March News and Rate Advisor

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

Current Discount Mortgage Rates for Mar 2017   Rate
Variable Rate   2.30%
1 Year   2.29%
3 Year   2.44%
5 Year   2.64%
Prime Rate   2.70%

Canadian Qualifying Rate Mar 2017
Rate 4.64%
Source: Bank of Canada

Current Bank of Canada Rate & Prime Rates Mar 2017 Mar 2016 Mar 2015
Bank Rate 0.75% 0.75% 1.00%
Prime Rate 2.70% 2.70% 2.85%
Source: Bank of Canada



Nationwide Building Permits Jan 2017 Jan 2016 Jan 2015
Residential $5,069,529,000 $4,011,352,000 $4,056,063,000
Commercial $2,545,973,000 $2,385,097,000 $2,111,941,000
Total $7,615,502,000 $6,396,449,000 $6,168,004,000
Source: Stats Canada - preliminary figures

Average House Prices by Province Jan 2017 Jan 2016 Jan 2015
National $470,253 $470,297 $401,143
Yukon $333,353 $312,440 $268,615
Northwest Territories $341,890 $343,856 $268,910
British Columbia $621,093 $752,906 $593,155
Alberta $383,040 $371,620 $381,757
Saskatchewan $288,703 $288,177 $294,885
Manitoba $267,068 $264,007 $252,434
Ontario $556,631 $466,053 $417,723
Quebec $283,984 $269,635 $263,714
New Brunswick $161,656 $150,538 $145,592
Prince Edward Island $188,246 $165,916 $159,448
Nova Scotia $202,794 $205,047 $205,589
Newfoundland $240,860 $255,091 $283,043
Source: CREA - Most Recent Month Reported

Average House Prices by City Jan 2017 Jan 2016 Jan 2015
Yellowknife $341,890 $343,856 $268,910
Vancouver $878,242 $1,083,177 $827,558
Victoria $589,082 $524,361 $470,693
Edmonton $355,841 $339,714 $362,394
Calgary $451,242 $439,552 $437,908
Saskatoon $335,121 $344,639 $346,536
Regina $297,532 $309,154 $294,488
Toronto $770,745 $631,092 $552,575
Hamilton-Burlington $516,128 $451,130 $417,700
Ottawa-Carleton $379,369 $356,696 $349,672
Quebec City $259,509 $245,777 $257,952
Montreal $351,255 $337,894 $324,210
Fredericton $174,058 $165,633 $164,370
Saint John $164,126 $162,181 $143,466
Halifax-Dartmouth $265,237 $262,027 $270,120
Winnipeg $272,553 $273,154 $261,612
Source: CREA - Most Recent Month Reported

Some of Our Featured Mortgage Rates

 

TERM

 

RATES

 

Variable Rate Mortgage  As low as 2.10%
3 Year Closed Rate As low as 2.39%
5 Year Closed Rate Mortgage As low as 2.64%
Home Equity Line of Credit (HELOC Up To 80%) As low as Prime +.50%
10 Year Closed Term 

As low as 3.84%

Rates and terms subject to change without notice, the above rates are for insureable purchases only, conditions may apply.

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Want to keep up to date with rates click here!

4 Smart Reasons to Refinance your Home

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(NC) Whether you are trying to save on your current mortgage payments or freeing up cash for other endeavours, refinancing can be an effective way to achieve your financial goals. It can help fund a large purchase, or provide an investment back in the home to increase market value.
"Some homeowners may not realize that mortgage rates are still near record lows, which is great if you're looking to unlock some of the equity you've built in your home," says personal finance expert Barry Choi. "It's worth speaking to a PC Financial mortgage specialist to find out what options are available to you and best fit your needs, but remember not to overextend yourself."
Here are some reasons to consider refinancing your mortgage:
1. Sending your kids to university. With tuition prices at an all-time high, refinancing can help provide the funds necessary to invest in your child's education.
2. Lower monthly payments. If you purchased your home when interest rates were high, switching to a mortgage with a lower rate can help to reduce your monthly payments. A PC Financial mortgage has some of the lowest rates and offers rewards through PC Points that can be redeemed for groceries.
3. Major home renovations: Refinancing is a good way to re-invest in your house. Renovating and modernizing can drastically increase your home's market value, allowing you to increase your profits if you choose to sell later on.
4. Buying a second property. If you have been saving up for a cottage or second home, refinancing can help provide the extra funds necessary to finalize your down payment.
www.newscanada.com
www.philrom.com
 

Financial News
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Kraft Heinz lays off 200 workers in Canada, U.S.

24 Mar 2017 12:43:02

Kraft Heinz Co. has laid off 200 white-collar workers in Canada and the United States.

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Enbridge cuts 1,000 jobs in wake of Spectra Energy takeover

22 Mar 2017 12:46:45

Enbridge Inc. is shedding another 1,000 jobs after its $37-billion takeover of Spectra Energy Corp.

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Freshii seeks partnership with Subway, wants to convert some shops

21 Mar 2017 08:54:23

The man behind Freshii restaurants is publicly appealing for a “partnership” with the much bigger Subway organization.

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Are feds not prepared for job losses through automation?

18 Mar 2017 12:30:53

Federal officials were warned over the summer that machines are going to replace more jobs in the workforce in the coming years and that will require a rethink of how government helps the unemployed.

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Financial Consumer Agency launches review of business practices at banks

15 Mar 2017 14:55:21

Canada's financial consumer watchdog is launching a review of business practices among the major banks following reports citing unnamed employees who alleged the lenders were signing customers up for services without their consent.

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How to increase your home's value without breaking the bank

89531.jpg
(NC) Sometimes, what starts off as a small renovation project can quickly escalate in size and cost. To avoid surprises, it is important to consider where to invest, where to save and how to budget as you embark.
For larger projects, refinancing your home or using secured borrowing accounts can be a good option to help cover costs. Often, interest rates on mortgages are lower than credit cards and loans, and it can be simpler to have one consolidated payment. PC Financial has a wide variety of low-interest mortgage options that allow you to earn PC Points, which can be redeemed for groceries, home products and clothing for your family.
To maximize your budget and ensure your renovation helps build value, here are some helpful tips from HGTV and Cityline design expert Karen Sealy on when to invest:
• Kitchen: Investing in modern amenities, while creating an inviting and functional space, will make this important room more enjoyable for you and appealing to future buyers.
• Flooring: Do your homework and invest in a high quality, timeless choice. Open concept living spaces are a trending aesthetic that can be enhanced by new floors.
• Curb appeal: Make your home more welcoming to visitors and potential buyers by investing in a beautiful garden with well thought-out lighting; redoing your walkways; and adding some simple architectural details.
Alternatively, here are some items Sealy says you can afford to save on:
• Tile: Comes in varying thicknesses based on use. Wall tiles can be thin — which is a cost saver — while floor tiles should be thicker. Consider porcelain tile, as it is durable and resists chips and cracks, making it a smart option.
• Cabinets: Consider updates to your cabinets instead of buying new ones. Easy changes like adding a bank of drawers or updating hardware could be just the transformation you need.
• Paint: New colour is an easy way to instantly makeover your space and achieve a fresh look. The most important step - good preparation and quality paint.
Before tackling your next big project, it is important to have a budget in place and make sure you are able to properly finance your renovation. PC Financial mortgage advisors can help you find a refinancing option that fits your needs and is in your best interest.
www.newscanada.com
www.philrom.com

Reverse Mortgage Specialist

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New to Canada Mortgage Program

The New to Canada Mortgage allows qualified home buyers  who have immigrated to Canada from another country, or have  been transferred here by an employer, to qualify for mortgage  insurance with as little as a 5% down payment.

Quick Details of the program - good credit or no credit history is allowed  as this program allows limited Credit history.

  • Must be in Canada for less than 5 years
  • Must have at least 3 months Canadian employment, no probation
  • Must have either a working visa or permanent status (9 SIN allowed, must prove legally allowed to be in Canada)If no credit and 5% DP - alternative sources of credit required (as per high ratio insurer guidelines)
    • Working visa minimum 10% down from own sources
    • Permanent Status 5% down from own sources

Call me to find out all the program details and if you qualify for this program!

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Rent or Buy Video

What Can you Afford Video

Home Buying Costs

Contact Info
Agent
Phil Romano

Certified Professional Mortgage Broker M10002221

Verico House of Mortgage Experts #11972

www.philrom.com
  

905-516-1150 888-812-8292 philromano@vhme.ca
Contact Me
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