KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

Posts tagged “CMHC

Another Busy Month of Condo and Home Sales in Kitchener Waterloo for June 2015

Its been a very busy home buying and selling season in June for the residents of Kitchener Waterloo and Waterloo Region.  There were 626 homes sold through the Multiple Listing System (MLS® System). This represents a 9.4% increase compared to June of 2014, and 15.8% above the 5 year average for the month June.

Residential sales in the first half of 2015 totaled 2,949, an 8.1% increase compared to the same time last year, and 2.7% above the 5-year average. This marks the highest number of homes sold in the first half of the year since 2010.

On a year-to-date basis, the average sale price of all residential sales (KW and area) increased 2.6% to $347,105 compared to 2014. Single detached homes sold for an average price of $396,191 an increase of 1.3% compared to last year. The average sale price for a condominium units sold in the first half of the year was $235,081, an increase of 5.3 per cent over 2014. The housing market in Kitchener-Waterloo continues to show strength Buyers have confidence in Waterloo Region, that combined with low mortgage and interest rates should continue to support home sales in 2015.

Sales for the month of June in KW and area included 407 single detached homes (up 7.1 %), 137 condominium units (up 24.5%), 42 semi-detached (up 7.7%) and 35 freehold townhouses (down 12.5%). Across KW and area the average sale price of all residential sales through the Kitchener Waterloo MLS® System increased 0.2% to $351,259 compared with June 2014.

Looking at transactions strictly in the cities of Kitchener-Waterloo residential sale prices increased 3.2 percent to $344,405 compared to the same time last year. Single detached homes sold in June across KW and area had an average price of $408,569 an increase of 0.9% compared to last year. Condominium market prices were up 4.2%, with the average condo unit selling for $225,390.

If you have any questions or would like more specific neighborhood information about your home please feel free to give me a call at 519-497-4646 or email kevinbaker@kwhometeam.ca


Strong Month of May for Kitchener Waterloo Home and Condo Sales

It was another fantastic month for the local real estate market here in Waterloo Region .There were 553 home sales in Kitchener-Waterloo and surrounding area through the Mls system.

This represents an 8.4% increase compared to May of 2014, and 9.6% above the 5 year average for the month May. With a total of 2,926 home sales occurring through the Kitchener Waterloo Real Estate Board, year-to-date sales are 3.3% above the five year average.

Although sales numbers in Kitchener-Waterloo are higher in comparison to May of last year, they are on par with the month of April, at 1.7% above last month’s residential sales numbers, a difference of nine home sales. It’s been a very busy but typical spring market. Low mortgage interest rates and a diverse local economy continue to support home buying in Waterloo region.

Much like the month of April, sales activity in the $300,000 – $349,999 posted a healthy increase in the month of May with 126 homes sold in that range, a 24.8% increase from the same time last year. Sales in the $400,000 – $499,999 also increased with 81 sold in this price range, a 28.6% increase.

Sales in KW included 355 single detached homes (up 4.7 %), 113 condominium units (up 28.4%), 44 semi-detached (up 2.3%) and 40 freehold townhouses (up 8.1%). The average sale price of all residential sales through the Mls, increased  1.6 percent to $343,750 compared to May 2014. Single detached homes sold for an average price of $390,704 an increase of 1.1% compared to last year. Condominium market prices were up 7.1%, with the average condo unit selling for $237,649.

If you have any questions or are thinking of buying or selling in the coming months feel free to give me a call.

Have a great week!

Kevin


CMHC Raises Insurance Premiums for Highest Risk Purchasers – Kitchener Waterloo Condos and lofts

Are you looking to buy your first home or condo?  Do you have less than 10% as a down payment?

If so then you need to be aware of recent changes to the mortgage insurance premiums that are offered through CMHC   (Canadian Mortgage and Housing Corporation)

It was announced a few days ago that Canada’s federal housing agency is raising mortgage insurance premiums as part of a plan to boost its capital reserves.

Canada Mortgage and Housing Corp. said it is raising premiums on the highest-risk mortgages – borrowers who have down payments of less than 10 per cent – by 15 per cent starting June 1.

What does this mean for buyers?

The increases only apply to new mortgages for borrowers with small down payments. Those who put down more than 10 per cent of the purchase price aren’t affected. Premiums will also remain unchanged on CMHC’s portfolio insurance, which lenders take out on bundles of uninsured mortgages so they can securitized them, as well as the agency’s insurance for apartment buildings.

The effects will be modest for affected borrowers. An average Canadian borrower who can afford to pay the only the minimum 5-per-cent down payment typically takes out a mortgage of $252,000, CMHC said. Premiums for those borrowers would rise $5 a month, or about $1,500 more over the course of a 25-year mortgage.

CMHC predicted the changes would “not have a material impact on housing markets,” suggesting the agency isn’t looking to cool the housing market. Senior vice-president Steven Mennill stressed in a call with reporters that the changes were a “business decision” related to higher capital requirements and “not in any way related to a change in policy or approach.”

One thing is clear: By limiting increases only to borrowers with less than 10-per-cent down payments, the federal corporation is concerned that it was underpricing the risk on the most indebted borrowers.

Mortgages with lower levels of equity are typically more vulnerable to a housing shock and require higher levels of capital reserves to account for potential losses, which means higher premiums for riskier borrowers.

My advice would be is if you are thinking of buying a home or condo this spring and have less than a 10% down payment that you take advantage of the lower premiums offered before June 1st.

For more details or questions please email myself at kevinbaker@kwhometeam.ca   or give us a call at 519-579-4110

Enjoy your week!

Kevin


Kitchener Waterloo Real Estate Market Update for March 2015

It was another solid month of home sales in March here in Waterloo Region. Residential property sales through the MLS system continued to climb month over month with 619 properties sold. This represents a 15.1 percent increase compared to the March of 2014 which was the second lowest March on record since 2006.

During the first quarter of 2015, there were a total of 1,343 home sales, 3.6 percent above last year’s total for the same period and 8.4 percent below the 5 year quarterly average, which is again great news and shows continued strength of our local housing market.

Sales activity in the $300,000 – $349,999 increased significantly in the month of March with 151 homes sold in that range, a 49.5% increase from the same time last year. Pushing the average sales price up for the month were increased sales in the $500,000 – $749,999 range which posted a 61.5% increase equating to 63 sales compared to 39 in March 2014.

March’s sales included 436 single detached homes (up 25.3 %), 95 condominium units (down 2.1 %), 41 semi-detached (down 8.9) and 41 freehold townhouses (down 6.8%).The average sale price of all residential sales increased 7.4 percent to $347,722 compared with March 2014. Single detached homes sold for an average price of $384,635 an increase of 4.0 percent compared to last year. In the condominium market prices were up 12.1%, with the average condo unit selling for $238,846.

Overall the market is still moving forward and prices remain stable. We are expecting another busy spring market which seems to be well underway at this point.

If you have any questions about the local market or would like more information on home prices for your neighborhood, please feel free to give me a call or email direct at kevinbaker@kwhometeam.ca

Thanks and have a great week!

Kevin


10 Things to Think About When Buying a Condo – Kitchener Waterloo Condos and Lofts

 

kitchener Condos and lofts

 

So you are thinking about buying a condo and don’t know where to start.  Before you buy, know the following:

  1. Condo fees-Know how much they are and what they cover. When are they due and what happens if another owner falls behind? Is there a separate fee for garbage disposal or snow removal? Is landscaping included in the condo fees if there are common yard areas? Ask as many questions as you can. You don’t want to be stuck with, “hidden” expenses after you buy.
  2. Know Your Neighbors-What are the approximate ages of the other condo owners/tenants? Do they have little kids or teenagers? Are they college kids who come home late and play loud music? Ask the other condo owners about any issues with noise before you purchase
  3. Check the Reserve-Make Sure the Association has adequate funds to pay for emergency repairs.  When you own a condo you should always have an emergency fund. If there are assessments you’ll be responsible for paying for your “share”, whether the damage or repairs impacted your unit or not.
  4. Condo Association-Does one owner like to throw his/her weight around and dictate how the building is run? Is there a condo association president? Why is his/her role? How often do all of the owners meet to discuss building issues? Is the meeting virtual (skype) or in person? Do you have to host the meeting in your home regularly?
  5. Read the Association’s Rules-If the association has formal written rules, read them. Many of the important things you’ll need to know about living in the building will be included in the association’s rules. Want to know the policy on pets, allowing renters, and who’s responsible for what? Read the rules.
  6. Ask About Pets-Does your future neighbor own a dog that barks all the time? Isn’t house-trained and has accidents on the carpet in the common areas? Is aggressive and scares your kids? Our neighbor’s German Sheppard has lunged at survivor dog. Now we know to pick him up whenever, Karma (dog’s real name, go figure!) is around.
  7. Security-Do your neighbors keep the front doors of the building closed and locked at all times? Is there a security system or a doorman?
  8. Maintenance-If your condo association doesn’t contract with a maintenance company, be sure to ask about who does routine maintenance i.e. who changes light bulbs in the common areas, who salts the sidewalks during snowstorms, and who vacuums the common areas.
  9. Cosmetics-Does the association care about the cosmetics of the building? Do they continuously make improvements to the common areas of the building (which can be expensive)? Or do they let things slide until things are in a bad state of repair and need a total overhaul (also expensive). Are most of the units owner occupied or rented? Typically owners take better care of the building than renters.
  10. Unwritten Rules –sometimes there are ridiculous, “unwritten rules” that pop up once you’re an owner. For example, “We don’t do laundry when it’s raining because the water from the rain combined with the water from the washer floods the basement apartment” or, “We don’t put our air conditioners in the middle window of our units because some air conditioners drip water down the front of the basement and onto the basement apartment’s entrance”. Ask about this unwritten rules and be prepared for them (because inevitability one of these with catch you by surprise.

At the end of the day it is important to know as much information as possible so you can make an informed decision. Remember to use a reputable Real Estate Sales Person who understands the Local condo market here and can assist in showing and taking care of negotiations etc. If you need any advice or are looking to purchase a condo or loft in the Waterloo Region please don’t hesitate to give me call at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca

Kevin


May 2014 Update for Kitchener Waterloo Condo Market

The nice weather looks like it is finally here to stay which is great news for the local Kitchener Waterloo Real Estate Market. Over the past months we have been experiencing a slight slow down in sales mostly due to the abnormally cold weather we have been having. The weather man is promising nicer weeks ahead and a warm summer so that is great news.

Although sales in April are up over March of this year, we are down year over year approximately 6%.  The condo market here is Kitchener Waterloo is growing at a fast pace with many new building projects underway but the sales there have remained flat.

The great news is that prices are still climbing. Average price is up 2.9% or almost $344,000.  That means that even with the low inventory levels that we have been experiencing the buyers are still out there and willing to pay to get the home of their dreams.

For a complete rundown on the stats you can read them below. If you have any questions on the market in general or specific pricing of your home feel free to give us a call. We would be happy to come over.

 

APRIL HOME SALES UP OVER MARCH, DOWN YEAR-OVER-YEAR

KITCHENER-WATERLOO, ON (May 6, 2014) – There were fewer residential property sales through the
Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS®
(KWAR) in April compared to the same month last year.
A total of 652 residential properties sold in the month of April compared to 691 the same time last
year, a decrease of 5.6 percent. In comparison to March, residential sales grew 21 percent,
continuing the trend of monthly increases in home sales since the beginning of this year.
“We’re continuing to see increasing sales activity month after month,” says Lynn Bebenek President
of the KWAR. “Persistently bad weather seems to have delayed decision to buy or sell homes, but the
combination of increasing monthly sales, lower mortgage rates and some sun should drive increases
in the months ahead.”
April’s sales included 445 single detached homes (down 6.1 % from last year) 121 condominium units
(on par with last year), 38 semi-detached (down 19.1 %) and 41 freehold townhouses (down 2.4 %).
Year-to-date residential sales were 6.6 percent below last year with 1,948 residential homes sold thus
far.
While sales were a little slower this month the average sale price of all residential sales through the
KWAR’s MLS® System increased 2.9 percent to $343,839 compared with April 2013. Single detached
homes sold for an average price of $387,130 an increase of 2.2 percent compared to last year. The
average condominium price was up 9.8 percent selling for $237,008, partially due to the sales of
higher end condominium townhomes alongside traditional condos.


CMHC Premiums Are Going Up – Kitchener Waterloo Condos for sale

CMHC (Canadian Mortgage Housing Corporation) Announced that their Loan Insurance Program is going to be changing. What does that mean for Canadians purchasing properties with less than 35% down? Have a look at the chart below to see how the costs will be changing. If you have any questions or would like any advice please give us a call.

CHMC PREMIUM UPDATE

 


Condo Sales Up! February 2014 Kitchener Waterloo Real Estate Update

JANUARY’S DEEP FREEZE SLOWS OVERALL HOME SALES
CONDO SALES UP IN JANUARY

With most of the country still locked in the DEEP FREEZE, Kitchener waterloo still remains strong on pricing even though sales are slipping a little. The warm weather approaching soon(i hope), I would expect that the market will kick into high gear with strong sales.

If you have any questions on the market in general or specific pricing of your home please don’t hesitate to give me a call.

See below to read the excerpt from the Kitchener Waterloo Real Estate Boards stats.
KITCHENER-WATERLOO, ON (February 5, 2014) –– Homes sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) in January were down 5.3 percent compared to January
of last year.
A total of 319 residential properties were sold compared to 337 the same time last year. Residential sales in
January included 207 single detached homes (down 13.4% from last January), 17 semi-detached (down 29.2%),
18 townhomes (down 28%) and 74 condominium units (up 54.2%).
“Coming off a strong 2013, the pace of home sales slowed down somewhat in January,” stated Lynn Bebenek,
President of the KWAR. “The weather didn’t help much either; the extreme cold and heavy snow made
January a less than desirable month to be out looking at houses.”
January’s deep freeze didn’t hamper sale prices however, single detached homes sold for an average price of
$375,009 an increase of 5.7 percent compared to last year. The average sale price for a condominium was
$214,921 an increase of 1.5 percent, while townhomes and semis sold for an average of $263,679 (down 0.9%)
and $254,807 (up 3.5%) respectively. The average sale price of all residential sales through the KWAR’s MLS®
System increased 1.1 percent to $323,533 compared to January 2013.
“The winter months can be hit or miss depending on the weather,” says Bebenek. “Buyers and sellers will be all
the more eager once spring hits, and we are expecting a strong spring market.”


The Stats Are In! Another Great Year for Kitchener Waterloo Real Estate – Market Update

The Stats are in and it was another positive year for the Kitchener Waterloo Real Estate Market.

More homes were sold in 2013 than in the previous two years, and the 6,366 residential sales processed through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) this past year were above the 10-year average.

In a year when troubling news concerning one of the region’s largest employers dominated not only headlines, but the hearts and minds of many, the Kitchener-Waterloo housing market fared remarkably well.

“Throughout last year we saw the fate of Waterloo region called into question by those who didn’t fully grasp the depth of our region’s overall economy,” said Lynn Bebenek, President of the KWAR. “While the strength of our housing market is only one economic indicator, this past year demonstrated the confidence buyers and sellers have in Kitchener-Waterloo’s real estate market.”

Sales of homes got off to a slow start in 2013 before heating up in May and stayed strong through to the end of the third quarter. In December, following two months of slower activity, a total of 279 residential properties sold, representing an increase of 3 percent over the same month last year.

The dollar volume of sales in 2013 increased 6.5 percent over last year, totalling $2,057,707,041 and surpassing the “2 billion” dollar mark for the first time in the KWAR’s history.

Close to half of all residential properties (47%) sold above $300,000 in 2013 compared to 43% in 2012. The average price of all residential properties sold in 2013 increased 4 percent to $323,335. Single detached homes sold for an average price of $366,907 in 2013, an increase of 3.7 percent. In the condominium market the average sale price in 2013 was $216,866, an increase of 1.5 percent compared to the previous year.

Home sales in 2013 included 4,241 detached homes (up 4.2 percent from 2012), 1,151 condos (down 3.9 percent), 505 semis (up 3.7 percent), and 399 townhouses (down 0.3 percent)


October 2013 Market Update for Kitchener Waterloo Real Estate

SOLID HOME SALES IN OCTOBER

KITCHENER-WATERLOO, ON (November 5, 2013) –– Residential property sales through the Multiple Listing System
(MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October were down 4.0 percent
compared to October of last year.

A total of 481 residential properties were sold compared to 501 the same time last year. Year-to-date sales are
up 3.3 percent with 5,620 homes trading hands so far this year. That stands 2.2 percent above the 5-year
average and up 3.2 percent from the same time in 2012. Residential sales in September included 313 single
detached homes (down 2.8% from last October), 44 semi-detached (down 8.3%), 36 townhomes (up 9.1%) and
85 condominium units (down 7.6%).

“On a monthly basis the number of sales in October was in line with the average of the past 5 years,” says
Dietmar Sommerfeld, President of KWAR. “Looking at year-to-date figures, homes sales are the highest they’ve
been compared to the last five years.”

Sommerfeld says he is confident about the local economy and the region’s housing market, pointing to a
recent Canadian Mortgage Housing Corporation (CMHC) report (Fall 2013) that states steady mortgage rates
combined with stable/increasing employment in the Region will continue to keep housing demand strong
moving into early 2014.

Single detached homes sold for an average price of $352,807 an increase of 3.6 percent compared to last
year. The average sale price for a condominium was $214,226 a decrease of 0.7 percent compared to
October of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased
3.3 percent to $312,785 compared to October 2012.

If you ever have any questions on the information provided or specific pricing of your home feel free to give me a call to discuss. I am always happy to help.


Get the Best Mortgage Rate: Five tips for Financial Fitness – Kitchener Waterloo Condos and Lofts

 

When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are our top five tips to boost your “financial fitness”:

1. Whip it. Whip your credit rating into shape: pay your bills on time… every time. Keep your oldest credit card for its history, and make sure it’s always paid on time. Try not to apply for any new credit.

2. Follow the 33% rule. Never run up a credit card or line of credit past 33% of its available limit. If you’ve got a $3,000 limit, then $1,000 is your absolute ceiling.

3. Cash is king. Gather up the maximum down payment possible. The more money you put down on a home, the better.

4. Be prepared. Put together a file folder with the following: pay stubs, or proof of self-employment income, list of debts and assets, and current bank statements. We can advise what you’ll need.

5. Start a dialogue. Talk to us about your plans. Find out if you can pre-qualify, and ask about how you might qualify for the best possible rate.

The process of qualifying for a mortgage begins long before you decide to buy a home! But if you make a plan to improve your financial fitness… you’ll have no shortage of lenders willing to compete for your business. For more information or a connection to a great Broker just give me a call. I am happy to help.


63 Great Tips To Get The Best Mortgage – Kitchener Waterloo Condos and lofts

Here is a great resource for trying to figure out what is the best mortgage product out there to fit your needs. This article gives you 63 different things too look for when trying to secure the best mortgage possible.  As always if you have any questions or need any Real Estate Related advice feel free to give me a call or email.

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/the-ultimate-mortgage-checklist-63-steps-to-navigating-the-best-deal/article14868520/


Five Ways to Prepare for Higher Mortgage Rates – Kitchener Condos and Lofts for sale

Five ways to prepare for higher mortgage rates

Mortgage rates on the rise? No need to panic; what you need is some smart strategies to prepare. Here are our top 5 tips:

1. Don’t take the money. If you’re buying a new home, don’t be tempted to borrow the maximum amount your lender will allow.

2. Do more than the minimum.If you have a variable-rate mortgage, build in some wiggle room by setting your payments higher than required.

3. Plan to pre-pay. Find out what your pre-payment privileges are and pay whatever you can.

4. Conduct a reality check.Find out what your mortgage balance will be at renewal and use our online mortgage calculator to project what your payments could be if you renewed at a higher rate. Start to ease up to your new payment level so at renewal, it’s like a merge lane!

5. Watch your bad debt. Be cautious about any credit card or other high-interest debt.

Getting prepared for higher rates is not about panicking, it’s about being prudent.Give me a call if you have any questions.


Renewing Your Mortgage? Don’t Just Take The Banks Word For It.

Almost half of homeowners sleepwalk through their mortgage renewal

Given the large financial commitment of a mortgage, it’s surprising that 44 per cent of Canadian homeowners either just accept whatever their lender offers at renewal, or don’t even remember how they renewed!

It’s tempting to just sleepwalk through the mortgage renewal process. But if you’re not doing even the slightest comparison shopping or negotiating, then you’re missing out on an opportunity to save thousands on your mortgage. When your lender sends you a letter saying it’s time to renew… what that really means is that it’s time to get advice. Professional, independent advice.

Get an expert second opinion on what you’re being offered. We’ll take a look, and compare it to what we can find out there as an alternative among the 50 or more lenders we have access to.

Got a mortgage renewal coming up in the next six months? Give me a call and I will connect you to someone that can help.


Prime Rate Remains Unchanged – Kitchener Waterloo Condos and Lofts

Today in Stephen Poloz’s first policy decision since he replaced Mark Carney as the Bank Governor he has kept the prime rate or the benchmark rate unchanged. This rate has held steady at 3% since September of 2010.

Today’s announcement noted that there will be a continuation of steady rates “as long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively.”

The prime rate for most lenders should stay at 3%, great news for variable rate holders. In regards to fixed rates, that market is in a state of flux. With bond prices dropping of the past month that has put upwards pressure on yields which in turn raise interest rates. If you have any questions on what to do or who to call to get  a great rate locked in before your next home purchase please give me a call and I am happy to help.


Carney Says Interest Rates Stay Put – Kitchener Waterloo Homes and Condos for sale

Rates Stay Put in Carney’s Last Announcement

The Bank of Canada is keeping the key policy rate unchanged in the last rate announcement under outgoing Governor Mark Carney. The Bank said that Canadian “growth in the first quarter was stronger than the Bank projected” and that looking ahead “consumer spending is expected to grow at a moderate pace, business investment to grow solidly,” and inflation to remain subdued. The Bank also noted that “growth in total household credit is slowing.”

As we’ve seen in previous announcements, the Bank indicated that our historic low rates “will likely remain appropriate for a period of time” as a result of continued weakness in the economy, but hinting that any future rate move will likely be a modest rate increase.

The prime rate for most lenders should stay at 3%, exactly where it has been for almost three years, since September 2010.

The Bank’s next rate decision is scheduled for July 17.

If you have any questions on rates or the Real Estate market in Waterloo Region feel free to give me a call.


Kitchener Waterloo Real Estate Market Update for April 2013

APRIL SHOWERS BROUGHT MAY FLOWERS…AND HOME BUYERS


KITCHENER-WATERLOO, ON (May 6, 2013) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in April were
identical compared to April last year.

Home sales in April were 1.9 percent above the 5-year average for the month. There were a total of
683 residential properties sold in the month of April compared to 683 the same time last year. In
comparison to March, residential sales grew 11.6 percent, continuing the trend of increasing home
sales since the beginning of 2013.

“Low interest rates and a strong local economy continue to make it favourable for people to invest in
homes in the Region,” says Dietmar Sommerfeld, President of KWAR. “This April set a record for dollar
volume of sales compared to the last 10 years.”

April’s sales included 471 single detached homes (up 3.5 % from last year) 117 condominium units
(down 7.9 %), 47 semi-detached (down 14.5 %) and 41 freehold townhouses (down 2.4 %). Year-todate residential sales were only 1.1 percent below the 5-year average with a total of 2,085 units to date.

The average sale price of all residential sales through the KWAR’s MLS® System increased 6.2 percent
last month to $334,777 compared with April 2012. Single detached homes sold for an average price
of $378,936 an increase of 6.1percent compared to last year. The average sale price for a
condominium was $216,209, a decrease of 0.7 percent compared to April 2012.


Bank of Canada keeps Benchmark Interest Rate Unchanged!

Key Interest Rate Stays Put

With a lower growth forecast, the Bank of Canada is once again keeping its key policy rate unchanged, noting that our historic low rates “will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required.” With a weaker second half of 2012, the bank projects that growth in Canada will regain some momentum through 2013, with the economy “reaching full capacity in mid 2015 – later than anticipated.”

The prime rate for most lenders should stay at 3%, now unchanged since September 2010.

The Bank’s next rate decision is scheduled for May 29.

As for fixed rates, we continue to enjoy historically low rates for those looking to purchase or refinance, perfect for the spring market!

Some of the Best Rates out there give me a call and I can connect to you to a great Mortgage Broker!
Terms Posted Rates Our Rates
6 MONTHS 4.00% 3.95%
1 YEAR 3.00% 2.65%
2 YEARS 3.04% 2.69%
3 YEARS 3.70% 2.65%
4 YEARS 4.64% 2.85%
5 YEARS 5.24% 2.84%
7 YEARS 6.35% 3.49%
10 YEARS 6.75% 3.69%
Rates are subject to change without notice. OAC E&OE

 

CURRENT PRIME RATE IS 3.00%

 

PRODUCT RATE
5 YEAR VARIABLE: 2.60%

Mortgage Pre-Approvals vs Mortgage Approval and why they are different – Kitchener Waterloo condos for sale

Thinking of buying a home?  A great first step is to talk to the bank or a mortgage broker to find out how much you can afford. Keep in mind though that getting pre-approved is very different then getting actually approved.  Have a look at this video where I explain the differences.


Use the Federal Home Buyers Progam and a Tax Refund to Boost Down payment!

The Deadline for this RRSP season to help with your first home; contribute before March 1, 2013!

It’s RRSP season! If you’re a first-time buyer, consider how the Federal Home Buyers’ Program (HBP) and a tax refund can boost the funds you have available for your purchase.

If you have RRSP contribution room, you should contribute your savings before March 1, 2013 so you can qualify for a 2012 tax refund based on the amount you contribute and your marginal tax rate.  Then, after 90 days, you can redeem those funds under the Home Buyer’s Plan (HBP).  The HBP lets first-time homebuyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs.  You’ll need to pay those funds back, of course, on a repayment plan, but this strategy can make a substantial difference in the affordability of home ownership!

While your funds are tied up for those 90 days, we can get you an interest rate hold. Let’s have a conversation about the HBP and determine if this strategy can work for you.

For more information on how to use this tool for the purchase of your first home please contact myself at kevinbaker@kwhometeam.ca or Tracy Bennett at Bennett Capital  tracy.bennett@bennettcapital.ca

http://www.bennettcaptial.ca


Energy Efficient Home Insurance Rebate – Get 10% of your Premium Refunded! – Kitchener Waterloo Condo and loft

Energy Efficient Home Insurance Rebate – Get 10% of your premium refunded!

CMHC-Green-Home Refund

Genworth Energy Rebate Form

Consumers can receive a 10% refund of their mortgage insurance premiums as well as their extended amortization surcharge if they their amortization is more than a 25 years.

Mortgage Insurance Premium Refund 25 years:

$300,000 mortgage @ 95% LTV Premium Payable*
Standard Premium (95% LTV = 2.75%) $8,250
Energy-Efficient Premium Refund (10%) ($825)
Total Premium $7,425

Mortgage Insurance Premium Refund 30 years:

$300,000 mortgage @ 95% LTV Premium Payable*
Standard Premium (95% LTV = 2.95%) $8,850($600) surcharge refund
Energy-Efficient Premium Refund (10%) ($1425)
Total Premium $7,425

The following chart will give you an idea in Ontario for the rating required for the year you purchased.  You will need to have the rating from the builder or qualfied energy advisor.

* Depending on the closing date of your purchase, the Natural Resources Canada (NRCan) Energy-Efficiency Rating required differs:

For purchases with a closing date… EnerGuide Rating Required
On or after January 1st, 2013 82
From April 1st, 2010 to December 31st, 2012 80
From July 27st, 2005 to March 31st, 2010 77

In order to make an application for a refund you will need to  fill out one of the attached forms and send it to your insurer along with and EnerGuide  report showing your house rating.  The supporting documents cannot be older than five years or a new energy efficiency evaluation will be required.  If you renovate your existing home to increase it’s EnerGuide rating by at least 5 points(to a minimum of 40) you can apply for the refund as well.

I have applied and received funds for those that fit the requirements when my clients have bought a house that meets the guidelines.   Please contact me if you are looking to purchase an Energy Efficient Home in 2013 that is 82 or higher.   At Bennett Capital, we will get you the best rate and apply for the refund for you at closing.

Information provided by Tracy Bennett of Bennett Capital. For More information please contact myself kevinbaker@kwhometeam.ca or Tracy at tracy.bennett@bennettcapital.ca  January 25, 2013


Mortgage Plus Improvements and how it works – Kitchener Waterloo Condo and loft

If you are in the market for a new condo and are having trouble finding something that suits or have found something but it needs a bit of work and you may not have the extra money out-of-pocket, then you can get a mortgage plus improvements type product to help make that home a possibility. Have  a look at the video to hear how the product works.


Assessed Value, Appraised Value and Market Value… What do they all mean? Kitchener Condos and lofts for sale

The value of your home greatly depends on who is looking at it. Ultimately the value you want to know is what a buyer is willing to pay for it but there are several different values put on it depending on the reason. Have a look at the video I shot and see what it all means.


Market Predictions for Kitchener Waterloo Real Estate – Homes and Condos for sale

Hey Everyone, I attended a CMCH housing forecast last week and then on Tuesday of this week I listened to Craig Alexander, Sr. V.P. and Chief Economist for TD Bank give his predictions on where the housing market is going for 2012. Have a listen and hear my brief synopsis on the info I gathered.