Jordan Thomson Mortgage Professional
1245 West Broadway Vancouver, BC, Canada

Changes to the way you apply for your HomeOwner Grant! BC's Home Owner Grant Process has changed starting this year, 2021. Please make note of this and apply when the system comes online shortly.

2021 BC Assessments for your property are now available. https://www.bcassessment.ca/ ASSESSED VALUE VS. MARKET VALUE- WHAT'S THE DIFFERENCE/ A B.C. property assessment is basically an estimated value of your property at any given date in time, specifically July 1st of any year. When determining the value of your property, the following characteristics are taken into consideration:... The location of your property The size of your property The shape of your property The age of any structures on the property The condition of any structures on the property What the property is used for (residential, commercial etc.) These characteristics are then compared against similar property sales to arrive at the ‘assessed value’ of the property. MARKET VALUE: The market value is best defined as the most likely price that the property would sell for on the open market. Whereas the assessed value is based on broader characteristics and used in comparison to other similar properties, the market value is much more specific.

"As the pandemic rages on, and government mandated shut-downs ramp up, Canadians have a bit more spare time this holiday season. Bored and stuck at home, Canadians are doing what they do best, buy real estate. In what is normally considered the slowest time of the year for residential real estate, buyers have been incredibly active this year. It is expected that 2020 will mark a new record high for annual home sales across Canada, once December figures come out. And while we...Continue reading

HAPPY HOLIDAYS EVERYONE!! This is a sign off of Friday video's from me for a couple of weeks while I finish up a very busy year and get some much needed relaxation. Thank you for all your love, support and friendship and I can't wait to see you all again in 2021! Take care of yourselves and your loved ones xox

Should I Refinance My Mortgage? #MortgageMinute Refinancing your mortgage may help you save interest, increase cash flow, pay off debt or take equity out of the home. Before you jump in, make sure you call me to discuss if it makes financially and personally.

TODAY'S CENTRAL BANK ANNOUNCEMENT This morning, the Bank of Canada made what was scheduled to be its 10th and final interest rate decision of 2020, one of the most active years in recent monetary history. After dropping its overnight rate three times in March, the Bank has held the line on rates since then, including today, but continues its massive quantitative easing program to support market liquidity.... As a result of the Bank’s moves, borrowing costs for your clients will remain very favourable as 2021 gets underway. The Bank also updated its observations on the state of and outlook for the Canadian economy. https://www.firstnational.ca//bank-of-canada-holds-benchma

B.C. government has launched a new land registry that it says will help combat money laundering and make the real estate market more transparent. Starting Monda...y, any corporation, trustee or partnership that buys land in B.C. must disclose the interest holders of that land through the Land Owner Transparency Registry. Existing registered land owners have one year to register and disclose their interest holders. The government says in a news release the information provided may be used by tax and law authorities to investigate and crack down on illegal activity.

The Liberal government says it will take steps over the next year to tax foreign homeowners who live outside of Canada as part of a plan to lower housing prices. It's an idea that has been growing in popularity over the last few years in provinces such as British Columbia, Ontario and Prince Edward Island, but some experts question how effective such a plan would be.

Residential Market Commentary - Financial Literacy Month- First National Report This is the 10th anniversary of Financial Literacy Month; the federal government’s annual campaign to boost awareness and education. This year’s theme is, appropriately enough, managing finances in challenging times. Just how challenging these times are for Canadians comes to light in a recent survey by the Chartered Professional Accountants of Canada. It suggests one-third of Canadians are fe...eling increased financial stress because of COVID-19. Similar percentages say their earnings have been cut by the pandemic (31%) and that they have been forced to reduce the amount they are saving (30%). None the less, the survey finds Canadians are still serious about saving with 63% holding a savings account, 60% putting money into a TFSA, and 53% contributing to either an RRSP or an RSP. Given the number of Canadians who are carrying mortgage debt as they head toward retirement it is worth noting that 21% of pre-retired respondents say they now plan to retire later as a result of COVID-19. The survey indicates 55% of Canadians have cut their spending. Fewer than half of the respondents (46%) say their financial situation is largely unchanged from a year ago. Still, the CPA survey indicates Canadians are feeling confident about their knowledge and skills regarding personal finances with 78% of respondents saying they can stick to a budget and 81% saying they can successfully manage their debts. Both the CPA and the federal government offer online financial literacy resources at: https://www.cpacanada.ca//fin/financial-literacy-resources And, https://www.canada.ca//campa/financial-literacy-month.html

A thought for you today- Happy Friday and have a great weekend!

DON'T THINK YOU'LL GET CAUGHT? THINK AGAIN. FRAUD, PURE AND SIMPLE... We came across a mortgage customer this week who decided it was a good idea to change the date on his job letter. Apparently it was old and he didn’t want to ask his employer for a new one. Sure enough, the lender called his employer’s HR department to validate the job letter and sure enough, the lender asked the employer to confirm the date it was issued, among other things.... When the employer stated a different date than the date on the job letter, the lender caught it immediately. The client’s mortgage application was immediately declined. I didn’t think it was a big deal, the borrower told his broker, unashamedly. But it was a big deal. It was fraud. The minority of people who perpetrate these frauds think their white lies won’t be discovered, but they’re wrong, they routinely are noticed. And lenders can be obligated to report them when they’re found. In some cases, that can block the offending borrower from getting a mortgage elsewhere, particularly if they seek default-insured financing. Doctoring documents is not only illegal, it’s fruitlessi.e., not worth it. But that doesn’t stop people. An Equifax survey last year found that 12% of Canadians admitted to providing false information on a credit/loan application. And 16% considered it a victimless crime. Both numbers were materially higher for millennials. Mini-frauds like this happen all the time in the mortgage industry because enforcement is lax. Authorities don’t prioritize fraud for shelter cases so there are no prosecutions and no deterrent effect. That’s a major reason why fraud keeps growing (in absolute numbers) despite increasingly sophisticated lender technology to spot it. Hopefully 99% of people reading this would never attempt such deception. For those in the 1%, here’s some advice: Don’t be a short-sighted document cheat, not if you actually want to get the loan you seek. - RATE SPY, NOV 29 STORY

If you are considering buying a property, but not sure if it's a good time, here are some things for you to consider! The short answer is yes, if you can! Here's why.

TIME TO GET A RATE HOLD IN NOW IF YOU ARE PLANNING ON BUYING IN THE NEXT 120 DAYS! LENDERS ADVISING THAT "FIXED RATES" IN DANGER OF RISING- Bond yields shot up after news broke of Pfizer’s positive vaccine trials. Canada’s 5-year swap rate, one of the best leading indicators of fixed mortgage rates, sailed to a 5-month high.... Now, everyone’s trying to figure out how long it’ll take before the Bank of Canada’s trigger to start hiking interest rates. (Hint: It’ll take longer than next year, unless the BoCheck, unless the entire economic establishmentis drastically off base with its forecasts.) Here’s what we know. - The BoC’s overnight rate is stuck in a rut at what the Bank calls its effective lower bound. That means prime rate ain’t going anywhere for multiple quarters. Average core inflation would have to shoot meaningfully above 2% to justify a BoC hike, and that does not happen until into 2023, the Bank projects. -Could our central bank have its forecast all wrong? Absolutely. -BOND YIELDS, however, are a different animal. They won’t wait for the Bank of Canada. The bond market prices in good news one to two years in advance. When bond yields jump, fixed mortgage rates jump. If yields rise materially from here, this time will be no exception. -Lenders are already advising brokers that fixed mortgage rates are in danger of rising. This threat will be magnified if Canada’s 5-year yield breaks above 0.50 to 0.60%. It closed today at 0.48%.

What You Need To Know About The New Canadian Emergency Rent Subsidy (CERS) In response to the COVID-19 pandemic, the Government of Canada has announced the Ca...nadian Emergency Rent Subsidy (CERS): OVERVIEW: Businesses who have seen a drop in revenue due to the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until June 2021. This subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords. https://www.canada.ca//services/subsidy/emergency-rent-sub Expenses You Can Claim and Qualifying Properties: The CERS covers a portion of each qualifying property, subject to certain maximums. The CERS is calculated on a property by property basis. Qualifying property can be owned or rented, and used for business. Excluded properties include homes, cottages, family residences.

#MortgageMinute - Up to date mortgage news! Realtors are strongly be urged to suspend "Open Houses" for the time being so I spoke to my colleague Doug Williams asking what plans are being put in place for buyers and sellers in this busy real estate market PLUS what he expects to see in the coming months!

#MortgageMinute LOSS OF INCOME DUE TO COVID AND HOW IT AFFECTS YOUR MORTGAGE A loss of income due to Covid could greatly impact your ability and qualificaiton for the next few years, especially for those who are self employed or have non guaranteed income!... If you are self employed, NOW is the optimal time to get your mortgage so we can use 2018 and 2019 income. Once taxes are due for 2020, and if there has been a decline this past year, this could negative affect the amount you qualify for. if you are wanting to purhcase a home in the next couple of months, refinance or renew, NOW is the time to call if your income has been affected by Covid.

One of my favourite quotes of all time!! Happy Friday

You think your bank loves you right?? Check out these atrocious renewal rates from a Big 6 Bank!!! Yes, that’s right, banks are still quoting LOYAL customers non-discounted posted ratesthe rates virtually nobody is supposed to pay. This particular bank must really hate its customers or think they are stupid or lazy. Fortunately, for borrowers who are well-qualified, you can come to me for a second opinion and WAY better options!!. ... The moral: Banks still send out these insulting renewal letters, hoping they’ll catch you napping, hoping you’ll be blind to the competition and hoping you’ll just initial in the convenient little box. Thankfully, you've got ME as a broker on YOUR SIDE

DO YOU HAVE A FIRST NATIONAL MORTGAGE? WIN $20k towards your First National Mortgage! Just ONE of the many reasons we LOVE First National :)... https://mailchi.mp//win-20k-towards-your-first-national-mo

The Mortgage Report: Oct. 21 Canada’s budget deficit will end 2020 near 20% of GDP, according to the IMF. That represents the fourth-highest projected deficit in the world, after Libya, Aruba and the Maldives, says Bloomberg News. With that degree of fiscal hemorrhaging in Ottawa, bond yields (and hence fixed mortgage rates) would jump sooner were it not for Bank of Canada bond-buying. As regular readers know, the 5-year bond generally steers fixed mortgage rates. And w...hile the BoC hasn’t formally adopted a yield curve control policy for the 5-year bond, it has been snapping up 5-year government debt week after week since April. That’s helped keep Canada’s 5-year yield below 0.40% for most of the last five months. Jargon Buster: Yield curve control is when a central bank pledges to buy all the bonds necessary to keep interest rates of a specific duration (like 5-year rates) from rising above a certain number. Our message to Canadians is that our interest rates are very low and they’re going to be there for a very long time, BoC chief Tiff Macklem said in July. Of course, that was before the latest wave of COVID, which now implies: (A) further economic destructionon top of the human toll (B) a greater likelihood that BoC bond purchases persist further into next year. That’s important because, as Desjardins Economics writes, Fears over public finances (see the next section below) and the supply of bonds may persist, but the effects on bond yields should be limited as long as the Fed and the BoC continue their large-scale bond purchases. We’re unlikely to see a halt to these purchases or a true upward trend in bond yields before a few quarters, and then only if pandemic-related risks subside significantly.

CMHC and particularly Evan Siddal have been in the news a lot lately, and not in a particularly positive way! Now this? What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, mortgage likely won’t be for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall says the current name overemphasizes homeownership financing and doesn’t highlight the agency’s work related to housing affordability.

https://www.bnnbloomberg.ca/canadian-home-price-optimism-re Confidence in the Canadian housing market continues to boom, even as officials grapple with a resurgence of Covid-19 that’s slowing the economy, telephone polling shows. Some 45 per cent of respondents in a weekly survey by Nanos Research Group believe the value of real estate in their neighborhood will increase over the next six months, the highest reading since mid-March, when mass shutdowns were imposed to control the coronavirus outbreak. At the same time, only 13 per cent believe values will decrease, the smallest reading over the same period.

CANADIANS HOARDING CASH When the COVID-19 pandemic was first declared and the shutdowns were first implemented back in the spring Canadians started stockpiling. They cleared store shelves of everything from canned foods to cleaning products to, famously, toilet paper. Turns out they have also been hoarding cash. ... A new report by prominent economists Katherine Judge and Benjamin Tal estimates Canadian households have amassed a collective $90 billion in savings, above and beyond what they would have banked without the influence of the pandemic. It is the largest accumulation of cash ever recorded. The savings rate in Canada shot up to 28.2% in the second quarter of this year, compared to just 3.6% in Q1. Using U.S. figures as a guide the economists estimate the rate currently stands at 13%. Unfortunately, COVID has not led to universally healthier Canadian bank accounts. While government aid programs supported incomes for millions of Canadians, Tal and Judge believe most of the money that has ended up in chequing and saving accounts has come from reduced spending. Based on the U.S. statistics used by the economists, spending less is an option that favours mid to high income households. Low income households, that have been hit hardest by pandemic restrictions and lockdowns, still have to spend a larger proportion of their income on necessities. Judge and Tal do not foresee these savings pouring back into the economy anytime soon. They expect the second wave of the pandemic and the imminent flu season will keep spending in check well into the first quarter of next year. Residential Market Commentary Nov 23, 2020 First National Financial LP

Looks like we haven't reached the deferral cliff that was speculated on with over 99% of households with expired deferrals on any kind of debt resuming repayment. But we still won't have the full picture until for several months yet.

Reverse mortgages can be an excellent and financially prudent choice for older Canadians who want to remain in their home, increase cash flow, pay off debt, live more comfortably etc. Canadian reverse mortgages are NOT like those in the US but yet have a stigma attached to them which causes many to overlook them as a viable choice. Finally, my two cents, let's call then Retirement mortgages; that is a more fitting term!... https://www.rew.ca/news/a-guide-to-reverse-mortgages

#mortgageminute Millenials are jumping in on the action and feeling the most optimistic right now about getting into the housing market according to a report b...y Scotiabank, despite a global pandemic and recession! First Time Homebuyers, in my opinion, require some extra TLC because buying a home and getting a mortgage is not as easy as 1,2,3. It shouldn't be so don't just dive in without someone to help you along the way :)

While 2020 has had its many challenges, I was so honoured and immensely grateful to be recognized by my colleagues for my mortgage business successes This year I saw a 300% increase in business volume and I credit the support and trust that my clients, partners and colleagues have given me. Thank you ! ... My mission is and has always been to provide the BEST service and mortgage expertise that I can to YOU. Hearing words like these inspire me each and every day to continue to be and give my all, every time! We really appreciate all the work you put in and how much time you spent walking us through the process and answering our questions. We’re so excited for our first home, thank you for helping to make that happen.

This week I was fortunate to speak with Realtor Craig Veroni!! We discuss the current state of the Metro Vancouver Real Estate Market; --> Will there be a drop in housing prices like CMHC projected? --> What do the Market Stats look like and what do they mean? --> How about those low interest rates?... --> What does the market look like in the next several months? All you need to know right now if you are looking at buying or selling your home right now!

It was another feel good headline for the Vancouver Real Estate market in September as media outlets promoted the record breaking 56% year-over-year increase in home sales. The incredible surge in activity has trounced all market forecasts, even surpassing the most optimistic scenarios initially touted by local real estate brokerages, who are obviously inclined to remain upbeat, even in the worst of times. However, behind the buzz of the media headlines, something is brewing.... The health of the housing market is diverging at an unprecedented pace. The single family housing market is ripping hot, sales were up a whopping 72%, the highest total for September in over a decade. Inventory has collapsed to a six year low, sparking bidding wars for families desperate for more space during work from home orders. This is forcing prices higher, with both the average and median sales price ripping 13% and 12% respectively. This flurry of activity has also shown up in the condo market, where sales activity for the month of September was the highest in over two decades. There's just one problem, new listings are piling up faster than sales. New listings ripped to record highs, and were 42% above the ten year average. Condo inventory in Greater Vancouver is now at a six year high and growing. Prices are inching lower, obviously, but this has failed to show up in official price metrics, at least for now. How long can these two segments of the market diverge? Many buyers of single-family homes are move-up buyers who are relying on the sale of their condo in order to climb the property ladder. It certainly seems plausible that if condo inventory continues building this could become a drag on the detached housing market. Furthermore, investor activity, a key driver of condo demand, remains tepid. Without investors there is not enough buyers to soak up inventory. This is perhaps best evidenced in the downtown condo market where where roughly half of all supply is owned by landlords, and inventory has recently grown the most. These landlords are being pressured by a sudden weakness in the rental market as immigration slows due to the pandemic/ recession. I'll stop short of making any predictions, but what I can say is these two markets can not diverge forever. Eventually there will be a rebalancing, and probably sooner rather than later. It's never been more important to look beyond the headlines. Care of The Steve Saretsky Report

The unlikely rebound of Canada’s real estate market continues, with home sales surging to 20% higher than pre-pandemic levels.

What is Your Minimum Downpayment? You want to buy a home but not sure how much downpayment you require? In today's #MortgageMinute, I break it down for you but if you need guidance and expert advice, please feel free get in touch!

Whoops Everything Financial Group- this morning on CTV News you said lowest rates are for mortgages with 20% down or more. Not so. High ratio insured mortgages ( or those with 35% down with the Mortgage Finance Companies aka monolines ) have the lowest rates when you purchase a home.

Mortgage rates are continuing to be extraordinarily low for the foreseeable future, but with mortgage deferrals and financial assistance dwindling, some homeowners may find themselves in trouble. Queue the onslaught of ads for easy money!! Truth is, this can get homeowners into even more trouble so please, if you don't fit into the "Bank Box", come talk to me first. I can help and if we need to look into alternative or private lendng, I know what I'm doing. Don't go it alone!!

How Would It Feel If...? #mortgageminute Your rent payment was turned into your mortgage payment and you were putting this into your own pocket and investing in... yourself? No more worries about your landlord selling or moving in :) I've been working with more First Time Homebuyers who are doing exactly that!

TODAY'S CENTRAL BANK ANNOUNCEMENT The Bank of Canada made its eighth interest rate decision of the year and the news is generally positive. The Bank is keeping its overnight rate at a mere 0.25 percent and as a result, the cost to borrow will remain extraordinarily low for homebuyers.... Of equal importance, the Bank of Canada suggested that economic activity is bouncing back faster than it had anticipated in July. In particular, the BoC noted that household spending rebounded sharply over the summer, with stronger-than-expected housing activity largely reflecting pent-up demand.

Each month I send out a newsletter to all my friends, clients, partners etc. I also happen to ask a question and give away a gift card too! THIS MONTHS QUESTION WAS: What is your #1 question you have regarding your mortgage, credit, or the current housing market? Overwhelmingly people asked- where are rates headed, will they stay this low, what's going on with the housing market?? ... SO....I will be calling each of you who answered this question over the next week or so and let's talk about it!! I love helping provide advice, guidance and pretty much anything else to do with mortgages If you haven't already signed up, send me a DM and I'll get you on on the VIP LIST!

Wage subsidies and debt payment holidays have done a fine job in covering up the perils of bloated household balance sheets. According to recent Government data, households lost a combined $21-billion in employment compensation in the second quarter, but they gained $54-billion in government transfers. In other words, disposable incomes were up nearly 11% and savings rates surged by 28%. It turns out life is pretty good when you don't have to pay your bills and the Governmen...Continue reading

Monday giggle...never go looking at homes without first speaking to a broker or financial institution. What you also might want to know is that a pre-approval is for the most part, just a rate hold and you MIGHT qualify for this mortgage. It does not equal an approval! Lenders need to verify income, downpayment, the property, ( which isn't done until you have an accepted offer) so don't get lured in by the words pre-APPROVAL.... So work with a broker who will first look over your income and downpayment documents to make sure there are no issues!!

#MortgageMinute Part 2 As a First Time Homebuyer or Millennial buyer...these are 5 things YOU NEED TO KNOW when you start your journey to becoming a home owner.... I also have a little surprise at the end for my Vancouver Pony Club Moms Thanks for your support :) Happy Friday everyone!

Everything you always wanted to know about tax. From tax brackets to tax write-offs, and capital gains to COVID-19, our 2020 guide is the go-to for salaried taxpayers and self-employed Canadians alike. https://www.moneysense.ca//2020-personal-income-tax-guide/

#MortgageMinute - What's happening with mortgage deferrals now that they are coming to an end? - Alternative lending may be your best option if your income, debt load or credit has been hammered by Covid- whether you need to refinance or are buying a home - Market Forecast...is it the doom and gloom that CMHC has suggested?? Hard to think so with the hot market we're seeing in now in Metro Vancouver.... Finally, I want to be YOUR mortgage professional so reach out to me today :

https://blog.remax.ca/canadian-housing-market-outlook/ We've seen a red hot housing market here in Vancouver this Summer and it is expected to continue through Fall 2020 due to pent-up demand and low inventory levels, say RE/MAX brokers and agents Not surprisingly, Canadians are showing more interest in suburban and rural homes for sale, as work and life dynamics shift.

The pandemic has seen Canadians access their credit cards and Lines of Credit LESS as they pull back spending to reduce outstanding credit balances, instead dipping into their TFSA's and RRSP's to make ends meet. One of the few areas of CREDIT GROWTH was in mortgage originations with low interest rates and low inventory driving up demand as supply dwindled. https://www.bnnbloomberg.ca/pattie-lovett-reid-why-canadian

#mortgageminute Millenials are jumping in on the action and feeling the most optimistic right now about getting into the housing market according to a report b...y Scotiabank, despite a global pandemic and recession! First Time Homebuyers, in my opinion, require some extra TLC because buying a home and getting a mortgage is not as easy as 1,2,3. It shouldn't be so don't just dive in without someone to help you along the way :)

Second quarter data confirmed Canadian GDP plunged by an annualized 38.7%, officially the worst quarter on record. Household consumption plunged by an annualized 43%, housing investment sank 48%, and non-residential business capital spending was down 57%. Despite this, the housing market continues its torrid pace, defying the laws of economic gravity. It probably helps that disposable incomes were actually up 14%, and household savings rates surged 28% as CERB cheques flowed... into household bank accounts and mortgage payments were paused for virtually anyone who asked. While income support is poised to continue as CERB morphs into an expanded EI program, it appears mortgage borrowers will be asked to resume payments later this fall as deferrals expire. With that in mind, let's take a look at the upcoming deferral cliff, as eloquently named by the CMHC. According to CMHC, deferrals remain elevated for their insured mortgage book. As of the most recent July data, deferral rates for BC are 11.1% Meanwhile, according to Genworth, Canada's largest private mortgage insurer, The outstanding principal balance of insured mortgage loans reported under the payment deferral program totaled $28 billion, or approximately 14% of outstanding insured mortgage balances as at June 30, 2020. Regionally, mortgage deferrals were primarily driven by Alberta ($8.8 billion) and Ontario ($9.7 billion). In other words, mortgage deferrals remain elevated, and a real cause for concern. Unless our banking regulator OSFI allows mortgages deferrals to be extended, it appears recent momentum in the housing market will be put to the test towards the end of the year. Until then, housing sales should continue to outpace new listings. Content provided by Steve Saretsky)(

Better late than never for the #MortgageMinute today! Sorry no video from me, tomorrow :) Mortgage Question of the Week: Is the FIRST TIME HOME BUYERS PROGRAM the same as the FIRST TIME HOME BUYERS INCENTIVE?? ... No! The FIRST TIME HOME BUYERS PROGRAM reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. ( Check out the website link below) The FIRST TIME HOME BUYERS INCENTIVE helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. https://youtu.be/mLVdmunQfvo ( Note: there hasn't been much of an uptake of this program here in the Lower Mainland b/c it just isn't a fit for many new homebuyers- if you want to learn more, let me know)

https://www.moneysense.ca/sa/how-to-set-up-a-savings-plan/ We've all heard it, but what does it mean to pay yourself first and how do you do it? Here are 5 simple ways!

Helping this family move into their own home was a great moment this Summer and I am beyond grateful to have been able to help them! Their words mean so much to me. Thank you " I can't say enough good things about Jordan. When I felt blind sided and defeated, she was always problem solving, confident and reassuring. She went way above what she needed to help us out. I would ( and will) recommend Jordan to anyone. I honestly believe we wouldn't have our home if we'd gone to any one else. We can't thank her enough".

The Winter Season is drawing near which means cooler weather and potentially icy conditions and snow. That's why it's time to start thinking about how to protect your home from any potential damage the frigid temperatures and snow may bring. Taking charge now, before it is too late, may help you avoid a home insurance claim later!!

I am looking for a way to donate all the extra Halloween candy we have! Before I do though, I think I’ll use it to teach some early lessons in investing to my daughter. Then I’ll donate it! Does anyone know where this can be done?

Great article on how to gauge the health of your personal finances.

An interview with Mortgage Professionals Canada, Paul Taylor, President and CEO discussing the Role of a Mortgage Broker, the current real estate market and how Brokers can help you navigate it and the mortgage process.

The Bank of Canada’s decision to keep its key interest rate unchanged signals low rates are here for the next 2 years.

Today's central bank announcement At 10 am eastern, the Bank of Canada made its nineth interest rate decision of the year. While the overnight rate did not change it remains at just 0.25 percent, which is great news for borrowers the Bank’s commentary about the outlook for Canada’s economy did. In particular, the Bank announced it will hold its policy interest rate at what it calls the effective lower bound until economic slack is absorbed. In its current projection, the ...Bank does not expect this to happen until into 2023. Assuming inflation does not rise to 2% on a sustainable basis, this could mean several more years of low borrowing rates.

Covid has made it harder to meet in person with your mortgage professional. Who wants to take hours out of their day to do this?? So I'm making it easier for you to quickly and securely get your mortgage application underway. Fully secure, digital and fast for all your mortgage financing needs.... https://mtgapp.scarlettnetwork.com/JordansApplication/home

Thank you to my friend for the idea of this calling card so to speak! Providing excellence in all that I do. [email protected] City Wide Mortgage Services

Now down to some business!! #MortgageMinute Stress Test For Mortgages Dropping Again ( Does this Mean You Can Get A Bigger Mortgage??) ... BUT Watch Out For Higher Penalties as a Result!! See more

https://www.bloomberg.com//housing-chief-pleads-with-canad CMHC's Evan Siddal pleads with lenders/private insurers to pull back on high-ratio lending during current environment.

"A much needed bounce for the Canadian economy as it recorded its third straight month of employment gains. After shedding three million jobs at the heigh of the pandemic, about 1.7 million jobs have returned, including 418,500 in July. Unfortunately its not all rainbows and butterflies, as there are still 1.6 million Canadians without a job compared to this time last year. That's still three times as many jobs lost when compared to the financial crisis nearly a decade ago. ...The unemployment rate sits at a dizzying 10.9%. Indeed, these are tough times, but you certainly wouldn't notice it in the Vancouver housing market. A flurry of activity has ensued with July data showing the busiest month of the year so far for both new listings and sales. People are re-assessing their living situations with the thought of quarantines and stay at home orders persisting into the new year. As a result, downtown condos are selling off as buyers flock to single family homes, particularly in the suburbs. Downtown Vancouver condo sales collapsed, falling by 18% year-over-year. Meanwhile, house sales in the Fraser Valley surged 56% on a year-over-year basis, and were 16% above the ten year average in July. As inventory gets scooped up (down 26% from last year), house prices in the burbs are actually moving higher. Clearly the market doesn't care that the unemployment rate has doubled. The lust for more space remains strong, with five year fixed mortgage rates continuing to fall ". ( Steve Saretsky Aug 10)

The Mortgage Stress Test Loosens Up Effective this week, it gets a little easier to buy a house or refinance. On Saturday, BMO and CIBC shaved 15 basis points off their posted 5-year fixed rates. That’s enough to drop the benchmark 5-year posted rate to 4.79%.... Given regulators use this benchmark rate to calculate Canada’s minimum mortgage stress test, today’s cuts mean you’ll now need less income to qualify for a given mortgage amount. Put another way, it means someone making $70,000 a year can now afford a 1.2% ($4,000) more expensive home with 5% down. That’s not much to get excited about but on a market-wide basis, small buying power improvements are inflationary for home prices, other things equal. But, beware, a lower posted rate also means a higher penalty to break your fixed rate mortgage mid term!!!

Great video on the Vancouver Real Estate Market August 2020 by Craig Veroni! 4th Month of Increases in Our Market :)

#MortgageMinute Did you know there are other costs involved with your home purchase above and beyond just paying the purchase price of the home? Here is a list of Costs You Should Expect as a Residential Home Purchaser so you can be informed, prepared and ready to go when you find your dream home!

https://www.rebgv.org//monthly-market-report/july-2020.html COVID has not stopped the hot real estate activity this July in Metro Vancouver! Check out the latest Market Report for all the info!

The age old question of Fixed or Variable Rate mortgage...before jumping in, it's good to discuss your 3-5 yr plan and look at risk tolerance. With the spread between the two, they are both great options and working with a broker allows you to access fixed rate mortgages without the fear of a huge pre-payment penalty that comes with a Big Bank fixed rate mortgage. There are also ways of being creative with your mortgage product, so always best to discuss with your broker first.

UPDATE ON CERB: CERB Program Ending in September Prime Minister Trudeau announced that the Canada Emergency Response Benefit program (CERB) will end in Septembe...r. Most currently receiving CERB benefits will be moved to an Employment Insurance (EI) based benefit. This change would include access to training allowing recipients to work more hours and earn more money while receiving the benefit. Also, for current CERB recipients who may not normally be eligible for EI (including part-time and/or gig workers), a transitional, parallel benefit will be created. Details of these important changes have not been formally released as of writing, but the final CERB pay period is scheduled to end September 26. Since April, CERB has provided $2,000 (taxable) every four weeks to eligible applicants who lost employment due to COVID.

Prospective homebuyers were reassured today that interest rates will remain near historic lows for a long time, according to Bank of Canada Governor Tiff Macklem. The BoC chief made the comments during a conference call following the Bank’s interest rate meeting, where it left the overnight lending rate unchanged at 0.25%, at its effective lower bound. Interest rates are very low and they are going to be there for a long time, Macklem said. Canadians and Canadian busin...esses are facing an unusual amount of uncertainty, so we have been unusually clear about the future path for interest rates. In the Governing Council’s official statement, it said it would hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. Observers say that implies the Bank has no plans to start raising rates until at least 2023.

In a sign that the economic tide is turning, Canada’s inflation rate moved higher in June. Statistics Canada puts the annual inflation rate at 0.7% for the month. That is more than double the 0.3% rate forecast by economists, and it is a significant reversal of the 0.4% drop in inflation in May and the 0.2% decline in April. Most of the increase came through higher prices for cars, clothing, energy and food. While runaway price increases are bad, moderate, reliable inflatio...n is good. It encourages spending and keeps money flowing through the economy. Deflation particularly if it persists is bad because consumers tend to stop spending, knowing that they will be able to make their purchases later for less. That keeps money out of the economy leaving companies with nothing for hiring or raises. Some pent-up demand from the early days of the pandemic lockdown may have contributed to the spending that pushed inflation back into positive territory. But Canadian consumers are showing increasing optimism about their finances. The latest quarterly survey from debt consultants MNP suggests 61% of Canadians feel confident they will be able to cover their living expenses for the next 12 months without going further into debt. A 3-point increase over the previous quarter. Compared to pre-pandemic levels, significantly more Canadians rate that their current debt situation as excellent (43%, +5). More than a quarter (27%, +1) perceive their debt situation to be better now than it was a year ago and more than a third (35%, +1) believe it is better now than it was five years ago.

When people ask, What’s the best rate? most just want me to reel off a number with minimal complexity. Many don’t realize all the elements that determine mortgage pricing. That’s why it’s almost impossible to spit out an accurate quote on the fly. If you want a standard 5-year fixed, for example, factors that impact your mortgage rate include but are not limited to: 1) Macro-economic factors (such as economic growth, inflation, fiscal policy, etc.) 2) Bank of Canada monet...ary policy 3) The bond market (e.g., bond yields, bankers’ acceptance yields, etc.) 4) Your down payment (equity) 5) Your credit score and credit history 6) Quality of employment and income 7) Your debt ratio 8) Property type and location (city condo, rural cottage, etc.) 9) Loan type (purchase, refinance, renewal, pre-approval) 10) Property usage (owner-occupied, seasonal, rented out, non-resident owner, etc.) 11) Features and restrictions (prepayment options, readvanceability, penalty type, refinance rules, portability policy, etc.) 12) Amortization length 13) Closing date (rate hold period) 14) Loan amount 15) Property value This multitude of considerations is why today’s rate comparison sites are meant to be the STARTING POINT for rate research, not the final word. See more

#MortgageMinute Oh I couldn't help say something about this! For those home buyers with PRE-APPROVALS... this does not mean you are APPROVED!! Finally, beyond having to provide proof of ACCEPTABLE INCOME, DOWNPAYMENT, GOOD PROPERTY, there can be other conditions as well. All which have to be verified and accepted by the lender prior to Full Approval.... So my advice, work with someone who is looking at all of these UPFRONT. Don't let things fall apart after the fact. Quotable..."Complex requires expertise, which you don't get at the Bank. Broker's give you that".