Housing prices in Hamilton and Burlington continue to rise, even though sales continue to drop compared to 2017.

The Realtors Association of Hamilton-Burlington (RAHB) reported 1,035 sales of residential properties in October 2018, a 13.1 per cent decrease from the same month last year.

Overall sales are 17.7 per cent lower than last year at this same time; however, the average sale prices have increased for the month. Single-family home prices increased 5.9 per cent compared to October 2017, townhouse prices remained virtually the same, and apartment-style property prices are up by 11.6 per cent according to properties processed through MLS.

Read the full article here: Sales Are Down, But House Prices Are Up

Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications. She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers since 2006. She can be reached at callateam@dominionlending.ca or 604-802-3983

Policies are always changing, and when you port a mortgage, a FULL application must be approved and completely underwritten with full, credit, income, property and policy review.

It’s a mistake to believe that just because you already had a mortgage, you will easily get a new one. Policies and rates are changing rapidly and you need a strategy to stay informed. SO BEFORE you consider a move, understand the worst case scenario of what you qualify for without porting your mortgage so you avoid disappointment of falling into the 70% of people that don’t end up porting. Mortgages can be made simple, when you are empowered with relevant information relating to the current market and your life stage. Depending on those factors, you might be happy to get rid of your old mortgage and get in with the new! We have a mortgage for that, and can help. On average less than 3% of mortgages are portable.

Let me list a few of the reasons why:

1. Dates– most lenders have a different policy on the dates that will allow to port the mortgage; it can be weeks or months. Your closing date will determine that.

2. Amortization– porting a mortgage means you port the same amortization, so if you are moving up the property ladder, that may mean your payments are significantly increased making it less affordable or meaning you can’t qualify with your income.

3. Amounts– some have a 10% variance limit up or down, where the penalty will trigger or it’s no longer a fit within the policy.

4. Change in credit– depending on the credit score and outside debts you have will determine if you still fit the credit profile your previous mortgage had.

5. Income– if there has been a change in your income type or amount this will also impact the options.

6. Property type– some lenders only lend on single-family homes, or a particular zoning, or don’t do private sales- even if they did when you originally got your mortgage with them.

7. Rate– maybe the change in rates either way of the product type you took doesn’t allow for a port due to one or a few of the combined factors. For example, going from insured to uninsured comes with different policies.

8. Product– maybe the product you had no longer exists for your particular profile.

9. Inspections – maybe the lender approved it initially but after your inspection just as you wanted a reduction in price, they decide they are no longer going to lend on it or decide it doesn’t fit the profile or they wont do it under that program (instead you need a purchase plus improvements or a hold back they may or may not participate in and maybe want a different fix that you or a strata council agree on).

10. Bridge – if you want to buy before you sell, all the above factors come into play. Maybe the original lender doesn’t allow the length of time you need, there cost to bridge is much higher, or maybe they don’t approve that portion of the loan, which puts you back at square one.

Purchasing a home is complex, with many moving parts and needs to be understood as such. When you have The Angela Calla Mortgage Team by your side while lots of things can come up, we can guide you through what is best for your family, which is why we encourage you to be educated, and empowered so you are ready for your next part of your ownership journey.

Angela Calla is a 14 year award-winning woman of influence mortgage expert. Along side her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from a sales will help build a new emergency room at Eagle Ridge Hospital. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

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It wasn’t all that long ago that the prospect of buying a detached home in the City of Vancouver for under $1 million seemed like a dream from another era.

The so-called “million dollar line” that used to divide Vancouver’s east and west side has now crept well into the suburbs, and back in January there was just one such property in the city listed and sold for under the $1 million bar.

Read the full article here : ‘A buyer’s market’

Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long-time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders and insures.

Owning a home remains a priority for many Canadians – yet changes in the interest rate environment and high housing prices in certain markets may prompt a number of questions. How can prospective homebuyers be prepared for changes down the road? How can people in high-rent markets, such as Vancouver, for example, make sure they choose a mortgage they can afford?

Mortgage professional Angela Calla, host of “The Mortgage Show” on CKNW Radio, believes it is important to get “the right advice,” she says. “A mortgage decision has to be reflective of a person’s situation in life as well as the market – and working with a mortgage broker who has access to a range of products and understands the process can help to be prepared for potential challenges.”

Read more: Here

Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications. She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers since 2006. She can be reached at callateam@dominionlending.ca or 604-802-3983

Bank of Canada Raises Overnight Rate Target

As expected the Bank of Canada raised its overnight rate .25%, banks are expected to follow.

View the full report here: https://www.bankofcanada.ca/press /

Key Takeaways

1. Canada continues to attract business investment, LNG deal being finalized placed confidence in growth of the economy.
2. Despite Tariffs Canadian exports are strong, and now that trade agreement is done the bond market has responded with confidence moving forward.

More gradual increases are expected to come –

The next scheduled date for announcing the overnight rate target is Wednesday December 5, 2018. To learn more about what to do if you have a variable or fixed rate see our October Mortgage Update here http://angelacalla.ca/blog

Any questions?  We are here to help. John, Julie and Dave are standing by at 604-939-8777 or callateam@dominionlending.ca

Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long-time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders and insures. Most recently a best selling author of The Mortgage Code available on Amazon.

With the Bank of Canada holding rates steady this September, the same is not the case for the bond market, which impacts fixed rates. In every interest-rate market there are many factors leading to an increase and we are hoping to provide a little bit of clarity on what is happening and what it means to you and your loved ones. We tell you this in advance to be proactive to take care of you, as our mortgage family, so as you hear the news about the changes you have comfort we are here to lead with clarity.

At this time, we see fixed rates increasing as the bond market increases, and our economists anticipate an increase October 24^th  2018 from Bank of Canada for variable rates as well. This is largely due to the trade deal now being completed and the LNG deal approved.

Why do we note this information and how does it relate to you?

If you are in a variable rate, you will want to: 

1. Review your lock-in options by contacting us or your lender directly (every lender has different policies in allowing us to help or not). Knowing it’s unlikely the prime rate will reduce and fixed rates are on the rise, there could be a sweet spot to review your options now.
2. If you decide not to lock in, it’s time to review your discount to see if a higher one can be obtained elsewhere.

Locking in won’t be for everyone, especially if you are making higher payments and your mortgage is below $300,000, which most people fit and will continue on that path. Also if your discount is above .6 below prime you may want to wait and watch the market. Locking in will be around 1% higher rate than you are likely presently paying.  If knowing you can likely lock in around 4% now is most attractive to you, this may be your time.

If you are in a fixed rate:

1. If you obtained your mortgage in the last year, stay put.
2. If you are looking to move up the property ladder or consolidate debt, get your application in to us ASAP so we can hold options for up to 120 days.
3. If you are up for renewal this year or know someone who is, secure your options now with us to weight out the savings prior to renewal with us keeping a watchful eye on the market.

Keep in mind that if you or someone you care about has an average mortgage of $350k and got it a few years ago at 2.49% now a qualified applicant can expect about 3.89% which is a payment increase of $254 dollars a month, so increasing your payment now will protect your equity, and you from future payment shock.

Please reach out to us so we can help ensure you or a loved is on the right path in our ever changing market. 604-802-3983 or callateam@dominionlending.ca

Here to help, Angela Calla

Angela Calla leads The Angela Calla Mortgage Team with Dominion Lending Centres, and is an award winning #1 best seller of The Mortgage Code.

Buy it now!   The Mortgage Code

Learn about the journey of becoming the #1 Best Selling Author of The Mortgage Code.

The Mortgage Code: Angela Calla

If your mortgage is coming up for renewal, you’re probably keeping a close eye on rates. But it can be a little bewildering to see the banks offering a bunch of different rates.

If you’re left wondering why, the short answer may be a little harsh. The banks offer different rates because they can, and consumers are brainwashed to believe the banks have their best interest.

So what can you do to get the best rate? To start, know that the bank does not have your best interest. Then, reach out to a mortgage broker for help.

A mortgage broker has no bias opinion on what lender they’re going to use. A reputable broker doesn’t care where they put the mortgage and has multiple lenders to choose from and compete for your business.

If you’re about to embark on the renewal process, you might want to try this approach. Tell your bank you’re working with a top mortgage broker and you intend to call them bank every day to get their best five-year fixed and variable rate.

If your mortgage broker can’t beat the rate, you’ll likely be advised to stay there. However, most of the time, your broker will be able to get you a better rate, just based on the number of different lenders in which they have access.

When you go back to your bank, and they decide to match the new lower rate, you have to ask yourself an important question: If they really valued your relationship, why didn’t they just offer you that rate in the first place?

With a bit of homework and proper broker, nine out of 10 times they can get you a better rate.

Lastly, you need to keep in mind a mortgage is more than just a rate. You need to consider the personality of your mortgage, and certain aspect like the penalties to break the mortgage and if it’s portable. These are things a mortgage broker can help you figure out.

The Angela Calla Mortgage Team gives you clarity on the best mortgage by being transparent, unbiased free mortgage advice with choice. We are here to help you personally with your mortgage at 604-802-3983 or callateam@dominionlending.ca

For some people, just owning one property and having a single mortgage is enough to handle. But for others, homeownership can be a gateway to owning multiple investment properties. You might be thinking: there’s no way I can turn the value of my modest home into a real estate empire. Ok, maybe not an empire, but you can take the equity of your home and, with the right investment, get a return far greater than a stock portfolio.

Most people are trained to stay out of debt and don’t want to consider using the equity in their home to buy an investment property. But they haven’t realized the art of leveraging.

If you’re using equity from your primary residence to buy an investment property, keep in mind that the interest you’re using is tax deductible. Consider you’re also buying an appreciating asset, and if you put a real estate portfolio to a stock portfolio side-by-side, they don’t compare.

Who is a good candidate? You might be surprised to learn you don’t need to make six figures to get into the game.

Essentially, you just have to be someone who wants to be a little smarter with their down payment.

Before you go down that road, there are some quick things you need to know.

With investment properties, the minimum down payment will jump to 20 or 25 per cent from five percent. Rental income from the property can be used to debt service the mortgage application, while some lenders will have a minimum liquid net worth requirement outside of the property.

Most lenders also limit the number of mortgages in a portfolio. Usually, after five mortgages, you’ll be considered a commercial file. However, a mortgage broker can work with other lenders to increase the number of investment properties.

Typically, when you’re considering a mortgage, you’re looking at the rate. But the rate is less important compared to your cash flow and future equity position. If it all sounds like a bit much, consulting a mortgage professional with an understanding of investment financing is the best way to start.

Most people who get into investment real estate think they’ll only end up buying one property, but that’s not usually the case. A broker will prep you for a 10-year plan of purchasing property and position you accordingly. A broker will also have a good understanding of the alt-side of lending and how you can benefit from that type of financing.

A mortgage broker with the right experience and understanding of financing rental properties can be an invaluable resource.

The Angela Calla Mortgage Team will work with you personally to ensure you get the best mortgage options contact us directly at 604-802-3983 or callateam@dominionlending.ca it’s never too early or too late to start planning to position yourself best

The B.C. government is capping rent increases in the province at the rate of inflation, a move that will drastically cut the maximum annual rent hikes that had been allowed under the old formula.

The province dropped the automatic two per cent increase in annual rental costs for renters around the province, starting next year.

The increase will now be limited to the annual rate of inflation, which now stands at 2.5 per cent.

This comes on the heels of recommendations from the Rental Housing Task Force to limit rental increases to the inflation rate alone.

The maximum rent increase that was allowed for next year, under the current formula, was 4.5 per cent.

Read More:

B.C. government cuts automatic 2% increase in annual rent allowance for 2019

Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications.  She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers since 2006. She can be reached at callateam@dominionlending.ca  or 604-802-3983