No Comments

Tony Slavin Mortgage Newsletter.

VERICO @ Home Newsletter is brought to you by your VERICO Mortgage Advisor & VERICO Financial Group Inc.

Tony Slavin
Mortgage Squad Inc. Mortgage Broker / M08005434
TEL 905.767.0101
FAX 877.896.2598
CEL 905.767.0101

A Stress Test Best Practices Tool Kit

Now that Canada’s new mortgage stress test rules have been in place since January 1, arming home buyers with a best practices tool kit is in order.
Introduced by the Office of the Superintendent of Financial Institutions (OFSI), the new stress test requires the qualifying rate for an uninsured mortgage to be the greater of the Bank of Canada’s benchmark rate or the rate homebuyers negotiate with their financial institution plus two percentage points.
Financial experts across the country are making recommendations that start with ensuring your timing is right for the mortgage plans you have in mind. For example, some contracts that may have been signed prior to January 1 of this year may still fall under the old rules. This would include purchases made prior to January 1 even if the closing date falls after January 1, however the purchase offer in these instances must be considered firm.
Canada’s financial advisors are also recommending potential home buyers look to clear their debts before they start shopping for a mortgage. This would be one definitive way to ensure the new stress test rules don’t disrupt home-buying plans.
Those who took advice to lock down a mortgage pre-approval prior to the start of 2018 and received an exemption to the rules with the idea they would buy a home within 120 days of being pre-approved now need to contact their mortgage broker. Analysts are recommending this group work with a broker and pay close attention to the fine print, so they have a clear understanding of the 120-day deadline and what all will be required to meet it.
Finally, analysts also caution owners who already have a mortgage. If you want to switch lenders at renewal, you will have to requalify under the new stress test. This is also a perfect time to review your financial and mortgage plans.
Contact me if you are unsure how the new stress test will impact your long term home financing plans.

2018 CMHC Prospective Home Buyers Survey

In October 2017, CMHC surveyed 2,507 prospective home buyers on-line. Respondents were all prime household decision-makers who intend to purchase a new home within the next two years, including approximately 1,500 First-Time Buyers, 500 current owners, and 500 previous owners.
The survey results highlight that:
* First-Time Buyers and Previous Owners share the same top motivator to purchase a home: they want to stop renting. Improved accessibility (physical obstacles and barriers) and investment opportunity were also noted as top motivators across all groups. Changes to mortgage regulations and concerns about possible future interest rate increases were not among the top motivators. * Over four-in-ten First-Time Buyers and Previous Owners say they would delay their home purchase if they were not able to find their ideal home, with a fairly similar proportion saying they would be willing to compromise on the size of the home and location. * The majority of future home buyers intend to obtain a mortgage to finance their home purchase, with First-Time Buyers showing higher incidence compared to Previous Owners and Current Owners. * Across all future home buyers groups, more than six-in-ten say they are likely to have a financial buffer in case their expenses change in the future. Furthermore, the majority of future home buyers, especially Current Owners, agree that they feel confident they have the necessary tools and information to manage their mortgage and debt load. * Among all groups, the two most common actions completed one to two years prior to the purchase of a home were saving for a down payment and determining what type of home to buy. On the other hand, in the last three months before purchasing, about two-in ten of prospective buyers pre-qualify for a mortgage. * About one-in-four prospective home buyers stated that they would be very likely to consider delaying their purchase in the event of an increase in interest rates.
Have mortgage questions? I’m here to help you!
Please feel free to contact me with any questions you may have. It would be a pleasure to assist you or any one of your friends or family members!

This electronic mail transmission and any accompanying attachments contain confidential information intended only for the use of the individual or entity named above. Any dissemination, distribution, copying or action taken in reliance on the contents of this communication by anyone other than the intended recipient is strictly prohibited. If you have received this communication in error please immediately delete it and notify the sender.

VERICO Financial Group Inc. 1.866.983.7426 | <> #490-1140 West Pender Street, Vancouver, BC, V6E 4G1
Each VERICO Broker is an independent owner and operator. Copyright © VERICO Financial Group Inc., All rights reserved.
Unsubscribe from this list

No Comments

Government Introduces New Standard Lease for Rentals

February 8, 2018 — As part of Ontario’s Fair Housing Plan and Rental Fairness Act, the provincial government is introducing a new standard lease that will be mandatory for private residential leases signed on or after April 30, 2018, including tenancies in single and semi-detached houses, apartment buildings, rented condominiums and secondary suites (such as basement apartments).
A copy of the new standard lease is available by clicking here. It is important to note that this standard lease form does not apply to most social and supportive housing, retirement and nursing homes, mobile home parks and land lease communities, or commercial properties. The government will develop separate standard leases to address these other types of residential tenancies.
For the entire announcement, please click here.

No Comments

Durham Region Association of REALTORSR (DRAR) President Dennis Roberts reported 470 residential transactions in January 2018, a slight decrease from December 2017.

Durham Region Association of REALTORSR (DRAR) President Dennis Roberts reported 470 residential transactions in January 2018, a slight decrease from December 2017. January saw an increase in listings of 954 from 711 in December. There is 30 per cent increase year-over-year from January 2017, where there were 735 listings. “Amid …

Click this link to visit the Blog: January 2018 Monthly Stats
Click this link if you wish to Unsubscribe from this Mailing List

No Comments

Community Development Grant Applications Due March 31

Call for 2018 Community Development Grant Applications Open Until March 31

Grants of up to $25,000 available to local causes that benefit the Town

Local community and non-profit organizations dedicated to improving the quality of life of Whitby residents are encouraged to apply for the Town’s 2018 Community Development Grant Programs.

The Lead Cause grant of up to $25,000 for the Mayor’s Golf Tournament and community grants of up to $5,000 are available. The deadline for all 2018 applications is March 31.

In 2017, the Town provided over $150,000 in grants to more than 30 local community organizations through the Mayor’s Community Development Fund (MCDF) and Performing Arts Community Development Fund (PACDF).

“We are proud to have contributed to a wide variety of important causes and initiatives that help keep Whitby a vibrant, safe and caring community,” said Mayor Don Mitchell. “This year, we look forward to once again supporting as many organizations as possible.”

Already this year, the two lead causes for the Mayor’s 2018 Fundraiser have been selected and awarded as follows:
* $25,000 to Epilepsy Durham Region – to support their Clinic to Community (C2C) Project, a co-ordinated care approach that better connects socially isolated people living with epilepsy to the epilepsy community; and, * $15,000 to the Pickering Auxiliary Rescue Association – for the purchase of new emergency equipment that help improve the Association’s ability to quickly respond to emergencies on the water in the Whitby community.
All applications are reviewed by a Council-appointed citizens committee according to evaluation guidelines approved by Council. High priority is given to community-focused activities with a strong, local presence and those that promote inclusion and civic engagement.

For application guidelines or to fill out an application form, interested groups or individuals can visit .

Stay Connected

Town of Whitby, 575 Rossland Road East, Whitby, Ontario L1N 2M8 Canada


Forward this email | Update Profile | About our service provider

Sent by <>