Vancouver 2nd most unafforable city?

General Angela Calla 23 Jan

Vancouver is the world’s second-least affordable major city to buy a house, according to an annual survey of global housing markets.

The Eighth Annual Demographia International Housing Affordability Survey covers 325 metropolitan markets around the world.

It measures the markets using something called the “median multiple,” which is the median house price divided by gross annual median household income.

The study comes as Canadian banks worry about the state of the market and economists suggest prices could drop by as much as 10 per cent in cities such as Vancouver and Toronto.

Canada was the third most affordable market, behind the United States and Ireland. The markets that were surveyed were Australia, Canada, China (Hong Kong), Ireland, United Kingdom and the United States.

The report suggests the country is actually a very affordable place to own a home. There’s a catch, of course. It depends where you buy. And it’s a big country.

At 10.6 – with prices at $678,500 and incomes at $63,800 – Vancouver comes second only to Hong Kong in the major market category (cities over one million population), which has a rating of 12.6 ($3.1-million median house price, with income at $249,000).

Toronto sits in 18th place ($406,400/$73,600), sandwiched between Boston and Los Angeles with a rating of 5.5.

Montreal is the world’s 23rd least affordable market, with a rating of 5.1 ($281,700/$54,700).

“Canada’s Median Multiple was 3.5, indicating slightly deteriorating housing performance from last year’s 3.4,” the report states.

“All of the 128 affordable markets (having a Median Multiple of 3.0 or below) were in Ireland, Canada and the United States. There were 117 affordable markets in the United States and nine affordable markets in Canada and two affordable markets in Ireland.”

There were no affordable markets in Australia, New Zealand or the United Kingdom.

“The 87 moderately unaffordable markets were divided between the United States (64), Canada (19), Ireland (3) and the United Kingdom (1). There were no moderately unaffordable markets in Australia or New Zealand.”

The report said the world’s least affordable markets all had something in common – “each of the least affordable markets were characterized by more restrictive land-use regulations which materially increases the price of land and makes housing less affordable.”

The most affordable major market in the world was Detroit, with a multiple of 1.4 ($66,500/$48,700).

Over all, Windsor was the most affordable Canadian city of any size, with a ratio of 2.2 ($149,900/ $67,900).

Courtesy of the Globe and Mail

Angela Calla, AMP

Dominion Lending Centres 604-802-3983

Angela Calla on OWN Networks Million Dollar Neighbourhood

General Angela Calla 20 Jan

Good Afternoon,

I thought I would share with you my involvement in the OWN’s show Million Dollar Neighbourhood, which begins airing in late January.

I had the opportunity to be involved with Episode 4 where the hundred families came together to put together a charity “Wine and Dine event” with celebrity Chef Anthony Sedleck in one short week with the goal of raising $100,000.

Here is the trailer for the show, and I hope you can tune in Feb 12th 2012 to see the results of the episode:

These families’ journey has been amazing, and they have been given some great tools and guidance to improve their financial literacy. I feel grateful to be one of their guests.

Angela Calla, AMP
Mortgage Expert
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm


Phone: 604-802-3983
Fax: 604-939-8795

T: @angelacalla

Facebook: Angela Calla Team, AMP Your Mortgage Expert
Toll Free: 1-888-806-8080
Apply Online:
CLICK HERE to Watch My Video Presentation


BOC stays the same, fixed rates move to historic lows

General Angela Calla 17 Jan

Good Morning,

No surprises here, prime remains the same the full press release can be viewed here

What is making news is we finally have longer term fixed rates below prime at 2.99%, various lenders have different policies and conditions on this offer, which may or may not be worth it for you and as independent mortgage brokers we can show you which lender has the best option and terms for you without bias.

Jim and Linda of Port Moody reviewed their mortgage this week and the details were as follows:

Old Mortgage: $300,000                                                New Mortgage of $310,000 ( to include the penalty and legal fee’s)

                                4.25% 25 year amortization        2.99% 25 year amortization

                                Monthly Payment $1619           Monthly Payment $1466

Savings $153 a month and when applied to the mortgage it saved them $18,841.95 in interest alone AND took 3 years off the life of their mortgage

If you or anyone that you care about would like to see if this could do the same for them, we are here to help personally and work towards making 2012 your best money saving year

 Contact us at: 604-802-3983 or

Always here to help, have a great week.

Angela Calla, AMP
Mortgage Expert
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm

Phone: 604-802-3983
Fax: 604-939-8795

Facebook: Angela Calla Team, AMP Your Mortgage Experts

T: @angelacalla
Toll Free: 1-888-806-8080
Apply Online:
CLICK HERE to Watch My Video Presentation


Divorce your mortgage and debts

General Angela Calla 6 Jan

Divorce your mortgage and debts

 If you’re carrying a mortgage with an interest rate higher than 4% or debts that are costing you more than $300 a month, it’s time to divorce your debts with a new mortgage restructure.

Let’s face it, you’re not only in a partnership with your spouse or significant other, but also the debts that you have could easily outlive your marriage or life. With 6 out of 10 Canadians living paycheque to paycheque, one little change or short hours in a pay period could really have an impact on your finances!

The good news is that, in today’s market – and thanks to historically low interest rates – it has never been easier to divorce your mortgage and debts.

 Let me show you how to make 2012 your year to reduce debt!

 Mortgage Divorce: Out with the Old

 Example: $300,000 mortgage with a 35-year amortization

.               2007 average 5-year fixed interest rate: 5.89%

Restructured Mortgage: In with the New

2011 average: 3.39%

.               An interest rate of 3.39% = a $1,325 monthly mortgage payment

.               An interest rate of 5.89% = a $1,764 monthly mortgage payment

.               This translates into a $439 monthly savings or $5,368 more in your

pocket each year!

.               It also means taking more than 10 years off the length of your


.               To earn an extra $439 per month net (after taxes) at a $20 an hour

job, you have to work three days

 Debt Divorce

The minimum payment on a $10,000 loan should be $300, but for some loans (the most profitable for the lenders – that’s why they tend to also be easy to access) they can be as low as $10. This will last longer than most marriages – and lives for that matter. This would take to 70 years to pay off with more than $100,000 in interest for the original $10,000 loan. If you add that time period to your current age, it sure doesn’t feel empowering – even if you’re only 20!

With the new proper “relationship” with your mortgage and debts, using the same example above, you can increase your monthly payment with a new mortgage structure (still saving more than $300 a month) and be debt free a decade earlier!

This is a divorce where you won’t have child or spousal support, and it will actually add quality years to your life with you family.


Angela Calla, AMP

Dominion Lending Centres-Angela Calla

AMP of the Year in 2009

Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980 Phone : 604-802-3983 Fax: 604-939-8795



4 Questions Mortgage Borrowers should ask-Angela Calla

General Angela Calla 5 Jan

Here are the 4 Questions from City TV’s BT this morning

1. If I have mortgage default insurance do I also need mortgage life insurance?

Yes. Mortgage life insurance is a life insurance policy on a homeowner, which will allow your family or dependents to pay off the mortgage on the home should something tragic happen to you. Mortgage default insurance is something lenders require you to purchase to cover their own assets if you have less than a 20% down payment. Mortgage life insurance is meant to protect the family of a homeowner and not the mortgage lender itself.

 2. How do I ensure my credit score enables me to qualify for the best possible rate?

There are several things you can do to ensure your credit remains in good standing. Following are five steps you can follow:

 1) Pay down credit cards. The number one way to increase your credit score is to pay down your credit cards so they’re below 70% of your limits. Revolving credit like credit cards seems to have a more significant impact on credit scores than car loans, lines of credit, and so on.

2) Limit the use of credit cards. Racking up a large amount and then paying it off in monthly installments can hurt your credit score. If there’s a balance at the end of the month, this affects your score – credit formulas don’t take into account the fact that you may have paid the balance off the next month.

3) Check credit limits. If your lender is slower at reporting monthly transactions, this can have a significant impact on how other lenders view your file. Ensure everything’s up to date as old bills that have been paid can come back to haunt you. Some financial institutions don’t even report your maximum limits. As such, the credit bureau is left to only use the balance that’s on hand. The problem is, if you consistently charge the same amount each month – say $1,000 to $1,500 – it may appear to the credit-scoring agencies that you’re regularly maxing out your cards. The best bet is to pay your balances down or off before your statement periods close.

4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the cards for a long time. Use these cards periodically and then pay them off.

5) Don’t let mistakes build up. Always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation.

3. If I want to move before my mortgage term is up, what are my options?

The answer to this question often depends on your specific lender and what type of mortgage you have. While fixed mortgages are often portable, variable are not. Some lenders allow you to port your mortgage, but your sale and purchase have to happen on the same day, while others offer extended periods. As long as there’s not too much time between the sale of your existing home and the purchase of the new home, as a rule of thumb most lenders will allow you to port the mortgage. In other words, you keep your existing mortgage and add the extra funds you need to buy the new house on top. The interest rate is a blend between your existing mortgage rate and the current rate at the time you require the extra money.

 4. How do I ensure I get the best mortgage product and rate upon renewal at the end of my term?

The best way to ensure you receive the best mortgage product and rate at renewal is to enlist your mortgage broker once again to get the lenders competing for your business just like they did when you negotiated your last mortgage. A lot can change over a single mortgage term, and you can miss out on a lot of savings and options if you simply sign a renewal with your existing lender without consulting your mortgage broker, the Angela Calla Mortgage Team will help you with your specific plan, as there is no such thing as “one size fits all” when it comes to mortgages!

 Angela Calla, AMP of Dominion Lending Centres is one of Canada’s Top Mortgage Experts and Host of The Mortgage Show Saturdays @7pm on CKNW and Mortgage Cents on TheFox 99.3FM she can be reached at 604-802-3983