According to an article in todays Ottawa Citizen, homeowners in Ottawa are staying put, leaving real estate agents scrambling to find listings and creating one of the strongest seller's markets the nation's capital has seen in years.
According to the president of the Ottawa Real Estate Board, realtors in Ottawa have fewer than 3,800 resale homes available to sell. Although listings traditionally drop in the fall, realtors had more than 4,700 listings at this time a year ago.
Yet even with the limited supply, the board reported its best-ever September with 1,220 sales, topping the 1,208 sales of September 2008. That pushed the average resale price to $304,789, a 5.7-per-cent increase from a year earlier.
According to one Re/Max agent in Ottawa's west end, he is finding the market so constrained that he has sold off his last remaining houses and now has no listings of his own, indicating that "it's not the first time in his career that he's been 'listless'." "Listing inventory is definitely down. But it's not like they have been expiring, we have sold them all. It's very much a strong market right now."
The economic slowdown has caused many potential sellers to decide simply to ride out the slump. As a result, buyers who hope to tap into low interest rates must scramble for available homes.
Buyers are facing multiple offers on homes and that is influencing the upward prices. Whatever inventory is coming on the board is selling.Agents are also dealing with intense competition from newcomers that help sellers market their home directly to eager buyers.
The supply shortage is pushing builders to step up construction of new homes. The value of building permits in Ottawa jumped 8.1 per cent to $161.8 million in July, the most recent month for which statistics are available. That's up from the $149.6 million worth of building permits sought in June, according to Statistics Canada.
The increase supports a Canada Mortgage and Housing prediction in September that the pace of new home construction in Ottawa will take off in late 2009.
The resale market looked anemic in the first few months of 2009. At the end of March, 2,479 resale homes had been sold in Ottawa, an 8.7-per-cent drop from the first three months of 2008.
But September's record pace builds on a strong July and August for the real estate board.
As of September, condominiums were selling for an average $241,458, and other residential properties for an average $322,960, the board said.
Tuesday, October 6, 2009
Tuesday, September 15, 2009
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Do you want to pay off your mortgage in as little as 3 to 6 months?
Learn about the little known Private Banking strategy to settle or cancel your mortgage to ZERO balance.
Get your FREE detailed ebook and video NOW by clicking this link:
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By turning yourself into a public 'creditor' and truly understanding the mortgage origination process, you may be able to free yourself from mortgage debt forever. Sounds unbelievable until you know the FACTS.
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New Canadians Drive Canada's Housing Demand
As a result of stronger labour markets and mortgage product innovation, the homeownership rate rose for all immigrant groups regardless of how long they had resided in Canada.
As more immigrants transition from renting to owning, they will continue to drive housing demand, most notably in the condo market. Research has shown that immigrant homeowners are more than twice as likely to live in a condominium than their Canadian counterparts. The report also indicated that 69 per cent of immigrants who came to Canada between 2001 and 2006 settled in Toronto, Montreal and Vancouver.
As more immigrants transition from renting to owning, they will continue to drive housing demand, most notably in the condo market. Research has shown that immigrant homeowners are more than twice as likely to live in a condominium than their Canadian counterparts. The report also indicated that 69 per cent of immigrants who came to Canada between 2001 and 2006 settled in Toronto, Montreal and Vancouver.
Sunday, September 13, 2009
Is Canada's Commercial Real Estate Market Set for a Comeback?
As reported in Mortgage Brokers News and following dismal reports of Canada's commercial real estate market seeing a 50 per cent decline in transactions in the first half of 2009, there are signs that it may be coming back to life.
According to commercial mortgage specialists, this is a good time for purchasers with strong backing. They are seeing an increase in volume year over year. Lenders are still being "very cautious and conservative", with many of them going below appraised values for commercial buildings, the situation has improved from earlier this year. For buyers in strong positions, there are deals on industrial buildings and it appears that there is a "cautious" market coming back for hotels and plazas.
A recent story in Dow Jones also pointed to Canada's commercial market recovering. Pierre Boiron, a real estate agent, developer and co-author of "Commercial Real Estate Investing in Canada" told the news service that slowing demand, inventory peaks and price declines are pointing to the bottom of an "adjustment phase" in the commercial market that will lead into an acquisition phase. "It means that the mess is being cleaned up," Boiron told Dow Jones, also noting that the turnaround will be gradual and dependent on employment numbers.
Warmly,
Mary Wozny
According to commercial mortgage specialists, this is a good time for purchasers with strong backing. They are seeing an increase in volume year over year. Lenders are still being "very cautious and conservative", with many of them going below appraised values for commercial buildings, the situation has improved from earlier this year. For buyers in strong positions, there are deals on industrial buildings and it appears that there is a "cautious" market coming back for hotels and plazas.
A recent story in Dow Jones also pointed to Canada's commercial market recovering. Pierre Boiron, a real estate agent, developer and co-author of "Commercial Real Estate Investing in Canada" told the news service that slowing demand, inventory peaks and price declines are pointing to the bottom of an "adjustment phase" in the commercial market that will lead into an acquisition phase. "It means that the mess is being cleaned up," Boiron told Dow Jones, also noting that the turnaround will be gradual and dependent on employment numbers.
Warmly,
Mary Wozny
Saturday, September 12, 2009
How Does Divorce Impact Your Credit?
I want to visit a topic that I'm frequently questioned on by clients. With the record high divorce rates in Canada and the United States, one should ask themselves how will a divorce impact my credit report?
A divorce decree alone will have no impact on jointly held accounts that are a part of your credit report. For joint accounts, including credit cards, car loans, home mortgages and lines of credit, you and your ex-spouse continue to have joint liability. You are both responsible, and if one of you defaults, creditors will seek payment from the other.
Just because your divorce may be finalized and you think that "finally it's all over!" the reality is that if you were a co-signer on anything with your previous spouse then you are still liable for these debts. Failure on the part of either party to make payments on time and/or pay off these debts will result in your own personal credit being potentially ruined! Often this happens and you are not even aware of it!
In going through the divorce process, ensure that any joint liabilities are reconciled and resolved, that debts have been satisfied and you have been completely removed from any further potential liability and costs from your former spouse. Think very carefully about old credit cards that may have been put in both parties names many years ago and forgotten about that could crawl out of the woodwork at some future point and harm your credit.
Check your own personal credit and FICO/Beacon Score to avoid these surprises before it's too late. It's up to you to take responsibility and proactive action to protect your personal credit. You are the only one who can.
Warmly,
Mary Wozny
A divorce decree alone will have no impact on jointly held accounts that are a part of your credit report. For joint accounts, including credit cards, car loans, home mortgages and lines of credit, you and your ex-spouse continue to have joint liability. You are both responsible, and if one of you defaults, creditors will seek payment from the other.
Just because your divorce may be finalized and you think that "finally it's all over!" the reality is that if you were a co-signer on anything with your previous spouse then you are still liable for these debts. Failure on the part of either party to make payments on time and/or pay off these debts will result in your own personal credit being potentially ruined! Often this happens and you are not even aware of it!
In going through the divorce process, ensure that any joint liabilities are reconciled and resolved, that debts have been satisfied and you have been completely removed from any further potential liability and costs from your former spouse. Think very carefully about old credit cards that may have been put in both parties names many years ago and forgotten about that could crawl out of the woodwork at some future point and harm your credit.
Check your own personal credit and FICO/Beacon Score to avoid these surprises before it's too late. It's up to you to take responsibility and proactive action to protect your personal credit. You are the only one who can.
Warmly,
Mary Wozny
Friday, September 11, 2009
Guard Your Personal Credit Bureau Like Gold!
I'm appalled! I'm so perturbed by something that I just saw that I have to write about it and warn and caution you all about this.
Your credit score is a critical piece to any financing that you are attempting to get, mortgage or otherwise. Do NOT let everyone you speak with when looking for financing pull your credit. I'll say it once again..... do NOT let multiple people pull your credit bureau!
I have someone who came to me today .... 13 months ago their credit scores were 737 and 638 and today they are 619 and 560 respectively due to sheer ignorance. Pure and simple ignornance and lack of knowledge about the repercussions of having so many people pulling their credit. They literally shot themselves in the proverbial foot and destroyed their credit at the same time.
Amazingly enough the client doesn't even recognize many of the people who have pulled their credit bureaus. I was told, "well, my husband was online looking at cars on all these sites and just entered his Social Insurance Number"....... never realizing that by doing so he was allowing them to pull his credit while he was online shopping for cars and getting prices.
And don't get me started on the 'rate shoppers' affect of going to 10 different mortgage brokers to find mortgage financing and each one pulling their credit and effectively lowering their credit scores each and every time!!! Consumers need to be educated on how this will lower their credit scores thereby lowering their ability to get the most advantageous and cost effective mortgage financing in the market. Sometimes even making it impossible to get any kind of financing or refinancing when they need it. I won't even go into the morality and ethics of going to 10 different brokers and wasting the brokers time, efforts, and money on that particular game. And yes, it actually costs a broker money to pull those credit bureaus, a cost ads up pretty quickly.
Guard your personal credit file like gold! The immediate and direct result of too many credit bureaus being pulled is a quick reduction in your credit score which will reflect in higher interest and borrowing costs to you.
And if you are serious about getting a mortgage to buy that dream home or refinancing your existing mortgage and paying off some debt, give me a call or apply online at www.MaryWozny.com!
Warmly,
Mary Wozny
Your credit score is a critical piece to any financing that you are attempting to get, mortgage or otherwise. Do NOT let everyone you speak with when looking for financing pull your credit. I'll say it once again..... do NOT let multiple people pull your credit bureau!
I have someone who came to me today .... 13 months ago their credit scores were 737 and 638 and today they are 619 and 560 respectively due to sheer ignorance. Pure and simple ignornance and lack of knowledge about the repercussions of having so many people pulling their credit. They literally shot themselves in the proverbial foot and destroyed their credit at the same time.
Amazingly enough the client doesn't even recognize many of the people who have pulled their credit bureaus. I was told, "well, my husband was online looking at cars on all these sites and just entered his Social Insurance Number"....... never realizing that by doing so he was allowing them to pull his credit while he was online shopping for cars and getting prices.
And don't get me started on the 'rate shoppers' affect of going to 10 different mortgage brokers to find mortgage financing and each one pulling their credit and effectively lowering their credit scores each and every time!!! Consumers need to be educated on how this will lower their credit scores thereby lowering their ability to get the most advantageous and cost effective mortgage financing in the market. Sometimes even making it impossible to get any kind of financing or refinancing when they need it. I won't even go into the morality and ethics of going to 10 different brokers and wasting the brokers time, efforts, and money on that particular game. And yes, it actually costs a broker money to pull those credit bureaus, a cost ads up pretty quickly.
Guard your personal credit file like gold! The immediate and direct result of too many credit bureaus being pulled is a quick reduction in your credit score which will reflect in higher interest and borrowing costs to you.
And if you are serious about getting a mortgage to buy that dream home or refinancing your existing mortgage and paying off some debt, give me a call or apply online at www.MaryWozny.com!
Warmly,
Mary Wozny
Monday, August 17, 2009
Are Homes the Cause of Some Bankruptcies?
According to an article in the Toronto Star, homes are becoming more of a problem for consumers with escalalting debt.
In the past it was unusual for the family home or real estate to be the cause of bankruptcy in the last 10 to 15 years. It actually was a solution for many people. However, with the drop in the value of homes, their equity has disappeared and they come up with a deficit that the bank still wants repaid.
A bankruptcy trustee with Deloitte & Touche attributes the recent spike in consumer insolvencies to a seven-year high unemployment rate and people relying too much on credit as an income supplement. People worried about losing their job should be cutting expenses and aggressivley repaying debt. Always sound financial advice!
Warmly,
Mary Wozny
In the past it was unusual for the family home or real estate to be the cause of bankruptcy in the last 10 to 15 years. It actually was a solution for many people. However, with the drop in the value of homes, their equity has disappeared and they come up with a deficit that the bank still wants repaid.
A bankruptcy trustee with Deloitte & Touche attributes the recent spike in consumer insolvencies to a seven-year high unemployment rate and people relying too much on credit as an income supplement. People worried about losing their job should be cutting expenses and aggressivley repaying debt. Always sound financial advice!
Warmly,
Mary Wozny
Friday, August 14, 2009
U. S. Mortgage Default Rates
It's interesting to note that the default rate for U. S. mortgages that have been modified to prevent house foreclosures may actually end up at 75% according to Fitch Ratings, because of "shrinking disposable income, escalating job losses and possibly some deceptive practices on the part of the borrowers themselves".
Since the U. S. government announced assistance programs to help struggling homeowners and lower the rate of foreclosures, lenders have been trying to modify mortgage terms for borrowers to give them a better chance to get back on track. They reported that aproximately seven per cent of U. S. home loans packaged into securities without government support have been modified to date.
In a statement to Bloomberg, a Fitch representative stated that loan modifications hold clear value for many homeowners proved the modified payments are sustainable. Unfortunately, more often than not, reducing the home payments to an affordable level may not be enough to rescue borrowers who are overextened on other credit and expenses.
How will all this shake out? We'll have to watch and wait, only time will tell.
Warmly,
Mary Wozny
Since the U. S. government announced assistance programs to help struggling homeowners and lower the rate of foreclosures, lenders have been trying to modify mortgage terms for borrowers to give them a better chance to get back on track. They reported that aproximately seven per cent of U. S. home loans packaged into securities without government support have been modified to date.
In a statement to Bloomberg, a Fitch representative stated that loan modifications hold clear value for many homeowners proved the modified payments are sustainable. Unfortunately, more often than not, reducing the home payments to an affordable level may not be enough to rescue borrowers who are overextened on other credit and expenses.
How will all this shake out? We'll have to watch and wait, only time will tell.
Warmly,
Mary Wozny
Wednesday, August 12, 2009
Household Debt Burdening Canadians?
Canadians are carrying a larger household debt load than ever before, a total of $1.3 trillion in 2008 according to a survey by the CGA Association of Canada.
The study showed outstanding mortgages took up $900 billion worth of the debt load total, but the more concerning number to the association was the $400 billion in consumer debt carried by Canadians. Anothe red flag was that 49 per cent of families with one or more children under age 18 reported their debt had increased in recent years.
In the boom years, the housing market helped Canadians to maintain a slightly improving balance between mortgage debt and residential assets but it didn't offset the run up in consumer debt which was not well supported with accumulation of consumer durables or financial assets.
Canadians have to the more aware of and accountable for their spending habits, most particularly the use of credit cards and lines of credit and have to maintain their financial responsibility to maintain a healthy economic environment.
With mortgage rates at record low levels and assuming some equity in your home, now is an ideal time to refinance high cost credit card debt and bring your financial home to order.
Contact Mary Wozny at www.MaryWozny.com today.
The study showed outstanding mortgages took up $900 billion worth of the debt load total, but the more concerning number to the association was the $400 billion in consumer debt carried by Canadians. Anothe red flag was that 49 per cent of families with one or more children under age 18 reported their debt had increased in recent years.
In the boom years, the housing market helped Canadians to maintain a slightly improving balance between mortgage debt and residential assets but it didn't offset the run up in consumer debt which was not well supported with accumulation of consumer durables or financial assets.
Canadians have to the more aware of and accountable for their spending habits, most particularly the use of credit cards and lines of credit and have to maintain their financial responsibility to maintain a healthy economic environment.
With mortgage rates at record low levels and assuming some equity in your home, now is an ideal time to refinance high cost credit card debt and bring your financial home to order.
Contact Mary Wozny at www.MaryWozny.com today.
Tuesday, August 11, 2009
First Time Homebuyers in the Market
According to a report published by Royal LePage Real Estate Services, low interest rates and house prices are the driving forces for potential first-time homebuyers across Canada.
Although first-time homebuyers appreciate government incentives such as tax credits, it is the markedly improved affordability that is proving to be the powerful drawing card bringing them to the market and encouraging them to purchase. The survey demonstrates how important affordability factors such as interest rates and house prices are in stimulating demand.
When asked what the top incentive to purchase was for them, 86 per cent cited low interest rates followed by 81 per cent who said lower housing prices were the top motivating factor. Job security and a stable economy were the next ranked incentives.
Interesting to note - the survey also revealed regional differences when it came to the importance of certain incentives. Job security was more important in Western Canada compared to Atlantic Canada, which has seen a relatively resilient local economy. Ontario and Quebec buyers rated the recently implemented Home Renovation Tax Credit as having a bigger impact on their buying decision compared to the Canadian average.
Contact Mary Wozny today, www.MaryWozny.com, for your mortgage financing and make your dream of home ownership come true!
Although first-time homebuyers appreciate government incentives such as tax credits, it is the markedly improved affordability that is proving to be the powerful drawing card bringing them to the market and encouraging them to purchase. The survey demonstrates how important affordability factors such as interest rates and house prices are in stimulating demand.
When asked what the top incentive to purchase was for them, 86 per cent cited low interest rates followed by 81 per cent who said lower housing prices were the top motivating factor. Job security and a stable economy were the next ranked incentives.
Interesting to note - the survey also revealed regional differences when it came to the importance of certain incentives. Job security was more important in Western Canada compared to Atlantic Canada, which has seen a relatively resilient local economy. Ontario and Quebec buyers rated the recently implemented Home Renovation Tax Credit as having a bigger impact on their buying decision compared to the Canadian average.
Contact Mary Wozny today, www.MaryWozny.com, for your mortgage financing and make your dream of home ownership come true!
Monday, August 10, 2009
CMHC Says Mortgage Rates to Remain Stable
CMHC in their second quarter Housing Market Outlook says that Mortgage Rates are expected to remain with 25 to 75 basis points of their current level for the remainder of 2009, keeping them very low in a historical context.
Movements in mortgage rates are difficult to predict due to volatile economic conditions however rates are expected to remain steady this year and edge higher in 2010.
Along with mortgage rates, CMHC listed employment, net migration and low birth rate as having key effects on residential construction, and forecast housing starts to decline to 141,900 in 2009 (most notably in Alberta and Saskatchewan) before rebouding to 150,300 in 2010.
2009's decline in housing starts can be attributed to several factors, including the current economic climate, increased competition from the existing home market and the impact of strong house price growth between 2002 and 2007, states their chief economist.
Housing market activity will begin to strengthen in 2010 as the Canadian economy recovers, bringing housing starts more in line with demographic fundamentals over the forecast period.
Warmly,
Movements in mortgage rates are difficult to predict due to volatile economic conditions however rates are expected to remain steady this year and edge higher in 2010.
Along with mortgage rates, CMHC listed employment, net migration and low birth rate as having key effects on residential construction, and forecast housing starts to decline to 141,900 in 2009 (most notably in Alberta and Saskatchewan) before rebouding to 150,300 in 2010.
2009's decline in housing starts can be attributed to several factors, including the current economic climate, increased competition from the existing home market and the impact of strong house price growth between 2002 and 2007, states their chief economist.
Housing market activity will begin to strengthen in 2010 as the Canadian economy recovers, bringing housing starts more in line with demographic fundamentals over the forecast period.
Warmly,
Sunday, August 9, 2009
Growing Numbers Boost B.C. Real Estate Market
British Columbia saw its first year-over-year increase in residential sales in May 2009, with the B.C. MLS reporting a three per cent rise compared to May 2008.
The chief economist at the British Columbia Real Estate Association states that homes sales have bounced back from the extraorinarily low levels recorded during the winter months. Improved affordability and less uncertainty about the future are the main factors driving home sales higher.
Stronger consumer demand combined with fewer home listings is stabilizing prices in the province. MLS predicts residential prices in B. C. to decline eight per cent in 2009 to $420,600.
The majority of the decline in home prices has already occurred and balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There's now little downward pressure on home prices in these particular areas.
Warmly,
Mary Wozny
The chief economist at the British Columbia Real Estate Association states that homes sales have bounced back from the extraorinarily low levels recorded during the winter months. Improved affordability and less uncertainty about the future are the main factors driving home sales higher.
Stronger consumer demand combined with fewer home listings is stabilizing prices in the province. MLS predicts residential prices in B. C. to decline eight per cent in 2009 to $420,600.
The majority of the decline in home prices has already occurred and balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There's now little downward pressure on home prices in these particular areas.
Warmly,
Mary Wozny
Saturday, August 8, 2009
Ottawa Housing Market Hot!
Ottawa saw its best May on record for housing sales, with the capital city’s Real Estate Board reporting a 19 per cent increase in sales from the previous month and a 5.3 per cent increase in house prices over May 2008.
Homes in every price range are sell well, right from starter homes to luxury properties, according to the president of the Ottawa Real Estate Board. Homebuyers and sellers are showing a lot of confidence in the Ottawa real estate market.
They reported that 1,969 residential properties were sold in May at an average price of $312,045, a slight rise in mortgage financing has been noted for the same time period. Ottawa hasn’t seen as much of a slowdown as the rest of the country because it is more isolated than the rest of the country and there is more guaranteed income due to the large number of government jobs the capital city has to offer.
Warmly,
Mary Wozny
Homes in every price range are sell well, right from starter homes to luxury properties, according to the president of the Ottawa Real Estate Board. Homebuyers and sellers are showing a lot of confidence in the Ottawa real estate market.
They reported that 1,969 residential properties were sold in May at an average price of $312,045, a slight rise in mortgage financing has been noted for the same time period. Ottawa hasn’t seen as much of a slowdown as the rest of the country because it is more isolated than the rest of the country and there is more guaranteed income due to the large number of government jobs the capital city has to offer.
Warmly,
Mary Wozny
Friday, August 7, 2009
Have Housing Starts in Canada Hit Bottom?
Canada Mortgage and Housing Corporation (CMHC) reported recently that national housing starts increased by 9.2% in May compared to April. This leads some economists to think that a bottom might be forming in the country's homebuilding activity.
March saw a jump in overall nationals housing starts, that jump was largely due to condo development in Ontario, the Prairies, the Atlantic provinces and Quebec. The only region to see a decrease was B. C. where the market is still moderating. It is believed that housing starts will bottom out slightly below 120,000 before stabilizing throughout next year.
This is a good indication that homebuilding activity will cease being a drag on economic growth and employment heading into next year, however this being the case, housing starts are not expected to head back to previous levels of 150,000 before 2011.
Warmly,
Mary Wozny
March saw a jump in overall nationals housing starts, that jump was largely due to condo development in Ontario, the Prairies, the Atlantic provinces and Quebec. The only region to see a decrease was B. C. where the market is still moderating. It is believed that housing starts will bottom out slightly below 120,000 before stabilizing throughout next year.
This is a good indication that homebuilding activity will cease being a drag on economic growth and employment heading into next year, however this being the case, housing starts are not expected to head back to previous levels of 150,000 before 2011.
Warmly,
Mary Wozny
Thursday, August 6, 2009
Funding for Commercial Mortgages In Canada
The commercial mortgage market has been on a roller coaster ride the past two years with loans based on retail space drying up. The A lenders have increased the credit quality scale and many borrowers are faced with high fees resulting from having to place their mortgages with private lenders in an effort to stop foreclosure.
A lot of the changes to the commercial mortgage arena results from the collapse of the Commercial Mortgage Backed Securities (CMBS). The collapse of the CMBS had large institutional lenders like insurance companies and pension funds leave the market completely.
Lenders are paying stricter attention to the quality of the property, looking at whether the operator is a good one, what the neighborhood is like, and are insisting on appraisals. All this means the lenders aren’t loaning as much LTV and the vendor has to put in his own funds for the balance. Lenders won’t go over 65% LTV with some not going above 50% LTV.
Retail properties are some of the worst hit for financing with fears that if the conglomerates were to shut down some of their big box stores, there would be far too much vacant space available and makes the risk factor much higher for the lender.
An easier option for financing right now is CMHC approved rental apartments in large urban areas. Not only are they the safest, from a lender’s point of view, but with rates the way they are (around four per cent on five-year deals), never has there been a better time to look at insured loans.
Other niches, such as seniors’ care facilitations, rentals, medical buildings and local strip malls with decent tenants (i.e.: not the giant big box stores), are also areas still performing, even if there is limited money to loan on them.
There is sentiment in the marketplace that things are looking better already and investors belive that the market may have finally bottomed out and are deciding to get back into the market.
The market is picking up, interest is good, liquidity is getting better and confidence is coming back.There will be fewer buyers/investors for major commercial deals but those who get the financing will benefit from the historically low interest rates we currently have.
Warmly,
Mary Wozny
A lot of the changes to the commercial mortgage arena results from the collapse of the Commercial Mortgage Backed Securities (CMBS). The collapse of the CMBS had large institutional lenders like insurance companies and pension funds leave the market completely.
Lenders are paying stricter attention to the quality of the property, looking at whether the operator is a good one, what the neighborhood is like, and are insisting on appraisals. All this means the lenders aren’t loaning as much LTV and the vendor has to put in his own funds for the balance. Lenders won’t go over 65% LTV with some not going above 50% LTV.
Retail properties are some of the worst hit for financing with fears that if the conglomerates were to shut down some of their big box stores, there would be far too much vacant space available and makes the risk factor much higher for the lender.
An easier option for financing right now is CMHC approved rental apartments in large urban areas. Not only are they the safest, from a lender’s point of view, but with rates the way they are (around four per cent on five-year deals), never has there been a better time to look at insured loans.
Other niches, such as seniors’ care facilitations, rentals, medical buildings and local strip malls with decent tenants (i.e.: not the giant big box stores), are also areas still performing, even if there is limited money to loan on them.
There is sentiment in the marketplace that things are looking better already and investors belive that the market may have finally bottomed out and are deciding to get back into the market.
The market is picking up, interest is good, liquidity is getting better and confidence is coming back.There will be fewer buyers/investors for major commercial deals but those who get the financing will benefit from the historically low interest rates we currently have.
Warmly,
Mary Wozny
Wednesday, August 5, 2009
Is The Housing Sector in Recovery Mode?
Pent-up demand for residential housing has bolstered sales in Canada's major markets-a sign that the housing sector has shifted into recovery mode, according to a recent report by Re/Max.
Canada's largest markets, Toronto and Vancouver, led the way, with June sales among the highest in history for both local real estate boards. Close to 11,000 properties changed hands in Toronto, up 27 per cent over one year ago, setting a new record for sales in the month of June. Residential sales in Greater Vancouver increased 75.6 per cent over one year ago, to 4,259 units, just short of the record-breaking 4,333 sales in June 2005.
"The strength of the market, amid the most significant global recession in recent history once again underscores its relevance to the nation's economic engine," says Michael Polzler, executive vice-president, Re/Max Ontario-Atlantic Canada. "Those who chose to sit it out on the sidelines are now facing a market in transition, characterized by the threat of rising interest rates, low inventory levels, and upward pressure on housing values."
The recent surge in resale activity can be attributed to three key factors-pent-up demand, low interest rates, and greater affordability. The combination-in conjunction with declining inventory levels-has created heated market conditions in certain neighbourhoods, prompting a resurgence of multiple offers in June. Average prices are holding steady or climbing, days on market are down, and inventory levels continue to tighten, especially at entry-level price points.
Warmly,
Mary Wozny
Canada's largest markets, Toronto and Vancouver, led the way, with June sales among the highest in history for both local real estate boards. Close to 11,000 properties changed hands in Toronto, up 27 per cent over one year ago, setting a new record for sales in the month of June. Residential sales in Greater Vancouver increased 75.6 per cent over one year ago, to 4,259 units, just short of the record-breaking 4,333 sales in June 2005.
"The strength of the market, amid the most significant global recession in recent history once again underscores its relevance to the nation's economic engine," says Michael Polzler, executive vice-president, Re/Max Ontario-Atlantic Canada. "Those who chose to sit it out on the sidelines are now facing a market in transition, characterized by the threat of rising interest rates, low inventory levels, and upward pressure on housing values."
The recent surge in resale activity can be attributed to three key factors-pent-up demand, low interest rates, and greater affordability. The combination-in conjunction with declining inventory levels-has created heated market conditions in certain neighbourhoods, prompting a resurgence of multiple offers in June. Average prices are holding steady or climbing, days on market are down, and inventory levels continue to tighten, especially at entry-level price points.
Warmly,
Mary Wozny
Monday, August 3, 2009
Funding for Commercial Mortgages in Canada
The commercial mortgage market has been on a roller coaster ride the past two years with loans based on retail space drying up. The A lenders have increased the credit quality scale and many borrowers are faced with high fees resulting from having to place their mortgages with private lenders in an effort to stop foreclosure.
A lot of the changes to the commercial mortgage arena results from the collapse of the Commercial Mortgage Backed Securities (CMBS). The collapse of the CMBS had large institutional lenders like insurance companies and pension funds leave the market completely.
Lenders are paying stricter attention to the quality of the property, looking at whether the operator is a good one, what the neighborhood is like, and are insisting on appraisals. All this means the lenders aren't loaning as much LTV and the vendor has to put in his own funds for the balance. Lenders won't go over 65% LTV with some not going above 50% LTV.
Retail properties are some of the worst hit for financing with fears that if the conglomerates were to shut down some of their big box stores, there would be far too much vacant space available and makes the risk factor much higher for the lender.
An easier option for financing right now is CMHC approved rental apartments in large urban areas. Not only are they the safest, from a lender's point of view, but with rates the way they are (around four per cent on five-year deals), never has there been a better time to look at insured loans.
Other niches, such as seniors' care facilitations, rentals, medical buildings and local strip malls with decent tenants (i.e.: not the giant big box stores), are also areas still performing, even if there is limited money to loan on them.
There is sentiment in the marketplace that things are looking better already and investors belive that the market may have finally bottomed out and are deciding to get back into the market.
The market is picking up, interest is good, liquidity is getting better and confidence is coming back.There will be fewer buyers/investors for major commercial deals but those who get the financing will benefit from the historically low interest rates we currently have.
Warmly,
Mary Wozny
A lot of the changes to the commercial mortgage arena results from the collapse of the Commercial Mortgage Backed Securities (CMBS). The collapse of the CMBS had large institutional lenders like insurance companies and pension funds leave the market completely.
Lenders are paying stricter attention to the quality of the property, looking at whether the operator is a good one, what the neighborhood is like, and are insisting on appraisals. All this means the lenders aren't loaning as much LTV and the vendor has to put in his own funds for the balance. Lenders won't go over 65% LTV with some not going above 50% LTV.
Retail properties are some of the worst hit for financing with fears that if the conglomerates were to shut down some of their big box stores, there would be far too much vacant space available and makes the risk factor much higher for the lender.
An easier option for financing right now is CMHC approved rental apartments in large urban areas. Not only are they the safest, from a lender's point of view, but with rates the way they are (around four per cent on five-year deals), never has there been a better time to look at insured loans.
Other niches, such as seniors' care facilitations, rentals, medical buildings and local strip malls with decent tenants (i.e.: not the giant big box stores), are also areas still performing, even if there is limited money to loan on them.
There is sentiment in the marketplace that things are looking better already and investors belive that the market may have finally bottomed out and are deciding to get back into the market.
The market is picking up, interest is good, liquidity is getting better and confidence is coming back.There will be fewer buyers/investors for major commercial deals but those who get the financing will benefit from the historically low interest rates we currently have.
Warmly,
Mary Wozny
Sunday, August 2, 2009
Buying a Home - Are You Ready Financially?
For most Canadians, purchasing your home is likely the most important investment you will ever make.
How do you know if you are financially ready for the responsibilities that home ownership comes with?
Canada Mortgage and Housing Corporation (CMHC) offers these tips to assess your current financial situation, to calculalte your monthly expenses and to determine how much home and mortgage you can afford.Calculate your net worth - the total of all your assets (include investments, savings, properties, vehicles etc.) minus your liabilities, (mortgages, car loans, personal or student loans, credit cards or other debts).
Your net worth is the difference between your assets and your liabilities and will give you a visual of your current financial situation and an idea of how large a down payment you can afford.
Calculate your current monthly expenses to determine what kind of mortgage payment can comfortably fit into your budget. These include current housing expenses such as rent, utilities, parking and other fees as well as cable/TV/internet, debt payments, insurance, gas and repairs for the cars, clothing, medical and dental costs, child care expenses and groceries.
When you have a clear picture of your financial situation, determine how much you can afford in monthly housing costs. These costs should not exceed 32% of your gross household income. Overall, the total of all your monthly debt load shouldn't be more than 40% of your gross household income.
After determining your financial picture and if you are ready, then contact me http://www.marywozny.com/ for your mortgage financing.For many people, the hardest part of buying a home - especially a first home - is saving enough money for the down payment.
With CMHC mortgage loan insurance, you can purchase a home for as little as 5% down payment on approved credit. With some lenders that 5% can even be a gift from a relative.
To find out more contact me, http://www.marywozny.com/, email mwozny@mortgagealliance.com.
Warmly,
Mary Wozny
How do you know if you are financially ready for the responsibilities that home ownership comes with?
Canada Mortgage and Housing Corporation (CMHC) offers these tips to assess your current financial situation, to calculalte your monthly expenses and to determine how much home and mortgage you can afford.Calculate your net worth - the total of all your assets (include investments, savings, properties, vehicles etc.) minus your liabilities, (mortgages, car loans, personal or student loans, credit cards or other debts).
Your net worth is the difference between your assets and your liabilities and will give you a visual of your current financial situation and an idea of how large a down payment you can afford.
Calculate your current monthly expenses to determine what kind of mortgage payment can comfortably fit into your budget. These include current housing expenses such as rent, utilities, parking and other fees as well as cable/TV/internet, debt payments, insurance, gas and repairs for the cars, clothing, medical and dental costs, child care expenses and groceries.
When you have a clear picture of your financial situation, determine how much you can afford in monthly housing costs. These costs should not exceed 32% of your gross household income. Overall, the total of all your monthly debt load shouldn't be more than 40% of your gross household income.
After determining your financial picture and if you are ready, then contact me http://www.marywozny.com/ for your mortgage financing.For many people, the hardest part of buying a home - especially a first home - is saving enough money for the down payment.
With CMHC mortgage loan insurance, you can purchase a home for as little as 5% down payment on approved credit. With some lenders that 5% can even be a gift from a relative.
To find out more contact me, http://www.marywozny.com/, email mwozny@mortgagealliance.com.
Warmly,
Mary Wozny
Renewing Your Mortgage
I want to explain the reality of mortgage renewals for you and save you thousands of dollars in interest over the course of your mortgage.
A renewal happens when the term of your current mortgage becomes due and your current lender sends you an offer to renew the mortgage with them. This is the standard practice used by banks today.
Often these lenders will issue renewals and quote rates on various types of mortgages, for example 1 year fixed, 3 year fixed and 5 year fixed. Do they give you, their valued customer their best rate when they send you these renewals? NO they don't! The banks hope that the consumer will simply think that they have to sign this renewal and send it back to them.
I urge you all, talk to me first! As a mortgage agent with access to over 30 lenders, I can almost always get you a better rate on your renewal. Allow me to show you if you are getting a good deal or not from your old lender. Normally not! Your bank has only one lender, themselves. As a mortgage agent, I work for you, the client, not the bank. I have almost 30 different lenders to choose from to meet your unique needs.
Contact me when you are renewing or refinancing your mortgage, http://www.marywozny.com/ or email mwozny@mortgagealliance.com.
Warmly,
Mary Wozny
A renewal happens when the term of your current mortgage becomes due and your current lender sends you an offer to renew the mortgage with them. This is the standard practice used by banks today.
Often these lenders will issue renewals and quote rates on various types of mortgages, for example 1 year fixed, 3 year fixed and 5 year fixed. Do they give you, their valued customer their best rate when they send you these renewals? NO they don't! The banks hope that the consumer will simply think that they have to sign this renewal and send it back to them.
I urge you all, talk to me first! As a mortgage agent with access to over 30 lenders, I can almost always get you a better rate on your renewal. Allow me to show you if you are getting a good deal or not from your old lender. Normally not! Your bank has only one lender, themselves. As a mortgage agent, I work for you, the client, not the bank. I have almost 30 different lenders to choose from to meet your unique needs.
Contact me when you are renewing or refinancing your mortgage, http://www.marywozny.com/ or email mwozny@mortgagealliance.com.
Warmly,
Mary Wozny
Saturday, August 1, 2009
Wells Fargo Financial Canada Discontinues Residential Real Estate Lending!
Hot off the press! Disturbing news for consumers!
Effective July 30th, 2009, Wells Fargo Financial Corporation Canada will no longer be accepting residential mortgage loan applications through its consumer branch and indirect broker network channels.
Notice was given Thursday and brokers were advised of immediate cancellation of any Mortgage Broker Origination Agreement or other real estate lending agreements they may have had with Wells Fargo Financial Corporation Canada or Wells Fargo Financial Corporation Canada HomePlan Mortgage.
To the extent Wells Fargo Financial Corporation Canada HomePlan Mortgage has issued a valid fully executed mortgage commitment, provided the applicant or applicants fulfill all of the terms and conditions of the mortgage commitment (including any time specified for closing or expiration of the mortgage commitment), we will honour those commitments.
Warmly,
Mary Wozny
Effective July 30th, 2009, Wells Fargo Financial Corporation Canada will no longer be accepting residential mortgage loan applications through its consumer branch and indirect broker network channels.
Notice was given Thursday and brokers were advised of immediate cancellation of any Mortgage Broker Origination Agreement or other real estate lending agreements they may have had with Wells Fargo Financial Corporation Canada or Wells Fargo Financial Corporation Canada HomePlan Mortgage.
To the extent Wells Fargo Financial Corporation Canada HomePlan Mortgage has issued a valid fully executed mortgage commitment, provided the applicant or applicants fulfill all of the terms and conditions of the mortgage commitment (including any time specified for closing or expiration of the mortgage commitment), we will honour those commitments.
Warmly,
Mary Wozny
Thursday, July 30, 2009
How to Know if Your Web Squeeze Page Sucks! Oops! Did I Just Say That?
I have a very important message for you. Do you want more real estate leads?
Greg Clement just released his 72 page "WSSPR" report which stands for
"Websites Suck Squeeze Pages Rule. "
It goes into great detail on why traditional websites are terrible marketing tools and even worse for lead generation.
He gives you one of the most modern cutting edge,and simple, systems I've ever seen to harness the power of the internet for MASSIVE lead generation.
I guarantee some people reading this exact email will forever change their business with the ideas presented in this report.
It's that good.
Check it out at: http://www.simsprofits.com/?1030315
It's for beginners AND advanced internet marketers and everyone in between.
It's for you...
Well let me take that back, it's for you IF you need more seller, buyer, or private lender leads.
(But I'm pretty sure you wouldn't mind more of those).
Check this thing out real quick and get your copy NOW!
Go to http://www.simsprofits.com/?1030315
Warmly and Happy Investing,
Mary Wozny
Greg Clement just released his 72 page "WSSPR" report which stands for
"Websites Suck Squeeze Pages Rule. "
It goes into great detail on why traditional websites are terrible marketing tools and even worse for lead generation.
He gives you one of the most modern cutting edge,and simple, systems I've ever seen to harness the power of the internet for MASSIVE lead generation.
I guarantee some people reading this exact email will forever change their business with the ideas presented in this report.
It's that good.
Check it out at: http://www.simsprofits.com/?1030315
It's for beginners AND advanced internet marketers and everyone in between.
It's for you...
Well let me take that back, it's for you IF you need more seller, buyer, or private lender leads.
(But I'm pretty sure you wouldn't mind more of those).
Check this thing out real quick and get your copy NOW!
Go to http://www.simsprofits.com/?1030315
Warmly and Happy Investing,
Mary Wozny
Thursday, July 2, 2009
Where Are The Hottest Real Estate Markets Now?
If you could easily know, at the push of a button, wherethe absolute best real estate markets in the US are...whatwould that be worth to you? Would it be worth 3 minutesof your time to check it out?
Discover how you can find the hottest real estate markets toinvest in before your competitors even realize that the'Bubble' has holes in it!
Check it out here -> http://www.realestatepress.com?a_aid=83743216
Warmest Regards and Happy Investing,
Mary Wozny
Remember check it out now! http://www.realestatepress.com?a_aid=83743216
Discover how you can find the hottest real estate markets toinvest in before your competitors even realize that the'Bubble' has holes in it!
Check it out here -> http://www.realestatepress.com?a_aid=83743216
Warmest Regards and Happy Investing,
Mary Wozny
Remember check it out now! http://www.realestatepress.com?a_aid=83743216
Tuesday, June 30, 2009
It's Going Live Today!
A quick heads-up for you...It finally goes live at 9am eastern time today!
Richard Roop just released his new program called "Quick Start Guide to Making Money: 28 Days to Free & Clear Cash" and it ROCKS!
This is THE break-through investing program that I think you should get.
Richard gives you a step-by-step, paint-by-numbers blueprint to find and fund free and clear "cash cow" deals that allow you to collect $6,000 or more in cash... the day you buy your next deal.
Here's the real kicker... his detailed plan is designed so you can do it in 28 days or less. And he is giving it away for the cost of shipping! Richard is out of his mind. See for yourself...
Go to: http://www.roopcashmachine4.com?rid=216
Whether you're a seasoned investor or a rank beginner - you should grab your copy of "Quick Start Guide to Making Money- DVD package today!
I'm not sure how many copies he ordered for distribution so there's a chance he can run out. I guarantee you can get MASSIVE results no matter what level of investor you are simply implementing the strategies Richard reveals on this DVD.
Go to:http://www.roopcashmachine4.com?rid=216
Imagine how good you'll feel when you collect $6,000 or $15,000 or even $50,000 in immediate, upfront cash... and do it in as little as 28 days!
P.S. The blueprint or action plan could earn you thousands of dollars more on your next deal. This program isn't for couch potatoes, so head over and claim your DVD and companion guide...
Go to: http://www.roopcashmachine4.com?rid=216
Happy Investing!
Mary Wozny
Richard Roop just released his new program called "Quick Start Guide to Making Money: 28 Days to Free & Clear Cash" and it ROCKS!
This is THE break-through investing program that I think you should get.
Richard gives you a step-by-step, paint-by-numbers blueprint to find and fund free and clear "cash cow" deals that allow you to collect $6,000 or more in cash... the day you buy your next deal.
Here's the real kicker... his detailed plan is designed so you can do it in 28 days or less. And he is giving it away for the cost of shipping! Richard is out of his mind. See for yourself...
Go to: http://www.roopcashmachine4.com?rid=216
Whether you're a seasoned investor or a rank beginner - you should grab your copy of "Quick Start Guide to Making Money- DVD package today!
I'm not sure how many copies he ordered for distribution so there's a chance he can run out. I guarantee you can get MASSIVE results no matter what level of investor you are simply implementing the strategies Richard reveals on this DVD.
Go to:http://www.roopcashmachine4.com?rid=216
Imagine how good you'll feel when you collect $6,000 or $15,000 or even $50,000 in immediate, upfront cash... and do it in as little as 28 days!
P.S. The blueprint or action plan could earn you thousands of dollars more on your next deal. This program isn't for couch potatoes, so head over and claim your DVD and companion guide...
Go to: http://www.roopcashmachine4.com?rid=216
Happy Investing!
Mary Wozny
Monday, June 29, 2009
Motivate Yourself & Your Business With NASA Proven Music!
It's amazing how the power of something as simple as music can instantly empower you to create the vibration of success and open the door for higher levels of consciousness, health and vitality! Sound too good to be true?......It most definitely is not!
As I sit here writing this to you I have Mark's music playing softly in the background, inspiring me and bringing a higher vibration energy to myself. Now you can discover for yourself the power of music and how it can be a catalyst for transformation and breakthrough!
I would like to introduce you to my good friend Mark Romero who is a gifted sound and vibrational healer. His powerfully beautiful music guides one to wholeness, health, and abundance effortlessly.
I can honestly say there is no greater or more beautiful way to heal than by following Marks sweet sounds. A simple way to living a charmed life.
To experience his music and a wonderful offer he put together for you please click this link:
http://www.markromeromusic.com/cmd.php?Clk=3096741
His music heals... A former top-consultant from NASA has proven that Mark's music has frequencies in it that actually put listeners into a higher state of consciousness and helps them to live healthier, stronger and vital lives. His music can instantly assist individuals to move into a higher state of being that allows the frequencies of their dreams to be in vibrational alignment, through the frequencies of his music.
Go now to: http://www.markromeromusic.com/cmd.php?Clk=3096741
Mark truly enjoys leading and coaching others to higher levels of success, and has developed a totally unique and never before experienced process. He incorporates his music as a prescription for vibrational change that is helping people to create more passion, purpose, meaning and fulfillment in their professional and day-to-day lives.
Dedicated to empowering and motivating businesses and individuals, Mark infuses his harmonizing music and new ways of thinking -- opening doors to untapped possibilities and extraordinary results.
Mark is offering this special package only through July 10th. So act now as this is a package you will not want to miss out on.
http://www.markromeromusic.com/cmd.php?Clk=3096741
Harmoniously yours!
Mary Wozny
As I sit here writing this to you I have Mark's music playing softly in the background, inspiring me and bringing a higher vibration energy to myself. Now you can discover for yourself the power of music and how it can be a catalyst for transformation and breakthrough!
I would like to introduce you to my good friend Mark Romero who is a gifted sound and vibrational healer. His powerfully beautiful music guides one to wholeness, health, and abundance effortlessly.
I can honestly say there is no greater or more beautiful way to heal than by following Marks sweet sounds. A simple way to living a charmed life.
To experience his music and a wonderful offer he put together for you please click this link:
http://www.markromeromusic.com/cmd.php?Clk=3096741
His music heals... A former top-consultant from NASA has proven that Mark's music has frequencies in it that actually put listeners into a higher state of consciousness and helps them to live healthier, stronger and vital lives. His music can instantly assist individuals to move into a higher state of being that allows the frequencies of their dreams to be in vibrational alignment, through the frequencies of his music.
Go now to: http://www.markromeromusic.com/cmd.php?Clk=3096741
Mark truly enjoys leading and coaching others to higher levels of success, and has developed a totally unique and never before experienced process. He incorporates his music as a prescription for vibrational change that is helping people to create more passion, purpose, meaning and fulfillment in their professional and day-to-day lives.
Dedicated to empowering and motivating businesses and individuals, Mark infuses his harmonizing music and new ways of thinking -- opening doors to untapped possibilities and extraordinary results.
Mark is offering this special package only through July 10th. So act now as this is a package you will not want to miss out on.
http://www.markromeromusic.com/cmd.php?Clk=3096741
Harmoniously yours!
Mary Wozny
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