario)  The REALTORS ® Association of Hamilton-Burlington (RAHB) reported 1268 property sales were processed ...

Make your home ownership dream a reality

Purchasing a home is a huge decision and requires a lot of financial planning and support. With mortgage rates fluctuating and the Canadian housing market unpredictable, buying a house is like a puzzle and it takes a bit of work to fit the pieces together. There are, however, a number of financial incentives available to help you take that leap when the time is right for you, as follows: First-timers are eligible to save on the purchase with the home buyers' tax credit. You can claim up to $5,000, resulting in savings of up to $750 on your taxes for the year in which the home is bought. If the buyer has a disability, or the home is being purchased for a person with a disability, they can claim the credit even if they have previously bought and owned a home. If you are looking to boost your down payment, you may also be eligible for the Home Buyers' Plan. This plan allows you to use money from your RRSPs to buy or build a home for yourself or a related person with disabilities. You can withdraw up to $25,000 in a calendar year, and have up to 15 years to repay your withdrawals without taking a hit on your taxes. You'll find more details about these programs at www.cra.gc.ca/myhome. Investment potential, freedom from rent, and pride of ownership await. Maybe your new home is finally within reach; this might just be your year.
www.newscanada.com
www.philrom.com