New Contact Information! Last Announcement!
Hello and thank you for reading this important message. I have been very fortunate enough to have our business grow right across Canada over the past few years and with that our business has been very successful in keeping the lines of communication open.
We now have added a toll free number for you to reach us at 1-866-993-8787 absolutely free.
We also have to mention that the contact number that has been Alberta’s main Line since 2004 will be disconnected at the end of July 2007. Again the number 403-667-9816 will be disconnected and the 1-866-993-8787 will be the number available. Please take a moment and update your phone list with this change.
Of course the fax numbers, email and website are remaining the same. You can also confirm any contact information at www.yourmortgages.ca.
Thank you for your time,
Steven Faux
Oh Those Rates!
I know that you have been watching them go from 4.99% to 5.89% over the past three weeks and asking, “wow……what’s going on?” Well the word is banks are playing catch up [more to it then that, but simple terms catch up works] with consistent rate increases. Now Prime rate is holding at 6% and no word of that rising. We have been told from insiders at various banks that we will see this for the next few months. No definite time frame of stopping, but fall looks like the holding point. So the best thing to do while your looking for property be it rental, investment or permanent residence….get the early Pre Approvals in now and get the rate hold for up to four months. If the rates come down in the mean time we will get the “rate look back “ and adjust it. Holding the rate could save you a few important dollars.
Housing Market Cooling Off Says Scotia Economics
CREA is forecasting a record-setting year for residential real estate in Canada, but a new report from Scotia Economics says short-term cyclical factors are consistent with a gradual cooling off in Canada's housing market over the next several years. The report also says long-term fundamentals, including slower population growth, will dampen the demand for housing.
The Scotia Economics report says Canada's average annual rate of population growth is projected to slow to just 0.8 per cent over the coming decade, reflecting an aging society and historically low fertility rates.
"This less favorable demographic trend does not in itself pose a major risk to the housing outlook," said Adrienne Warren, senior economist, Scotia Economics. "Real household income growth and the level of interest rates have a statistically more significant influence on housing sales and price appreciation." But she says the expected moderation in underlying housing demand comes at a time when affordability is at a cycle low, supply conditions are becoming better balanced and pent-up demand has largely been satisfied.
"Demographic shifts will also influence the type of housing in demand," says Warren. "In particular, the changing age structure of the Canadian population and the growing significance of immigration will likely favor certain forms of housing and certain geographical areas."
The Canadian population aged 25 to 44 years - those with the highest probability of buying a home in any given year - is projected to increase by just two per cent between 2006 and 2016, or by 195,000, says the report. All of the growth will come from the youngest in this group (aged 25 to 34 years), reflecting the maturing of the baby echo generation. "These buyers, many of them singles or young professional couples, should support continuing moderate demand for entry-level homes and condos, particularly in urban centers close to employment opportunities," says Warren.
The report says the population aged 35 to 44 years (the much smaller baby-bust generation) is expected to decline in absolute numbers over the same period. "This group encompasses both first-time buyers and households in their early 'trade-up' years. They are more likely to have young families and relative to their younger cohort, favor larger suburban homes, a real estate segment that could under perform," says the report.
At the same time, the number of Canadians aged 45 to 64 years is projected to rise by 15 per cent (1.3 million) while Canadians 65 and over will jump by 65 per cent (1.5 million). Even taking into account the higher level of housing market activity of younger Canadians, the number of sales involving both late-stage "move up" buyers and "downsizers" could dominate those of more traditional home buyers. "While the lifestyles and housing needs of these more mature homeowners vary widely, an aging population should favor new construction over resales, lower maintenance options such as condominiums, second homes and vacation properties, and urban areas with greater amenities," says Warren.
"Immigration will also play an increasingly important role in shaping housing demand," she says. "Immigration has been the dominant source of household formation since the early 1990s, a trend that will accelerate over the coming decade as the rate of natural population growth continues to slow."
Net international migration is expected to account for over two-thirds of Canada's population growth between 2006 and 2016, something not seen since Wilfrid Laurier was prime minister, says the report. Immigration could be Canada's only source of population growth by about 2030.
"Relatively weaker earnings growth vis-à-vis native-born Canadians is one possible factor behind the apparent difficulty faced by some recent immigrant households in making the transition from renter to homeowner," says the Scotia Economics report. "Recent policy initiatives to aid in assessing and recognizing foreign professional credentials will hopefully result in a better performance on this front. Immigrant families are also more likely than native-born Canadians to locate in major cities where homeownership rates in general are lower, and home prices higher."
The report says the strong wave of immigration since the early 1990s remains an ongoing important supportive factor for housing. Home ownership rates rise with the duration of residence, and is concentrated among foreign-born who have lived in Canada for 10 years or more, reflecting the time needed to accumulate the necessary savings, it says.
"More than one-third of foreign-born residents in Canada's largest urban centers have been in Canada for 10 years or less. This suggests a significant pool of potential home buyers ready to enter the Canadian real estate market," says Warren. "The 'typical' home buyer in the coming decade will not be as traditional as in the past, having more diverse social and demographic characteristics."
Hot Investment Trends
Click here to download the Hot Investment Trends PDF brought to you by:
Jocko Toic - Consultant
Investors Group Financial Services
2-2429 Dobbin Rd. Westbank, BC V4T 2L4
Ph. (250) 768-4546 Cell (250) 869-9636
Fax (250) 768-9005 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Steve's Rates
| Mortgage Term | Our Rates | Standard Rates |
|---|---|---|
| Variable Rate | 5.10% | 7.00% |
| 6 Month Closed | 6.60% | 6.70% |
| 1 Year Closed | 5.60% | 7.00% |
| 2 Year Closed | 5.65% | 7.30% |
| 3 Year Closed | 5.70% | 7.35% |
| 4 Year Closed | 5.80% | 7.35% |
| 5 Year Closed | 5.84% | 7.29% |
| 7 Year Closed | 5.80% | 7.50% |
| 10 Year Closed | 5.95% | 7.85% |
| 15 Year Closed | 6.20% | 0.00% |
| 18 Year Closed | 6.27% | 0.00% |
| 25 Year Closed | 6.38% | 0.00% |
Rates are subject to constant change, for the best rates call 1-866-993-8787.
Resources
Business Supporting Business — Thank You:
Investments
www.thenewwestside.ca
John Ferrier Head Teaching Professional
CPGA Class A
#320 - 1405 Stevens Road, Kelowna, BC.
Tel: 250-769-0339
Email: kelowna@urbanlinks.net
Twice the Fun Games - Al Samson
1783 Ross Road on the Westside
Tel: (250) 769-4346
Fax: (250) 769-4347
www.TwiceTheFunGames.com
Rockworld - Natural and Manufactured Stone , Fireplaces & Stoves, Sales & Installations
Brent Copeland
PH: 250-769-7250
Jocko Toic - Consultant
Investors Group Financial Services
2-2429 Dobbin Rd. Westbank, BC V4T 2L4
Ph. (250) 768-4546 Cell (250) 869-9636
Fax (250) 768-9005 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Private Home Sellers
www.privatehomesellers.ca
Friends Supporting Friends — Thank You:
Evan William's Group
www.evanwilliamsgroup.com
otis & huckleberry
www.otishuck.com
For your Recreational Investments — www.buycanadaproperty.com
A Quote to Note:
Success is not final, failure is not fatal: it is the courage to continue that counts.
- Sir Winston Churchill
Contact
At Prolink Mortgage Inc., I have over 30 lending financial mortgage institutions in Canada with Steve Faux sourcing the best rates and the best products to suit your needs!
Direct Line — 250.768.0535
Direct Fax — 250.768.0510
Email — steve@yourmortgages.ca
Refer a Friend
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