Ian Mucignat, Mortgage Broker, TMG Safebridge Mortgage Solutions Inc.
3080 Yonge Street, Unit 6060 M4N 3N1 Toronto, ON, Canada

This is good news for home buyers. The previous iteration of the insured stress test was arbitrary. It should also help first time buyers qualify a bit better. #mortgage https://www.canada.ca//minister-morneau-announces-new-benc

In my experience, the biggest surprise impact to credit bureau scores has been: #5. Scour & Clean All Reporting Errors. It amazes me the errors that can occur. https://www.canadianmortgagetrends.com//five-tips-increas/

There are many factors that determine mortgage rates but do you know what is the biggest driver? Default insurance. #mortgagerates https://www.ianmucignat.com/the-most-important-factor-in-mo

Reverse mortgages are growing quickly because they are a legitimately good product for the right people. I think many people still mis-understand them. If you would like to know more call me.

Did you know first time home buyers can borrow from their RRSP up to 35K each? Many workplaces are paying bonus now and putting it into an RRSP may be a good idea.

Apparently, Canadians do not know the difference between the term of the mortgage and the amortization. I wonder if this is just a poorly worded survey because I rarely have to explain this.

Great advice here for anyone struggling with debt. https://www.nomoredebts.org//ma/12-ways-to-get-out-of-debt

Real Estate math: December sales are up 17.4% + Listings down 18% = average selling price up 11.9%. https://www.bnnbloomberg.ca/toronto-home-sales-jump-17-4-in

I've definitely had more inquires about co-ownership over the years. The concept is great but changes are needed to make it easier to actually happen.

There are many misconceptions about reverse mortgages. In my experience, the most common is the belief that the bank owns the home. https://betterdwelling.com/canadian-seniors-now-owe-over-/

There are still many cranes in the Toronto sky but we aren't keeping up with demand. This is good news for condo investors.

"...average selling price by 5.5 per cent to $852,142"

I can see truth in this... if you are being referred to a Realtor but a trusted friend. https://www.livabl.com//millennials-think-harder-netflix-c

More and more economists are announcing the "bubble" is over. Does endorsement from CMHC put the final stamp on that thought?

How is this for a duh... That being said, many first-time buyers are still experiencing difficulty finding an affordable home.

Affirming news for condo investors. "RBC senior economist Robert Hogue says the market is not on track to meet rental demand in the coming years."

"The U.S. curve has inverted before each recession in the past 50 years. It offered a false signal just once in that time."

Economics 101: Demand is increasing + Supply is flat-lining = Price increase

The CEO of RBC saying we are in a good well-balanced real estate market, the stress test is prudent, but could probably use a minor "tweak".

The Bank of Canada dropped the official mortgage qualifying rate ("stress test rate") from 5.34 to 5.19%, making it slightly easier to qualify for an insured mortgage in Canada.

Rates have gone down quickly in the last 6 months. I'm seeing some very good $$ opportunities for interest rate savings right now. If you have a mortgage and would like a free evaluation of your mortgage, then call me!

"...it takes the average young Canadian 13 years to save for a 20 per cent down payment on an average priced home." More and more are looking at the BOMAD - bank of mom and dad.

Party like Joe Carter hit a "swing and a belt" again. Congratulations Toronto Raptors!!

Has your house value appreciated over time?

I love how the comparison includes Goose River PEI.

Housing and stability. These are two words that should always belong together. TREB reported a 1.9% increase in the average price last month.

Great words of wisdom from Benjamin Tal on the current state of the economy and housing.

The longer term bond yields predicted the economic slowdown 4-5 months ago so no surprise from the Bank of Canada today. Good news for variable rate mortgagors.

According to CIBC economist Benjamin Tal, alternative/private mortgages represent 14-15% of the market because mortgage rules have been tightened too much.

Want to know the most important category that will determine your mortgage rate at renewal? It matters because it's securitizable which is a lender's lowest cost of funds.

Not mixing words... "And when it comes to half-baked policies, Ottawa’s new First-Time Home Buyer’s Incentive takes the cake. The plan, introduced by Finance Minister Bill Morneau in his March 21 budget, is thin gruel disguised as progressive policy to entice millennial voters." https://buff.ly/2VnJRpz

Recent comments from the Bank of Canada has put the sliding bond yield on hold (underlying mortgage rates). Although the BoC is not predicting a recession, the history of an inverted yield curve is definitely an early indicator. https://buff.ly/2K25wTd

Finally, there seems to be more pressure on the supply side.

Unfortunately, the recent budget won't help First Time Buyers soon or much at all. They could have easily made it more simple and effective through increasing the maximum amortization from 25 years to 30 years.

My fingers and toes are crossed for changes to help first time home buyers!!

Everyone should try using cash for at least a week. Using cards for convenience or points changes how we spend money. Try it!

The average selling price across the Greater Toronto Area rose 1.6 per cent year-over-year in February. Average rents are up 7-8%

This is good. The chatter has finally changed to loosening the mortgage rules, especially for first time buyers!

Is your mortgage rate lower than current rates? There is a high likelihood it is! You can prepare yourself at renewal for a higher payment by increasing your payment in advance. https://www.ianmucignat.com/How-to-Protect-Yourself-against

The issue in our view for the sharp rise in prices and the affordability issue fundamentally is the supply side not being able to adjust quickly enough to demand,’’ Robert Hogue, senior economist at RBC Capital Markets

More evidence that interest rate hikes are coming any time soon.

Sales are down 16% and prices are down 3.4% in the GTA compared to last year in December. January 1st was the implementation of tough new mortgage rules which are making it tougher for buyers.

Good news for 1st timer buyers! Time to enter the market, especially when rents are expected to soar.

It’s incredibly tight there just isn’t supply

The headline sounds more ominous than its actual predictions: sales falling only by 0.5 per cent to 456,200 units. Prices expected to rise 1.7 per cent to $496,800 in 2019. Woopdeedo.

Anyone with a phobia of riding an elevator is not going to like this report. A 22% compliance rate for elevators in Ontario.

As the world turns, recent dovish comments from the Bank of Canada has sent the 5 year bond yield down about 40 basis points. When will lenders start dropping mortgage rates?

"CMHC says demand for rental housing grew at a faster pace than supply." In Toronto, the vacancy rate is 1.1%. Good news for income property owners.

"Supply isn’t beginning to keep up. Condo completions have been running near a five-year low of about 10,000 units..."

Moderation is a good thing when its housing and over half the owners are leveraged with mortgages. Moderation increases predictability.

It seems obvious that the regulators will start clamping down on HELOCs. The ability to redraw significant sums of money beyond their capacity at any stage seems almost irresponsible.

Nervous about the stock market volatility? Why not make a prepayment on your mortgage instead. The return is guaranteed at the rate on your mortgage, there is no taxes on the return, and there is zero volatility. Try to find that anywhere else. If you're worried about excess cash reserves then add a secured line of credit for emergencies. Call me if you wish to discuss.

No kidding! We knew this when they announced it about a year ago. More needs to be done to help those trying to get into a home for the first time.

Stability is much better than a speculative market.

An article for first time buyers on whether it makes sense to buy or rent. Let me know what you think!

Anyone involved in a multi-bidding situation knows how confounding it can be. This new proposed process might help alleviate the anxiety buyers have when competing against others. Transparency is never a bad thing for those that play by the rules.

Everyone is expecting a rate hike on Oct 24 but when will be the next one? Each increase has to be absorbed. Until we see evidence of wages and inflation responding more significantly to capacity constraints, the BoC has little reason to speed up the pace of tightening.

Happy Thanksgiving!

"...government policy should focus on the supply-side of the housing equation, in order to bring prices down and ensure there is plenty of relatively affordable housing for Millennial buyers."

"From 2012 to 2017, the region added some 82,000 jobs in technology, more than Silicon Valley and the most of any North American city".

Stability is always a good thing.

Predicting the prime rate is like a soap opera. One day, senior deputy governor Carolyn Wilkins says the economy can absorb higher rates... the next day an unexpected job loss report.

New University Course: How to Catch a Falling Knife 101

Scary stat, "...13% of Canadians would be comfortable lying in order to get a mortgage approval"

Approximately 65% of people do not consult with a mortgage broker and instead trust their bank branch. Conclusion, 65% of mortgage applicants are high.

"Happy Civic Day" doesn't really roll off the tongue too easily.

About a month ago, I was chatting with the owner of a small company that rents an office near John and Adelaide. He told me of how his commercial rents are increasing significantly because tech behemoth's are gobbling up real estate in Toronto. They expect Toronto to be the "next place". #techboom

"Mortgage rules are relaxing"... that hasn't been said for a long time! Some changes are coming for Oct 1st that will help self-employed applicants.