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.
November 4, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, loft, loft buying, market update, mortgage, mortgage brokers, mortgage news, mortgage rates, remax, sales reps, twin city realty, waterloo | Leave a comment
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.
October 2, 2013 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers | Tags: CMHC, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kwhometeam, loft, loft apartments, loft buying, market update, mortage rates, mortgage, mortgage brokers, mortgage news, mortgage rates, remax, twin city realty, update, waterloo | Leave a comment
Blackberry and What it Means for Kitchener Waterloo Real Estate – Re/max Twin City
I have been getting alot of questions on how the state of Blackberry is going to affect the local Real Estate Market here in Kitchener Waterloo. Have a look at the video to hear my thoughts on what the future holds..
September 24, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: blackberry, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft selling, market update, mortgage | Leave a comment
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.
July 17, 2013 | Categories: Buyers, Kitchener Waterloo, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, market update, mortgage, mortgage brokers, mortgage news, mortgage rates, real estate, realtor, remax, sales reps, twin city realty, waterloo | Leave a comment
Market Update for Kitchener Waterloo July 2013 – Homes Condos and lofts for sale
Hey Everyone, Here are the stats for the Waterloo Region and it looks like another great month. With a solid July we are now in positive territory for the year on Sales Volume, while prices remain up from last year which is great news for home sellers. If you have any questions or need any advice on buying or selling please feel free to give me a call at 519-579-4110 or email to kevinbaker@kwhometeam.ca
HOME SALES CONTINUE UPWARD TREND
KITCHENER-WATERLOO, ON (July 4, 2013) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) half way through
the year are up 1.4 per cent compared the same time last year. Residential sales totaled 3,511, 2.2
per cent ahead of the previous 5-year average of residential sales year-to-date.
In the month of June 648 residential properties were sold compared to 607 in June of last year,
representing a 6.8 per cent increase in sales volume.
“Residential sales in Kitchener-Waterloo continue to perform well” says Dietmar Sommerfeld,
President of KWAR. “We’re seeing a slow and steady upward trend in sales which is exactly what we
like to see, stable and steady growth.”
June’s sales included 422 single detached homes (up 9.9 % from last year) 122 condominium units
(down 7.6 %), 58 semi-detached (up 9.4 %) and 35 freehold townhouses (up 6.1 %). Year-to-date
residential sales display a similar distribution with 2,367 single detached homes (up 3.6 %) 605
condominium units (down 9.4 %), 283 semi-detached (up 6.0 %) and 218 freehold townhouses (up 0.5
%).
On a year-to-date basis, the average sale price of all residential sales increased 4.6 per cent to
$327,569 compared to 2012. Single detached homes sold for an average price of $371,898 an
increase of 4.2 per cent compared to last year. The average sale price for a condominium units sold
in the first half of the year was $215,219, an increase of 2.7 per cent over 2012.
July 8, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Uncategorized | Tags: condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, market update, mortgage, real estate, realtor, remax, sales reps, tanglewood condo, twin city realty, waterloo | Leave a comment
Kitchener Waterloo Market Update for May 2013 – Condos and Lofts for sale
HOME SALES HEAT UP IN MAY
KITCHENER-WATERLOO, ON (June 4, 2013) –– Residential property sales through the Multiple Listing System (MLS®
System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were up 16.1 per cent compared
to the same time last year. Led by strong sales of single detached homes, it’s the first time sales have surpassed
the 700 unit mark in the Month of May since 2007.
A total of 765 residential properties were sold in the month of May compared to 659 the same time last year.
Comparing the 5-year average for the month of May shows a 16.3 per cent jump in activity this past month.
Year-to-date sales are practically on par with the same time last year nudging up by six residential sales.
“Waterloo region’s residential real estate market was alive and well in May, says Dietmar Sommerfeld, President
of KWAR. “On a year-to-date basis, we are seeing sales activity that is right in line with last year’s results and a
little above the 5 year average.”
May’s sales included 528 single detached homes (up 17.9 % from last year) 122 condominium units (up 2.5 %),
59 semi-detached (up 20.4 %) and 45 freehold townhouses (up 18.4 %). Year-to-date residential sales were 3.5
per cent above the 5-year average with a total of 2,860 units to date.
The average sale price of all residential sales through the KWAR’s MLS® System increased 6.9 percent last month
to $333,288 compared with May 2012. Single detached homes sold for an average price of $378,473 an
increase of 7.4 per cent compared to last year. The average sale price for a condominium was $212,638, an
increase of 3.8 percent compared to May 2012.
“The spring home buying season was in full swing in May,” says President Sommerfeld. “This was reflected in the
strong price gains and is a sign of the confidence that homebuyers have in the local housing market and
Waterloo region as a great place to live and invest.
June 12, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Uncategorized | Tags: condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, new construction, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
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.
May 30, 2013 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market update, mortgage, new construction, real estate, remax, twin city realty, update | Leave a comment
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.
May 9, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, new construction, real estate, realtor, remax, twin city realty, waterloo | Leave a comment
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!
| 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% |
April 17, 2013 | Categories: Buyers, Kitchener Waterloo, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market update, mortgage, mortgage brokers, mortgage news, mortgage rates, real estate, remax | Leave a comment
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.
March 26, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Video | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, mortgage, mortgage brokers, real estate, remax, twin city realty, waterloo | Leave a comment
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
January 28, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction | Tags: CMHC, condo buying, condo selling, condo units, contribution, downsizing, federal home buyers program, first time buyer, kitchener, loft, market, market update, mortgage, real estate, remax, rrsp, tax refund, twin city realty, waterloo | Leave a comment
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!
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
January 28, 2013 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, home energy, home energy audit, home insurance rebate., kevin baker, kitchener, loft apartments, market update, mortgage, mortgage brokers, new construction, real estate, realtor, remax, twin city realty, waterloo | Leave a comment
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.
November 7, 2012 | Categories: Buyers, Kitchener Waterloo, Sellers, Video | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, loft, loft apartments, loft buying, loft selling, mortgage, mortgage brokers, mortgage news, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
Commission Free May Not Always Be the Best Option. – Kitchener Waterloo Private Sale
If you have been thinking about Selling your condo and loft on your own here is a great video of one families experience with the process and how eventually they have to hire a Realtor to get the house Sold.
October 17, 2012 | Categories: Buyers, Kitchener Waterloo, Sellers, Video | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market update, mortgage, new construction, real estate, realtor, twin city realty, update, waterloo | Leave a comment
New Mortgage Rules and how they are going to affect you – Kitchener Waterloo condo and lofts for sale
Last week the government mortgage rule changes came into effect. There were 2 major changes that are going to effect people and the amount that they will be able to borrow. Have a listen to the video to hear my thoughts.
July 16, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: banks, condo buying, condo selling, condo units, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, lending, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage rules, new construction, real estate, remax, twin city realty, update, waterloo | Leave a comment
Be Sure You Understand the Closing Paperwork Before Signing – Kitchener Waterloo Condos for Sale
When buying that new Condo and you are meeting with the lawyer to get all the final paperwork signed please be sure you understand what you are signing and if you don’t, take the time to get your lawyer to explain it too you. Click on the video link to hear more.
February 23, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: closing paperwork, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, lawyers, loft, loft apartments, loft buying, loft selling, market update, mortgage, new construction, paperwork, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
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.
January 27, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, new construction, real estate, realtor, remax, TD Bank, twin city realty, update, waterloo | Leave a comment
Mortgage Pre Approvals.. why they are a good idea! – Kitchener Waterloo Condos for sale
Before you start your home buying search a great first step is to get a mortgage preapproval from your bank or mortgage broker. There are a few key reasons as to why. Have a look at this video to hear some helpful advice.
December 12, 2011 | Categories: Buyers, Kitchener Waterloo, New Construction, Video | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, market update, mortgage, mortgage brokers, mortgage news, mortgage rates, new construction, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
Read the documents before signing – Waterloo Homes and condo for sale
If you are in the process of buying your first home or moving up to a larger one… make sure you read the mortgage documents before signing. See the video to hear my thoughts…..
June 27, 2011 | Categories: Buyers, Sellers, Video | Tags: condo units, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, market update, mortgage, mortgage news, mortgage rates, real estate, remax, twin city realty, update, waterloo | Leave a comment
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