Make 2022 the year of finance by improving your financial direction from the start! Even if you are living paycheck-to-paycheck, a few changes to the way you spend and look at money can make all the difference. It’s never too late to start again and reverse course! Here are a few simple ideas to get you started:

• Create a Budget: In order to stop living paycheck-to-paycheck, you need to know where that paycheck is going. Creating a budget is simple with Google
  docs, or look into other online tools and sites to get started.
• Pretend You Earn Less Than You Do: Give yourself a cut in pay. The goal is to put 10% in savings from each paycheck into your savings account. The easiest way is to do an automatic direct transfer from your chequing account to your savings every pay period.
• Pay Down Debt: If you have a lot of credit cards or unsecured debt, try paying the minimum on all but one of them and aggressively pay down that one card. Once it’s paid off, attack the next one. If you’re so deep in debt that you can’t fight your way out, consider consulting with myself or your local mortgage broker about your debt consolidation options and if your mortgage can be used to help you clean the state. They will be able to review your debt and possibly recommend a way to consolidate it into one simple payment with a single point of interest charges.
• Build an Emergency Fund: Once you have your budget in place, review it and break it down into non-discretionary expenses (rent, groceries, utilities, etc.) and discretionary expenses (eating out, entertainment, clothes, etc.). See where you could cut down on discretionary spending and put that money towards your emergency fund. Even starting with just a little amount is great and helps you build the habit of saving.
• Don’t Forget Your Future: Putting at least 3% of your paycheck into a retirement fund is a great idea, or maybe when you get your first raise instead of thinking of it as free money, simply put it into a fund and forget about it. You’ll be glad it’s there when you need it in the future.
• Consider Downsizing: It may be time to consider a lifestyle change. Consider moving to a smaller place. Get rid of that cost of going to that expensive gym with a trip to the local park. Think about if you really need that brand new car or if a used one would work just as well.

This is from a newsletter from the Dominion Lending Centre

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog. 

Home Equity Tax for homes over $1,000,000 as heard on CTV news – mark your calendar for February 22^nd, when the budget comes out.

How will this play out as an effort to cool down our Real Estate Market? The first thing that my mind falls onto is my clients who are seniors and have owned their homes for some 50 years. Those who are already barely able to afford their property tax on their current pension, and with the increased cost of everything, see no reason to move. If this comes to fruition, they would be poised to pay the tax on home equity values over $1,000,000 or choose to sell. This doesn’t feel right, they didn’t initially pay $1,000,000 for their properties. But now, these clients must pay the price for a housing market they didn’t create.

To go even further, think about the younger families working hard, saving their money, combining households with family to be able to afford to move into a larger home for their growing families. This tax takes the money right out of their pockets. Then there’s everyone in-between who have earned their equity honestly by living in their homes, creating memories. These people are not the issue and yet are being affected.

Owning a home, you’ve earned the right and are entitled to every penny of your equity.  You work hard to protect and care for this investment over the years. There is nothing fair about taxing this money. People shouldn’t be punished because a small portion of homeowners chooses to cheat the system by house flipping.

You can read the full article at CTV News.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog. 

The new reality foisted upon mortgage professionals required them to adjust to digital interactions with clients and colleagues while also navigating an increasingly complex landscape of house price increases, tightening lending restrictions and higher qualifying rates. 

Yet the 82 women who made this year’s Women of Influence list rose to those challenges, continuing to set a strong example for their counterparts in the industry by excelling in such a frenzied market. 

Not only that, but many of these women have distinguished themselves over the past year through superb management and stewardship of their companies in such a trying time, making sure that the well-being of employees and colleagues was top of mind during a gruelling pandemic. 

The mortgage industry is strongest when it’s diverse, inclusive and welcoming, and the achievements of the leading women in this space over the past year are clear proof of why it’s so important to have as many influential female voices at the table as possible. By rising to the top and providing a shining example for colleagues and clients alike, this year’s Women of Influence have demonstrated that the industry is home to plenty of strong, motivated and inspirational women – and that it’s all the richer for it.

Every year at Canadian Mortgage Professionals (CMP), a list is released distinguishing the top women in the mortgage industry in Canada. For the Women of Influence 2021 list, we see Angela among the 82 women ultimately selected out of the total nomination pool of 340. 

You can read the full list at Canadian Mortgage Professionals

Although this list was released back in the Fall, we are only able to highlight it now as Angela has been busy providing the best service for her various clients and giving back to local communities in charity programs like the People’s Pantry.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog. 

Happy New Year from the Angela Calla Mortgage Team! As we move into 2022, we wish for you and your loved ones everything you can dream of for the year ahead.

We wanted to bring you an update on what you can expect in the next couple of months.

You likely have already received your BC property assessment, if not or if you would like to look it up online, you may do so here. Any questions you may have on how to best utilize your equity for investment or get rid of outside debt and build up an emergency fund, count on us to help. 

Mortgage statements can be expected to be out by the end of February, if not before. Most lenders will have online access if you’re not already signed up yet. Make sure to keep this handy for tax time if you have been working from home. 

Lastly, we will be hosting a virtual first-time homebuyers webinar later this month. So, if you or your loved ones are looking to turn that dream of buying a home into a reality, reach out to us so we can send you the sign-up link. 

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog. 

According to the 2022 Canadian Housing Market Outlook Report from RE/MAX, steady growth is anticipated across the Canadian real estate landscape into 2022. While Canadians continue to recognize the value and investment potential of their home, market challenges (such as rising prices and limited supply) maintain their impact on local markets.

It is estimated that Canada will witness an approximate 9.2% increase in average housing prices across the country as a result.

One of the key trends we see continue from 2021 into 2022 is inter-provincial migration occurring in many regions as a result of supply and affordability of homes across Canada. Individuals are also looking for larger homes with more space for growing families. While there is potential for the real estate conditions to continue to shift, 49% of respondents view Canadian real estate as a top investment option and believe the market will remain steady throughout 2022.

Below are some key regional forecasts from Moody’s Analytics and Real Property Solutions (RPS) for 2022:

• British Columbia: Housing markets in BC are also overvalued, particularly in Vancouver and other metro areas. As a result, these areas will continue to have a downward pull on housing prices due to reduced affordability.
• Alberta & Saskatchewan: Currently considered “undervalued” housing markets, they are likely to do better despite weaker economics as they have retained better affordability.
• Manitoba: Lifestyle shifts, such as hybrid working environments and younger couples enjoying the freedom to work from home, predicts that Winnipeg will continue to be a seller’s market through 2022 with high demand for one- and two-story detached homes.
• Ontario: Smaller metro areas (Brantford, Kitchener, Kingston, London, Windsor and Ottawa) are expecting the strongest house price appreciation rates. With regards to The Greater Toronto Area, this region currently suffers from over evaluation. However, housing prices have shown less sensitivity to this based on historical data so they are likely to experience less downward pressure.
• Quebec: This province presents important contrasts as Montreal is the only metro area in Quebec not in the correctly valued range (plus or minus 10%), and will experience a downward pull on housing prices due to reduced affordability.
• Nova Scotia & New Brunswick: The highest home price appreciation is expected to occur in the metro areas of Moncton and Halifax.
• Newfoundland & Labrador: Aside from the Prairies, this Atlantic province is expected to see housing price growth move at a faster rate.

If you are looking to buy, sell or simply review or renew your mortgage in 2022, please do not hesitate to reach out to me! I would be happy to review your situation with you and help you make the best decision for you and your family now, and into the future.

This is from a newsletter from the Dominion Lending Centre

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog. 

Metropolitan Composite – This measure is the weighted average of 13 major Census Metropolitan Areas (CMA) that represent Canada. This is the most common method of measuring house price values in Canada.

Canadian Composite – This measure is the median average of all 1500 Forward Sortation Areas (FSA) across Canada including all major metro markets, all medium and small-sized cities and towns and all rural regions. This is the most robust method of assessing and measuring house prices in Canada. 

The charts are some examples of the insights and analysis from the data set.

House Price Index Trend
Jan 2015 to Nov 2021

 

Year-over-Year House Price % Change
Jan 2018 to Nov 2021

Aggregate House Price Values
Nov 2021

Year-over-Year House Price Growth
Nov 2020 to Nov 2021

This is a subset of a more comprehensive data set that is available as a subscription service. For more information about the RPS House Price Index (HPI) solution, please visit their website

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog. 

OTTAWA ─ December 17, 2021 ─ Office of the Superintendent of Financial Institutions

Today, the Office of the Superintendent of Financial Institutions (OSFI) confirmed that the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus 2 percent or 5.25 percent.

In an environment characterized by increased household indebtedness and low-interest rates, it is essential that lenders test their borrowers to ensure that mortgages can continue to be paid during more adverse conditions. This environment supports today’s decision to maintain the current minimum qualifying rate.

Mortgages are typically one of the largest exposures that banks carry on their balance sheets. Ensuring that borrowers can continue to repay their mortgage loans strongly contributes to the safety and soundness of Canada’s financial system.

OSFI reviews and communicates the minimum qualifying rate at least every December. Throughout the year, we will continue to monitor the appropriateness of the minimum qualifying rate and will make further adjustments, if conditions warrant.  

Quote

“Sound mortgage underwriting is critical for maintaining the stability of the financial system. This is especially true now when changing conditions such as potentially rising interest rates could make repaying mortgages more difficult in the future.”

– Peter Routledge, Superintendent

Quick Facts

• Uninsured mortgages are residential mortgages with a down payment of 20 percent or more.
• OSFI makes decisions on the minimum qualifying rate for uninsured mortgages based on data from its ongoing monitoring of federally regulated financial institutions as well as its analytical work on system-wide and sectoral developments.
• OSFI works with its federal financial regulatory partners, notably the Department of Finance Canada and the Bank of Canada when setting the minimum qualifying rate for uninsured mortgages.
• The Department of Finance is responsible for setting the minimum qualifying rate for insured mortgages.

You can view this news release on the Government of Canada.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog.