Mike Garganis

Rental Properties When is the right time to purchase one? Rents are at all time highs yet our employment rate is also high. Location is important and going through the numbers with a mortgage professional to ensure the numbers make sense for you.... Have a great day!

What impact will this have a on home prices? OSFI proposes new minimum qualifying rate for uninsured mortgages The Office of the Superintendent of Financial Institutions (OSFI) is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their requirements.... Today the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages, and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of the mortgage contract rate plus 2% or 5.25% as a minimum floor. Additionally, OSFI announced a proposal to revisit the calibration of the qualifying rate at least once a year to ensure it remains appropriate for the risks in the environment. https://www.osfi-bsif.gc.ca//osfi-b/med/Pages/b20-nr.aspx

It's like a Trojan Horse, a good rate on the outside, but not so nice on the inside. Don't be fooled by rate alone.

Whether you're just starting out or looking to downsize, having the right mortgage in place to align with your goals and dreams puts you one step closer. Government rebates, cashback programs, and mortgages designed to help those in financial need, together we can find the right mortgage.

Beautiful family home in a great area.

Is it a surprise that home prices are increasing, especially outside the 416? If you could trade your current home for more room at the same price, what is stopping you? That's what people are doing. For example, a 1,000 square foot semi-detached off the Danforth could get $1.2m - $1.4m. That same dollar amount could get you a 3,000+ square foot home on an acre lot.... The push is on for permanent work from home for many companies. Little to no more commuting which means you can work from anywhere. At home school learning will be around for a little while longer as just announced. Question is: Do you cash in? Do you build an addition? Does your home need a little update? Do you head for cottage country? You have options..... house prices are record high and I think you will see that trend continue especially with rates remaining low for the next few years. Stay safe. https://www.bnnbloomberg.ca/pattie-lovett-reid-52-of-canadi

Stunning designs!

5 Year Variable Prime minus .65% for an effective rate of 1.80%. Purchase, refinance or renewal. First time home buyers - putting less than 20% down payment? I got your back too. Prime minus .75% for an effective rate of 1.70%.... These mortgages are not limited, great prepayment privileges, can be ported if you move, 3 months interest if you need to break, can be combined with a line of credit. Unfortunately it is for a limited time so if you are buying, renewing or plan on refinancing soon, take advantage of this great deal. Did I mention legal fees may be covered? Happy Thanksgiving! Mike Garganis 416.481.6444 [email protected]

Looking to purchase your first home or thinking of breaking your current term? Today’s low mortgage rates could offer valuable savings. Contact me to review your options.

Fall has arrived and with it a timely reminder to review finances. Not sure where to start? Contact me today!

Collateral vs Conventional Know these terms, and if you don't, contact me to find out why your bank is offering you a 'low rate'. TANGERINE's latest 'promo' - Variable-rate Mortgage - 5 yr 1.80%... Here are a few facts about Tangerine mortgage products. Their variable-rate mortgage have some quirks. - the rate resets up to three months after a change in prime rate. That's great if rates are rising, but not so great if rates are falling. Second, if you convert the variable rate to a fixed rate, the new mortgage must have a term of three years or greater. Keep in mind that the payment on Tangerine's variable mortgage is fixed. It does not rise and fall with prime rate. Instead, the proportion of interest versus principal changes. New mortgages are registered as collateral charge mortgages. Can't be ported and you must pay legal fees to discharge where a conventional mortgage can switch to a new lender without any fees. They won't tell you this.... but I will. Don't fall for rates that are too good to be true. If you're in the market or looking to buy, let's secure a rate! If you're mortgage is up for renewal between now and January, let's secure a rate! If you're renovating or consolidating debt, let's secure a rate! If you're current rate is around 3%, it might make sense to switch to a rate that is around 2% or lower. You could be saving $THOUSAND$ in interest and payments over the term. Contact me today! Mike Garganis C. 416-481-6444 [email protected]

Happy Friday everyone! Here are some Stats and Facts -Average sold price of detached Toronto Freehold is up 21.4% from $1,240,169 to $1,505,100 compared to August 2019.... - Prices are down 2.3% compared to July of 2020 from $1,541,003 to 1,505,100. - 1.5 months of Inventory for Freehold still indicating its a Seller's Market. - Average sold price of Toronto Condominiums are down 1.4% compared to last month from $682,999 to $673,174. - 3 Months of Inventory for Toronto Condominium's indicating a sellers market. See more

Bank of Canada holds rate steady at 0.25 percent.