Thursday, February 26, 2009

10 Great Reasons to use a mortgage broker

Attached is a brochure that I send to many of my potential clients outlining 10 great reasons to use a broker to coordinate your mortgage financing... 10 GREAT REASONS TO USE A MORTGAGE BROKER!

January 2009 Market Activity

According to the recent market activity article released by the Realtors Association of Edmonton, January was a better month than December. The article states that 730 properties sold in January compared to 608 in December of 2008. Prices were up as well, the average price of a single family home increased a quarter of a percent to $352,689. Condo prices increased by 1.8% to $238,535 and duplex/rowhouses also increased to $299,222 (an increase of 2.2%).
According to the article listing activity also showed an increase over the previous month. Does this spell an end to the price decreases of recent months? Guess we'll have to wait for February's stats to be released before any predictions can be made.

Read the entire market activity report HERE!

Wednesday, February 25, 2009

Housing Market Pins Hope on New Buyers

According to today's article in the Globe and Mail, first time buyers accounted for almost 70 percent of the real estate transactions that occured during the height of the housing boom. The article goes on to say that most first timer's are in their late 20's to early 30's and are more real estate savvy than their parents. Houses prices have recently softened, there are more listings available equalling more choice for first time buyers. This article expects that first time buyers and new immigrants will be the driver of homes sales. Read the article HERE.

Friday, February 20, 2009

Banks and Interest Rates

I am often asked why the banks are no longer lending at prime or discounting prime on variable rate mortgages. This publication by the Canadian Bankers Association explains how the financial institutions set their interest rates. Read the article here.

*The Bank of Canada's next interest rate announcement is on Tuesday, March 3rd 2009.

House Prices to Stabilize in '09?

There is much speculation within the real estate industry as to when the house prices will stabilize. If you ask around, you'll soon find that there are as many different opinions as there are people.
In my opinion, now is a perfect storm. House prices have come down and interest rates are extremely low. Now is a great time to take advantage of the recent market and get into a home.
Here's a link to an article that appeared in today's Edmonton Journal which predicts that house prices will stabilize in 2009 and begin to increase as the economy picks up steam in 2010. '09 House Prices to Stabilize

Friday, February 13, 2009

The Art of Mortgage Renegotiating

Here is a great article from yesterday's Globe and Mail regarding the art of mortgage renogotiation. Interest rates have fallen steadily during the past year and for some people, it might be advantageous to remortgage to a lower rate. There are costs involved to do this and the above mentioned article does a really good job of explaining what they are. Click here to read the full article!