Latest News Kim Stenberg 17 May
Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates has broadened. In April, national home sales dropped by 12.6% on a month-over-month (m/m) basis. The decline placed the monthly activity at its lowest level since the summer of 2020 (see […]
Read MoreLatest News Kim Stenberg 9 May
Job vacancies abound in many sectors, yet employers have trouble finding workers to fill those jobs and retaining workers with so many options available. As the jobless rate falls to new record lows, net new employment has slowed. This is not dissimilar to the housing market, where supply is insufficient to meet demand. Home sales […]
Read MoreMortgage Tips Kim Stenberg 28 Apr
So, you have decided to utilize your buying power in the Canadian retail market and are looking to purchase a home – congratulations! This is a great step towards ensuring your future. As a potential homeowner, there are some amazing benefits that we think you should be aware of right out of the gate: Homeownership […]
Read MoreMortgage Tips Kim Stenberg 21 Apr
Documents Required to Qualify for a Mortgage Mortgages can sometimes feel like endless stacks of paperwork, but being prepared in advance can save you time and stress! Getting your mortgage pre-approved is part of this prep-process, and will make things easy in the long run. In order to get pre-approved, the lender must have taken […]
Read MoreLatest News Kim Stenberg 20 Apr
StatsCanada today reported that consumer prices rose a whopping 6.7% year-over-year in March, a full percentage point above the 5.7% reading the month before. Market-driven interest rates shot up on the news as the prospects increase for another half-point rise in the overnight rate when the Bank of Canada meets again on June 1. There […]
Read MoreLatest News Kim Stenberg 20 Apr
Statistics released today by the Canadian Real Estate Association (CREA) show that rising interest rates were already dampening housing activity well before the Bank of Canada’s jumbo spike in the key policy rate in mid-April. National home sales fell back by 5.4% on a month-over-month basis in March. The decline puts activity back in line […]
Read MoreMortgage Tips Kim Stenberg 14 Apr
Baffled by some of the phrases realtors and bankers throw at you? Here are some commonly used—but not always understood—words to describe mortgages: Amortization Period This is the number of years it will take to repay the entire mortgage in full and is determined when you are approved. A longer amortization period will result in […]
Read MoreLatest News Kim Stenberg 13 Apr
The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points for the first time in 22 years. This was a widely telegraphed action that will be followed by the US Federal Reserve next month. While the BoC was the first G-7 central bank to take such […]
Read MoreLatest News Kim Stenberg 11 Apr
Today’s budget announced a $10 billion package of proposals intended to reduce the cost of housing in Canada (see box below). The fundamental problem is insufficient supply to meet the demands of a rapidly growing population base. Thanks to the federal government’s policy to rapidly increase immigration since 2015, new household formation has risen far faster than […]
Read MoreMortgage Tips Kim Stenberg 7 Apr
Building a new home is an exciting adventure but requires very different considerations. To help you have the best experience building a home, we have put together the 5 most important considerations. 1. it’s all in the numbers Regardless of whether you are shopping for a pre-built home, or are looking to create your own […]
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