October News and Rate Advisor

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

Current Discount Mortgage Rates	Oct 2014
Variable Rate	2.45%
1 Year	2.89%
2 Year	2.34%
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	Oct 2014
Rate	4.79%

Source: Bank of Canada

Current Posted Mortgage Rates	Oct 2014	Oct 2013	Oct 2012
1 Year	3.14%	3.14%	3.10%
3 Year	3.44%	3.95%	3.70%
5 Year	4.79%	5.34%	5.24%

Source: Bank of Canada

Nationwide Building Permits	Aug 2014	Aug 2013	Aug 2012
Residential	$4,150,876,000	$3,938,247,000	$4,223,624,000
Commercial	$2,501,345,000	$2,495,214,000	$3,234,985,000
Total	$6,652,221,000	$6,433,461,000	$7,458,609,000

Source: Stats Canada - preliminary figures

Current Bank of Canada Rate & Prime Rates	Oct 2014	Oct 2013	Oct 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	Aug 2014	Aug 2013	Aug 2012
Yellowknife	$411,733	$318,363	$433,300
Vancouver	$802,763	$784,567	$725,086
Victoria	$497,608	$479,978	$475,550
Edmonton	$368,597	$348,758	$334,391
Calgary	$454,994	$432,576	$400,277
Saskatoon	$333,434	$327,281	$320,903
Regina	$294,338	$311,860	$304,513
Toronto	$546,303	$503,094	$479,095
Hamilton-Burlington	$397,938	$376,284	$364,464
Ottawa-Carleton	$361,730	$348,822	$347,673
Quebec City	$278,517	$268,104	$263,113
Montreal	$328,745	$327,165	$331,721
Fredericton	$180,401	$177,192	$164,707
Saint John	$166,548	$176,632	$170,057
Halifax-Dartmouth	$276,080	$272,069	$270,170
Winnipeg	$270,246	$261,666	$248,301

Source: CREA - Most Recent Month Reported

Average House Prices by Province	Aug 2014	Aug 2013	Aug 2012
National	$398,618	$378,369	$350,192
Yukon	$299,839	$362,507	$300,095
Northwest Territories	$411,733	$318,363	$433,300
British Columbia	$560,318	$533,400	$491,145
Alberta	$397,701	$381,642	$356,488
Saskatchewan	$285,476	$286,809	$269,967
Manitoba	$262,685	$253,297	$239,234
Ontario	$408,847	$386,444	$366,797
Quebec	$271,679	$269,421	$276,170
New Brunswick	$162,110	$164,824	$161,080
Prince Edward Island	$146,055	$159,432	$145,586
Nova Scotia	$210,370	$212,268	$208,749
Newfoundland	$293,548	$288,660	$262,436

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

September News and Rate Advisor

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

Current Discount Mortgage Rates	Sep 2014
Variable Rate	2.45%
1 Year	2.89%
2 Year	2.34%
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	Sep 2014
Rate	4.79%

Source: Bank of Canada

Current Posted Mortgage Rates	Sep 2014	Sep 2013	Sep 2012
1 Year	3.14%	3.14%	3.10%
3 Year	3.75%	3.95%	3.85%
5 Year	4.79%	5.34%	5.24%

Source: Bank of Canada

Nationwide Building Permits	Jul 2014	Jul 2013	Jul 2012
Residential	$4,965,441,000.00	$4,135,192,000.00	$4,276,431,000
Commercial	$4,195,518,000.00	$3,857,984,000.00	$2,532,937,000
Total	$9,160,959,000.00	$7,993,176,000.00	$6,809,368,000

Source: Stats Canada - preliminary figures

Current Bank of Canada Rate & Prime Rates	Sep 2014	Sep 2013	Sep 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	Jul 2014	Jul 2013	Jul 2012
Yellowknife	$393,815	$472,467	$292,125
Vancouver	$805,061	$757,338	$667,462
Victoria	$496,282	$482,908	$475,768
Edmonton	$362,091	$345,335	$337,304
Calgary	$460,790	$438,192	$409,670
Saskatoon	$350,699	$323,441	$323,165
Regina	$327,104	$311,759	$297,708
Toronto	$550,700	$513,246	$476,947
Hamilton-Burlington	$412,694	$383,240	$345,807
Ottawa-Carleton	$358,600	$362,346	$340,352
Quebec City	$274,862	$265,785	$266,552
Montreal	$338,988	$329,339	$331,577
Fredericton	$167,455	$178,883	$181,917
Saint John	$182,918	$169,592	$177,955
Halifax-Dartmouth	$287,288	$275,046	$268,723
Winnipeg	$268,817	$262,727	$249,175

Source: CREA - Most Recent Month Reported

Average House Prices by Province	Jul 2014	Jul 2013	Jul 2012
National	$401,585	$382,373	$353,147
Yukon	$278,518	$311,481	$366,075
Northwest Territories	$393,815	$472,467	$292,125
British Columbia	$548,162	$534,360	$474,954
Alberta	$395,552	$379,696	$363,924
Saskatchewan	$304,816	$285,147	$277,297
Manitoba	$264,171	$253,714	$239,116
Ontario	$416,938	$393,984	$368,329
Quebec	$276,194	$272,033	$275,689
New Brunswick	$164,146	$159,502	$156,913
Prince Edward Island	$153,964	$169,864	$154,876
Nova Scotia	$224,287	$215,094	$219,708
Newfoundland	$294,815	$288,517	$273,649

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

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