Your Canadian Mortgage Specialist

Report Says 1 in 4 Canadians House Poor ....

2010-04-05T10:28:00.000-04:00

One in four Canadians rely on subsidies or spend over 30 per cent of their pre-tax income on housing costs, including mortgages and rent, according to a report by the Conference Board of Canada.

According to the report, a household is unaffordable if more than 30 per cent of its pre-tax income is spent on household costs - a situation that more than three million Canadians find themselves in. The typical household spends 50 per cent more on shelter than on food and over five times more on shelter than on clothing.

"The quality and cost of housing are major factors in the health of Canadians," said Diana Mackay, conference board director of education and health. "However, about one-fifth of Canadian households do not have the resources to afford both good-quality homes and other health-enhancing expenditures, such as nutritious food or access to recreational activities."

The report warned that the high number of Canadians stretched too thin negatively affects their health, productivity, and national competitiveness, and increases the cost of health-care and welfare.

Warmly,
Mary Wozny

Banks Start Interest Rate Shake Up...

2010-03-30T17:39:00.000-04:00

Four big banks have increased their posted rates on fixed mortgages, signaling the start of an upward move on record-low interest rates.

Royal Bank, TD Canada Trust and Laurentian all moved their posted rates on five-year fixed mortgages by 0.6 per cent yesterday, a move followed by CIBC today. Many non-banks have already followed, prompting a surge in requests from variable-rate clients to lock into fixed rates.

The interest rate increase will also mean higher qualifying criteria for new clients, who must meet the five-year posted fixed rate when the new mortgage insurance rules kick in on April 19.

CIBC economist Benjamin Tal told the Globe and Mail the rise in rates along with other factors means the booming housing market will slow down significantly after spring.
"Given where interest rates are now, I still think you'll see an extremely strong spring.

However, after that I think the housing market will stagnate," Mr. Tal said. "We are in the ninth inning of this booming house market. We are not expecting a crash, but we will stagnate."

Vacancies Rising in BC, but Sales Pick Up in Apartments

2010-03-27T21:45:00.000-04:00

Rising vacancy rates have been good news to renters in the British Columbia apartment market as new supply has come online.

But as prices adjust, sales activity in apartments has also begun to pick up, according to a report this week by Avison Young.

While vacancy rates are climbing, up as high as 8 per cent in Chilliwack, Avison Young says prices have stabilized and sellers have adjusted their expectations.

"As a result of the lower prices in certain submarkets, the bid-ask gap will likely continue to narrow, leading to more sales as effects of the global financial meltdown and U.S. credit crisis soften," says the Avison Young Multifamily Investment Report on BC.

Despite the BC-wide vacancy increases, Victoria's vacancy remains below 1.5 per cent, and Vancouver just above 2 per cent, according to the Canada Mortage and Housing Corp.

According to Businessweek Magazine, Vancouver faces $700 million in financing for the luxury condos used by Olympic athletes in February, and the city needs to sell 474 units for as much as $10 million each to recoup its lending. These condos overlooking False Creek could otherwise prove damaging to Vancouver's credit rating.

Similarly, Montreal's 1976 Olympics left Quebec with $1.5 billion of debt that took three decades to repay, says the magazine.

Warmly,
Mary Wozny

Ottawa Area Realtors Scramble for Listings

2009-10-06T15:36:00.001-04:00

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.

Mortgage Debt Elimination Program

2009-09-15T16:16:00.000-04:00

Announcing a New 90 Days to Mortgage Freedom Program!

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:

http://tinyurl.com/q55son

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.

Go here to find out how http://tinyurl.com/q55son

New Canadians Drive Canada's Housing Demand

2009-09-15T10:23:00.001-04:00

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.

Is Canada's Commercial Real Estate Market Set for a Comeback?

2009-09-13T21:52:00.002-04:00

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

How Does Divorce Impact Your Credit?

2009-09-12T11:49:00.001-04:00

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

Guard Your Personal Credit Bureau Like Gold!

2009-09-11T21:16:00.000-04:00

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

Are Homes the Cause of Some Bankruptcies?

2009-08-17T16:54:00.000-04:00

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

U. S. Mortgage Default Rates

2009-08-14T20:56:00.001-04:00

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

Household Debt Burdening Canadians?

2009-08-12T22:09:00.000-04:00

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.

First Time Homebuyers in the Market

2009-08-11T11:46:00.000-04:00

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!

CMHC Says Mortgage Rates to Remain Stable

2009-08-10T09:18:00.001-04:00

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,

Growing Numbers Boost B.C. Real Estate Market

2009-08-09T13:02:00.000-04:00

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

Ottawa Housing Market Hot!

2009-08-08T20:21:00.000-04:00

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

Have Housing Starts in Canada Hit Bottom?

2009-08-07T21:14:00.001-04:00

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

Funding for Commercial Mortgages In Canada

2009-08-06T09:43:00.001-04:00

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

Is The Housing Sector in Recovery Mode?

2009-08-05T06:09:00.001-04:00

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

Funding for Commercial Mortgages in Canada

2009-08-03T23:01:00.002-04:00

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

Buying a Home - Are You Ready Financially?

2009-08-02T23:08:00.001-04:00

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

Renewing Your Mortgage

2009-08-02T23:05:00.002-04:00

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

Wells Fargo Financial Canada Discontinues Residential Real Estate Lending!

2009-08-01T13:17:00.000-04:00

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

How to Know if Your Web Squeeze Page Sucks! Oops! Did I Just Say That?

2009-07-30T16:25:00.001-04:00

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

Where Are The Hottest Real Estate Markets Now?

2009-07-02T03:54:00.000-04:00

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

It's Going Live Today!

2009-06-30T08:36:00.005-04:00

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

It

2009-06-30T08:36:00.001-04:00

Motivate Yourself & Your Business With NASA Proven Music!

2009-06-29T20:37:00.001-04:00

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

May The Sun Shine Down on You on Remembrance Day

2008-11-11T16:44:00.000-05:00

This is a day of deep reflection, honour and respect for all of us across this beautiful land of ours.

It's a day to give thanks for the soldiers who fought for us and our rights long before we were born.

It's a day to send our love and blessings to all those who so proudly serve our countries, both Canada and the United States, standing up for our freedom and our beliefs.

It's a day to send thanks and support not only to our soldiers but to their families and loved ones who proudly wait at home for them to return from their tour of duty.

It's a day to show them how much we care, how much we honour and respect their sons and daughters, fathers, mothers, aunts and uncles who serve their country so that we can live in freedom, our children can live in freedom and our children of the future can live in freedom.

The following came across my desk today and I ask that you read it, think about it, reflect on it and honour the men and women who serve to keep us safe. It came to me with "Taps" playing and I will tell you that it brought me to tears. And so I share it with you.

THE FINAL INSPECTION

The soldier stood and faced God,
Which must always come to pass.
He hoped his shoes were shining,
Just as brightly as his brass.

"Step forward now, you soldier,
How shall I deal with you?
Have you always turned the other cheek?
To My Church have you been true?"

The soldier squared his shoulders and said,
"No, Lord, I guess I ain't.
Because those of us who carry guns,
Can't always be a saint.

I've had to work most Sundays,
And at times my talk was tough.
And sometimes I've been violent,
Because the world is awfully rough.

But, I never took a penny,
That wasn't mine to keep...
Though I worked a lot of overtime,
When the bills got just too steep.

And I never passed a cry for help,
Though at times I shook with fear.
And sometimes, God, forgive me,
I've wept unmanly tears.

I know I don't deserve a place,
Among the people here.
They never wanted me around,
Except to calm their fears.

If you've a place for me here, Lord,
It needn't be so grand.
I never expected or had too much,
But if you don't, I'll understand.

There was a silence all around the throne,
Where the saints had often trod.
As the soldier waited quietly,
For the judgment of his God.

"Step forward now, you soldier,
You've borne your burdens well.
Walk peacefully on Heaven's streets;
You've done your time in Hell."

~Author Unknown~

It's the Soldier, not the reporter WHO has given us the freedom of the press.
It's the Soldier, not the poet, WHO has given us the freedom of speech.
It's the Soldier WHO ensures our right to Life, Liberty, and the Pursuit of Happiness,
Not the politicians.
It's the Soldier who salutes the flag, WHO serves beneath the flag, AND whose coffin is draped by the flag.

If you care to offer the smallest token of recognition and appreciation for the Military,
PLEASE pray for our men and women
WHO have served and are currently serving our country
AND pray for those who have given the ultimate sacrifice for freedom.

God bless our soldiers, sailors and airmen, past and present.

With my love, honour, respect and gratitude,

Mary Wozny

Where Should You Be Investing Now?

2008-11-09T12:57:00.000-05:00

What a question! In these troubled times, opportunity still exists to make lots of money in real estate.

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

Again, find out how you can find the best real estate markets in the US right now, click on the link below to learn how!

http://www.realestatepress.com?a_aid=83743216

Happy Investing!

Mary Wozny

Take Control of Your Future Health and Wealth Now!

2008-10-16T15:36:00.001-04:00

"Everybody stumbles across a golden opportunity at least once in a lifetime. Unfortunately most people just pick themselves up, dust themselves down, and walk away from it."

by Winston Churchill
Following upon the words of Winston Churchill, YOUR 'Golden Opportunity' happens Thursday evening, October 16th at 9:15 pm EST! Mark this date on your calendar now.

The past months have been tough for real estate investors and stock market investors alike. Critical mass was reached and we've seen stock markets around the world crash in the past few weeks.

We've watched as our stock portfolios and retirement accounts lost much of their value. We look and wonder, with all this turmoil and all the losses, when and how will I ever be able to afford to retire? How will I provide for my family? Foreclosures are at an all time high, the economy is verging on recession, GM and Chrysler are talking about merging and jobs are being lost across North America.

Take charge of your future NOW!

I invite you to join me on Thursday evening, October 16th at 9:15 pm EST where I will be interviewing my business partners Heshie and Werner who will show you how you can create an enormously successful business and generate a continuous residual stream of weekly income for yourself and your family and become part of our energetic and dynamic team of entrepreneurs.

Heshie is ranked #12 globally as one of this companies' fastest growing business builders.
Werner is the oldest North American to climb Mount Everest as well as the oldest North American to climb the highest peaks on all seven continents! Werner is starring in the upcoming major motion picture 'Back From the Edge".

Starting his climbing experiences at the age of 55, find out what gives Werner not only the health and stamina to make these incredible climbs, but how he creates the wealth that gives him the time freedom and the financial freedom to persue his dreams.

Rarely do I get this excited about an opportunity, but I have to tell you that not only is this one of the best businesses to be in - it just got even better! The company has introduced a bonus program that surpasses anything in the industry!

There is no other way to describe it except by telling you that if you are serious about building a business for yourself and generating a continuous residual income, working with one of the best teams in the industry, then THIS is YOUR GOLDEN OPPORTUNITY.

Join us on the call on Thursday, October 16th, 2008 at 9:15 pm EST, 8:15 pm. CT, 7:15 pm MT and 6:15 pm PT. Print this information and put it by your telephone today:

Call Date: Thursday, October 16th, 2008
Call Time: 9:15 pm Eastern, 8:15 pm Central, 7:15 pm Mountain and 6:15 pm Pacific
Call Dial In: 218-339-4600
Access Code: 200979

The telephone lines are limited so be sure to call in a few minutes ahead of time. The call will be recorded and a replay line will be available.

See you on the call tonight and get ready to rock and roll your way to success by joining me and becoming a part of our vibrant and dynamic team!

Warmly,
Mary Wozny

Global Easing In Monetary Policy

2008-10-08T13:33:00.000-04:00

In a surprise decision, central banks in the industrialized world announced a coordinated half percentage point easing in monetary policy this morning. The message from all of the central banks was loud and clear: the prospects of significantly slower global growth mean that global infaltions risks are dead.

The coordination and the rate change between regular meetings also infer the urgency of action and the need to restore confidence to the global financial system in the wake of unprecendented turmoil.

The common theme in the wording of the central banks statements was that "inflation expectations are diminishing ... the financial crisis has augmented the downside risks to growth and thus has diminished further upside risk to price stability." The Fed notes that 'economic activity has slowed markedly...the intensification of the financial market turmoil is likely to exert additional restraint on spending partly by reducing the abililty to obtain credit.

It's apparent that an easing in monetary policy was needed on a global basis. Expectation is that further rate cuts of a further 50 basis points are in the pipeline and will be announced at the Fed and the Bank of Canada upcoming rate announcements on October 29 and 21 respectively.

Warmly,

Mary Wozny

Opportunities In An "Economic Pearl Harbor"

2008-10-02T19:31:00.001-04:00

In Omaha, Neb. today, billionaire investor Warren Buffett said the nation has been hit with an “economic Pearl Harbor,” and the government must respond quickly.

Mr. Buffett talked about the nation's ongoing financial woes in an appearance on the The Charlie Rose Show that aired Wednesday night on PBS stations.

“This really is an economic Pearl Harbor,” Mr. Buffett said. “That sounds melodramatic, but I've never used that phrase before. And this really is one.”

He went on to state that in his opinion the nation's economic problems are already starting to be felt by furniture and jewellery stores such as the ones owned by his company, Berkshire Hathaway Inc.

The billionaire predicts that the rest of the Main Street economy will start to have problems if the government's financial bailout plan doesn't pass Congress soon.

“In my adult lifetime, I don't think I've ever seen people as fearful economically as they are now,” the 78-year-old Mr. Buffett said.

The fear in the marketplace has allowed Mr. Buffett to make several sizable investments over the past month in proven companies that needed cash quickly. And Berkshire, which had $31.2-billion (U.S.) cash on hand at the end of June, was ready to invest because, as Mr. Buffett says, he always tries to be greedy when others are fearful.

Following Berkshire's purchase last week of $5-billion in preferred Goldman Sachs shares, Berkshire announced it would be purchasing $3-billion of preferred share of General Electric Co.
Mr. Buffett said he was approached about the GE investment Wednesday morning by someone at Goldman. And Mr. Buffett quickly decided to invest in GE because he's familiar with the company and confident in its long-term prospects.

This goes to show us that capitalism is alive and well in the US. Prudent investors looking for long term real estate investments can capitalize on todays markets and build their portfolios for the future. As crazy as it may sound to some, now is the time to be purchasing discounted real estate using long term strategies for buy and hold.

Mortgage rates are on the rise again making now the time to lock in your investment financing at attractive rates.

Warmly,

Mary Wozny

Canadian Housing Market - Boom or Bust?

2008-10-01T14:53:00.001-04:00

In a talk with the Ontario Economic Council, U.S. economist Robert Shiller states Canada's housing market has been following a similar boom-and-bust path as that seen in the United States, but fundamental differences between the two leave Canada less exposed to the U.S.-style fallout.

“There have been booms in some Canadian cities – Edmonton, Calgary, Vancouver – but maybe [prices] are weakening or actually falling, at least in those boom cities,” he said, noting that the pattern somewhat resembles that seen in many U.S. and foreign markets over the past few years.

He does suggest that the relatively small use of subprime mortgages in Canada should mean the damage in this country will be much less severe.

“There's a difference. We [in the United States] have had a subprime revolution that I don't think took place, to the same extent at least, in Canada.”

Mr. Shiller said a bailout of the seized-up banking sector is an essential first step to cleaning up the mess left by the U.S. housing bubble, but it needs to be followed by financial innovations to support troubled home owners.

“Once we fix the leaky roof, we need to take a look at the foundations,” Mr. Shiller told the summit.

The professor – author of the book Irrational Exuberance and recognized expert on asset bubbles and the housing market – said U.S. legislators must act on the liquidity crunch that is gripping the banks in order to avoid a much longer-lasting economic stagnation. He believes Congress must reverse its decision to reject the proposed $700-billion (U.S.) troubled asset relief program (TARP), despite public anger over what many view as a handout to rich and reckless investors.

“The TARP program is really essential to enact,” he said. “The general public doesn't appreciate the severity of the crisis, and the threat it poses to their jobs and livelihood.”

He further noted that the research conducted on the Great Depression by none other than Ben Bernanke – now the head of the Federal Reserve Board and one of TARP's key architects – has found that a tied-up, illiquid banking system was a major contributor to the extraordinary depth and length of the Depression.

“When you don't have a banking system, you can't do business,” he said.

“We can't think that we want to teach people a lesson,” he said, suggesting that the blame for the housing bubble extends beyond bankers, lawmakers and regulators.

“It was erroneous thinking,” he said, blaming the bubble on a mass cultural shift in its mentality toward investing and housing.

“We've become more an investor culture – make a quick buck,” he said. “People got themselves convinced that home prices could only go up.”

Mr. Shiller's new book, Subprime Solution, came out Sept. 1 – just before a month of ground-shaking upheavals on Wall Street. The book's longer-term prescription for the U.S. housing market would involve help for distressed homeowners as well as major changes to the way the residential mortgage market functions.

“Financial innovation only comes in times of crisis,” he said. “We need to think of our financial institutions in a constructive and innovative way.”

His ideas include a permanent and ongoing system for automatically adjusting mortgage payment terms in times of economic shocks; government-subsidized independent financial advisory services; and new risk-management products that would allow homeowners to manage their long-term risk exposure to home prices, employment income and economic growth.
“In my book, I emphasize bailing out homeowners because they are the ones being hurt most,” he said. “But first, we have to deal with the banking system.”

Meanwhile, former Bank of Canada governor David Dodge joined the chorus of experts who believe U.S. legislators must solve their impasse over a rescue package for the troubled banking sector.

“The U.S. banking system needs to be recapitalized. Ben [Bernanke] understands that as well as anyone,” he said.

“How that is going to be done is another question.” Mr. Dodge made the statement during a break at the summit, a three-day Ontario Chamber of Commerce event that he is co-chairing.

Warmly,

Mary Wozny

Credit Crunch Fallout Raises Mortgage Rates

2008-09-26T23:17:00.001-04:00

As reported in today's Toronto Star, Canadians received more proof yesterday of the global credit crunch hitting home after this country's biggest banks began hiking their residential mortgage rates in an effort to recoup higher funding costs from their customers.

The interest rate increases follow days of forewarning by financial experts, who predicted Canadians would feel the pinch of the financial crisis through higher borrowing costs on consumer loans.

TD Canada Trust was the first of the big domestic lenders to increase mortgage rates both on its' fixed rate mortgage product and its' variable interest rate mortgage. TD Canada Trust claims that the increase now is reflective because the bank has been holding on, that all of the industry in fact has been holding on, trying not to pass the increased costs to the customers, but says that it can't do this anymore.

Banks are grappling with higher funding costs in the wake of last year's subprime mortgage market meltdown in the United States. With the ensuing global credit crunch now in its second year, banks remain wary of lending to each other. The bank says that all mortgages, variable rates mortgages in particular, have become money losers because of the cost of funds due to all the challenges that are going on in the world right now.

Another factor affecting rates is the bond market which has been in a flux ever since the United States announced a $700 billion US bailout plan for American banks. The interest rates on mortgages and other short-term borrowing are set based on the price of bonds. With lower demand for bonds, and fears of inflation, rates have to rise to lure investors.

Warmly,

Mary Wozny

Canadian Housing Starts Jump

2008-09-09T10:11:00.000-04:00

As reported in today's Globe and Mail, housing starts rebounded sharply in August, with the seasonally adjusted annual rate jumping to 211,000 units from 186,500 in July, far outstripping Bay Street forecasts of about 190,000 states Canada Mortgage and Housing Corp.

Ontario accounted for the entire gain, with starts in the country's most populous province climbing 81 per cent to 86,500 from 47,800 in July, but falling in every other region, CMHC said. The agency attributed the rebound mostly to multiple-unit starts, with those in urban areas jumping 25.2 per cent to 114,700 units, after falling 20.2 per cent in July.

“After a brief pause in July, the volatile multiple segment bounced back to a level of activity that is more consistent with our forecast for this year,” CMHC chief economist Bob Dugan said in a news release. “Most of the volatility in housing starts over the last three months reflected swings in multiple starts in Ontario.”

The July drop marked just the fourth time in 5-1/2 years that the seasonally adjusted annual rate had fallen below 200,000 units.

The unexpectedly strong rebound came a day after figures from Statistics Canada for the value of building permits issued in July also surpassed expectations, rising by 1.8 per cent to $6.4-billion, instead of the 1 per cent forecast by economists, following a 5.3 per cent drop in June.
Still, the CMHC's start figures can be a misleading guide to the state of the housing market and the economy at large, because they often represent investment decisions and sales made by builders and developers a year or two before construction begins.

This does not necessarily mean that housing remains healthy, it should be taken for what it is – a snapback from a previously large decline. The Canadian housing market does have some headwinds that will bring down activity in the next couple of quarters.

This optimism needs to be tempered by the fact that strength in the August housing numbers was narrowly based in the volatile multiples component in Ontario. As well, the earlier deterioration in affordability will likely reassert a downward trend in the starts data going forward for the remainder of this year and through 2009.

However, the pace of decline is modest compared to the drop that has occurred in the U.S., where the 965,000-unit level of starts represents less than half of the recent annual peak in 2005 of 2.073 million units.

CMHC said that nationally, starts of single-family dwellings rose 2 per cent to 71,200 units in August.

Warmly,

Mary Wozny

Urgent Plea for Your Help!

2008-08-25T14:48:00.001-04:00

First, my apologies as it's been quite a while since I've written to you. It's always interesting the challenges that life tosses our way. As a result, I am coming to you with a plea and asking for your help

.Many of you know that the past few years have been a time of great challenge and change for me. They've also been years of exceptional personal and spiritual growth as well, and honestly, looking back, I wouldn't change any of it. (well ok, maybe a few!!!) I believe there are always lessons we need to learn from these challenges so that we can move to a higher spiritual level. I certainly have and am thankful for the experience.

I was very blessed to have a partner come into my life a year ago who brought me great joy and peace. We were joined together at a 'soulular' level with an incredibly strong and unbreakable connection and I loved him dearly.

Life had different plans for us though. In April he was diagnosed with cancer and after further testing and much consultation with oncologists, it was determined he should have surgery and then chemo. Arrangements were made and I took him in on July 10th for his surgery.

Well by now you may realize that I've been writing in the past tense here .... it didn't go well. Once opened up the cancer was found everywhere. The doctors did what they could but the prognosis was bad. The worst was yet to come when in the recovery room he 'bled out' and was rushed back into surgery to stop the bleeding and try and keep him alive.Here's what I want you all to really recognize!

Suddenly he had lost his entire bodys' volume of blood. Bag after bag of blood was given to him. That night he had 14 units of whole blood alone, along with many bags of frozen plasma and platelets. By the end, he had 21 units of blood given to him. I watched it flow into him along with other fluids to try and bring his pressure up and replace what he was losing, to sustain him another minute, another hour, another day.

He fought valiantly and courageously for 3 1/2 weeks until his body gave up and nothing more could be done for him. I held him as he passed and closed his eyes when it was over. I was honoured to have been by his side and to help him through this incredibly difficult time. Who knows, I suspect this is the reason the universe brought us together. No one should be alone at times like this and had we not met, he would have been. I'm so very blessed and grateful to have shared this time with him although it was so short.

Our lives can change in a single instant.

My plea to you is this - PLEASE GIVE BLOOD. Give the life saving blood that is in such critical demand all over the world. Your local communities will offer blood donor clinics. You can check these out by visiting the American Red Cross in the United States at http://www.redcross.org/donate/give/ or calling 1-800-GIVE-LIFE (1-800-448-3543). In Canada contact the Canadian Blood Services, http://www.bloodservices.ca/ or by calling 1-888-2-DONATE.It's always interesting to notice how serendipitous life can be.

One and a half weeks after I lost my partner, I attended my weekly Rotary meeting. Amazingly, the speaker that day was from Canadian Blood Services with a plea for my Rotary Clubs' help in giving blood and passing the message along.

How timely! I stood up and shared with my fellow Rotarians how true in fact this plea was as I had just lived this. We never know when or how our lives may be touched by someone requiring this life saving fluid. It's established fact that we all will be touched by cancer in our lives, whether ourselves or someone in our family or close to us. Chemo patients often require blood and blood products to help them through their treatment.

Now, I can't give blood due to my own health challenges, but I realized after listening to this speaker that I could give time and I could ask you for your help. I immediately volunteered my time to assist in blood donation clinics or speaking on their behalf and I am spreading the word by asking you.

So there are no excuses and I ask you again, please give blood or give time for this very worthy cause. Who knows, one day you or a loved one could be the patient lying in a hospital bed receiving this precious gift of life. The life you save could be your own!

I thank you all for your support and for giving blood. And I thank everyone who donated the blood that was so vital in keeping my Brian alive for those few short weeks. I carry your kindness in my heart always.

I will be back in touch soon and ask for your patience as I move through the grieving process.

My best wishes and thanks to you all.

Mary Wozny

Canadian Government Revamps Mortgage Rules!

2008-07-09T17:06:00.000-04:00

Important new rules from Ottawa today regarding mortgage regulations and guidelines!

In an effort to avoid the sort of housing meltdown that has damaged the U. S. economy, the Finance Department today said it was reducing the maximum amortization period for new government-backed mortgages to 35 years from the previously allowed 40 years.

The government states that Canada's housing and mortgage markets are performing better than the United States and the new ruling which will come in effect October 15th, 2008 will assure the continuation of this. They state that the historically prudent and cautious approach taken by the Canadian financial institutions to morgage lending, combined with a sound supervisory regime, has allowed Canada to maintain strong and secure housing and mortgage markets.

New regulations will require a consistent credit score for mortgages the government backs along with a minimum level of loan documentation standards to evidence property values and borrowers' income. The final change will be a capping at 45% on a borrower's debt-service ratio.

These changes will take force on October 15th, 2008 and means that people looking to purchase or refinance their home with a high ratio mortgage need to act quickly!

Contact Mary Wozny, 877-446-9791 or email mwozny@mortgagealliance.com today to secure your financing before these new rules come into effect.

Warmly,
Mary Wozny

Canadian Housing Market is Cooling

2008-06-26T17:41:00.000-04:00

According to Toronto Dominions recent economic report, after a long run of rapidly-rising prices, the Canadian housing market has cooled to the point that it is no longer a sellers' market. “The long-awaited end of the Canadian housing boom has occurred, reflecting more moderate demand and increased supply of properties for sale.”

“The year-over-year price growth for existing homes in Canada's major markets fell to only 1.1 per cent in May, down from 8.6 per cent just four months earlier,” the TD economists wrote.
“The trend has been broadly based, but is has been particularly sharp in some of the markets that had experienced the most dramatic price growth. Calgary and Edmonton home prices in April and May fell to below year-earlier levels.”

The TD economists said they had expected the slowdown to occur before now, but “housing remained stronger for longer than we had anticipated, largely due to increased affordability through new financing options, such as no money down or extended amortization.”
Regional economic strength related to the commodity boom also helped to fuel “unsustainably elevated home price growth in the west,” they wrote.

Last month, the Canadian Real Estate Association reported that resale home listings across Canada rose by 17.7 per cent in April from a year earlier – pushing the number of home listings to the highest level on record.

“Most of Canada's major housing markets have moved out of sellers' territory to more balanced markets.”

However, the Canadian housing market remains fundamentally strong, unlike the U.S. market, where the National Association of Realtors reported Thursday that median home prices continued to fall. The median price of an existing U.S. home sold in May was $208,600 (U.S), down 6.3 per cent from a year earlier – fallout from the subprime mortgage crisis.

In Canada, the TD economists forecast an average existing home price of $313,300 (Canadian) in 2008, up 2 per cent from last year's average.

Canadians, the TD economists said, are “cashing in, not foreclosing.

“... It should be stressed that the rise in listings does not reflect homeowners of principal dwellings desperate to sell, and this is the dominant difference between the Canadian and U.S. experience,” they wrote in their report, Canada's Housing Boom Comes to an End.

“Indeed, the U.S. has been characterized by an abnormal rise in delinquencies and foreclosures or large negative equity positions. In Canada, speculators may be quickly dumping properties on the market to get out while the times are good, but individuals that have a principal dwelling are not under financial duress.

“Canadian consumers are nowhere nearly as leveraged through their home equity as American consumers are.”

Throughout the rest of this year and 2009, most regional housing markets in Canada “will see low to mid single-digit gains, but Saskatchewan and Manitoba will continue to post double-digit gains in the near term, followed by a significant cooling in 2009 – with the risk of a mild price correction in the major cities that have recently experienced extraordinary price growth,” the TD economists said.

“Alberta will have further weakness in the near term, as Calgary and Edmonton will likely see prices continue to fall for another three or four quarters, dropping 8 per cent to 10 per cent from their peak, after which prices should stabilize and start rising at a low single-digit pace.”

Warmly,
Mary Wozny

US Federal Reserve Holds Rates Steady

2008-06-25T22:13:00.000-04:00

The Federal Reserve, navigating treacherous economic waters, decided on Wednesday to leave a key interest rate unchanged, bringing an end to a string of consecutive rate cuts. The decision to leave rates unchanged had been widely expected by financial markets.The central bank announced that it was keeping the federal funds rate, the interest rate that banks charge each other, at 2 per cent, marking the first time in 10 months that the central bank has failed to reduce interest rates at one of its regular meetings.

The Fed is confronted with the twin perils of a possible recession and rising inflation pressures, stemming from this year's surge in oil and food prices.

In a brief statement explaining the decision, Fed Chairman Ben Bernanke and his colleagues cited both the threats to growth and rising inflation pressures as problems confronting the economy at the moment. The statement said that the downside risks to growth “appear to have diminished somewhat” while adding that “the upside risks to inflation and inflation expectations have increased.

Because of the Fed's decision, short-term borrowing costs on millions of consumer and business loans tied to banks' prime lending rate will remain unchanged. The prime rate is currently at 5 per cent, its lowest level since late 2004.

Investors are split about the Fed's actions for the rest of the year. Some analysts believe the Fed could start raising rates, possibly as soon as the next meeting in August because of concerns about inflation. Other economists argue that the weak economy and rising unemployment will keep the Fed on the sidelines until at least after the November elections.

While saying that the upside risks to inflation have increased, the central bank repeated its forecast that it expected “inflation to moderate later this year and next year.”

The opposing forces of weak growth and recession put the central bank in a bind. Its main policy tool — changes in interest rates — can only address one of those problems at a time. The Fed can cut interest rates to spur consumer and business spending and economic growth or it can raise interest rates to slow spending and growth and ease inflation pressures.

The Bush administration is hoping that the government's $168-billion (U.S.) economic stimulus program, which is sending rebate payments to 130 million households, will help dissolve some of the gloom and bolster consumer spending in the months ahead.

Other analysts, however, said they believed Mr.Bernanke wanted to send out a strong anti-inflation warning, especially since it was coupled with a comment in an earlier speech about the Fed chief's concerns that the weak U.S. dollar was adding to U.S. inflation problems. The remarks taken together had the impact of bolstering the dollar, which had been tumbling.
The Fed is making an effort to convince the markets that the central bank is serious about fighting inflation without having to start raising interest rates at a time when the economy remains very weak.

The last thing the central bank wants is a repeat of the 1970s, when successive oil price shocks did trigger a wage-price spiral that sent inflation soaring and was only subdued when the Fed under Paul Volcker pushed interest rates to levels not seen since the Civil War.

Rocky times are ahead and investors must use prudence and care to successfully navigate through them.

Warmly,

Mary Wozny

Modest Increase Foreseen in Mortgage Rates

2008-06-18T21:56:00.001-04:00

As reported in the Globe and Mail, Canadians should be prepared for a modest hike in mortgage rates as the Bank of Canada turns its attention away from stimulating the economy and toward curbing inflation.

This prospect, combined with other rising costs, will likely cause more homeowners to opt for the security of locking in their mortgages.

That will be the case even though, for now, variable rates are still at least a percentage point cheaper.

The surprise decision last week by the central bank to freeze rather than cut its key lending rate hasn't hit mortgage rates yet.

However, fixed-rate mortgages, which move in tandem with long-term bond yields, should creep up in the next six months as the bond market is hit by concerns about the rising cost of living, said Benjamin Tal, senior economist at CIBC World Markets Inc.

“The No. 1 enemy of the bond market and long-term rates is inflation,” Mr. Tal said. Variable-rate mortgages are tied to the prime rate set by the banks for their best customers. It fluctuates with the Bank of Canada's key lending rate, and Mr. Tal said he expects the central bank will raise rates next year as it moves to curb inflation.

Mortgage rates will likely start heading up in the near term, although the increase should be a moderate quarter to half a percentage point, said Gerald Soloway, chief executive officer of Home Capital Group Inc., which provides alternative mortgages through its principal subsidiary, Home Trust Co.

“I don't think it will be dramatic. I think there will be a modest increase,” Mr. Soloway said. The current volatility in the economy reinforces his view that the bulk of his company's clients, including people on fixed incomes or on a tight budget, should lock in for the longer term, Mr. Soloway said.

“I really don't think that the average homeowner is equipped to speculate on interest rates. I think fixed is a much better option for people getting a mortgage today. Why not have the certainty and protect the investment in your house?”

With both fixed and floating rates expected to rise, CIBC's Mr. Tal, a long-term proponent of variable mortgages, said he now sees a window of opportunity for homeowners to lock in for the next five years.

For all your mortgage needs go to www.MaryWozny.com today and apply online now!

Warmly,

Mary Wozny

Is The Credit Crunch Pushing the US Federal Reserve To Its' Limit?

2008-04-26T20:42:00.001-04:00

Update for investors - Since the onset of the global credit crunch in August 2007, the US Federal Reserve has resorted to a slew of innovative and sometimes unconventional approaches to dealing with the problems faced by distressed financial institutions.

The effort has been part of the Fed's attempt to stave off a full-fledged financial sector meltdown and to blunt the adverse impact of the ongoing disruptions on US economic activity. Despite the massive amounts of liquidity injected into the money market, it doesn't appear that the measures introduced will pose any significant inflationaary risks to the US economy.

Analysts don't believe that the Fed's ability to provide futher liquidity injections into the financial system is compromised by its current level of commitment. Should the Fed's cupboard become bare, there are several options that it can pursue to address any shortcoming it may face.

Ensuring stability in the financial markets has enormous implications for the economic wellbeing and prosperity for any society such that it becomes imperative for it be be pursued at reasonable costs.

Warmly,
Mary Wozny

Bank of Canada Lowers Prime by 0.50%

2008-04-25T16:42:00.000-04:00

For the second time in a row, the Bank of Canada has cut the overnight rate by 50bps, bringing the target rate to 3.00%. This is now the first time since 2001 - when Canada was last concerned about the fallout from a U. S. recession - that the Bank has seen fit to cut rates by a full percentage point in just six weeks time.

While the latest statistics have underscored a resurgent strength in Canadian home construction, manufacturing and international trade, the Bank is looking past these red herrings and has their sights set squarely on the formidable risks looming over the horizon.

The Bank noted that buoyant growth in domestic demand has been substantially offset by the fall in net exports. Due to a 'deeper and more protracted slowdown in the U.S. economy', this drag from trade is expected to remain. Low levels of unemployment and aggressive easing from the Bank to date highlights why many Canadians have remained fairly sheltered from the U. S. and financial centered woes.

When the updated Monetary Policy Report is reported, it is expected to report dramatically lower expectations for the U.S. and global growth compared with January forecasts. The Bank hopes to ease these pressures. Lower rates will help shield the economy from externally-driven weaknesses, but the imbalances in the financial sector continue to impair short term borrowing.

The Banks forecast for Canadian economic growth in 2008 and 2009 still seems optimistic which is a good sign overall.

Warmly,
Mary Wozny

Divorce and Your Credit

2008-04-19T09:54:00.000-04:00

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!

Check your own personal credit and FICO/Beacon Score to avoid these surprises before it's too late.

In Canada, you may check your credit online using the link to Trans Union at www.MaryWozny.com.

Warmly,
Mary Wozny

US Feds Slash Interest Rates

2008-03-18T16:18:00.001-04:00

As reported in the Globe and Mail this afternoon, the U.S. Federal Reserve Board slashed interest rates by three-quarters of a percentage point Tuesday and left the door open to more cuts, moving aggressively to stem a financial market meltdown and avert an economic recession.
Under the watch of Chairman Ben Bernanke, the Federal Open Market Committee voted at its scheduled meeting to bring the benchmark U.S. federal funds lending rate down to 2.25 per cent. The Fed's decision was not unanimous, with two of 10 policy makers dissenting in favour of “less aggressive action.”

In the statement accompanying the decision, the Fed said that the outlook for economic activity has weakened further, consumer spending has slowed and labour markets have softened. “Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.”

The central bank also noted that although it expects inflation to moderate in the coming quarters, uncertainty over the outlook for inflation has increased.

“Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity,” the Fed said. “However, downside risks to growth remain.”
Charmaine Buskas, a senior economic strategist with TD Securities, said the tone of the Fed's statement points to further rate cuts, with the central bank noting that it will “act in a timely manner as needed to promote sustainable economic growth” and price stability.
“Given that credit markets remain in a fundamental paralysis, and the economy continues to unwind, we are of the view that the Fed will remain in an easing cycle for the next few meetings,” Ms. Buskas said. “The key issue is to first unclog the credit markets and get the wheels turning again.”

Ian Shepherdson, the chief U.S. economist at High Frequency Economics, said that by April 30 Mr. Bernanke should be able to extract another 50-basis-point cut from his more reluctant colleagues. “This will all make no difference to the near-term data, but it is a necessary precondition for recovery, eventually.”

Tuesday's cut is the sixth time in as many months that the U.S. central bank has lowered the federal funds rate, which is now at its lowest level since December, 2004. The rate was 5.25 per cent in August, when the troubles with U.S. subprime loans first escalated and began spreading to capital markets and the wider economy.

Although Tuesday's 75-basis point reduction is large by historical standards, it is bound to disappoint some investors. The Fed also eased rates by 75 basis points at an inter-meeting move two months ago.

Fed-funds futures had priced in a full percentage-point cut after this weekend's stunning near-collapse of investment bank Bear Stearns Cos. Inc. sent shockwaves through markets.
Stock markets in both Canada and the U.S. pared gains immediately after the Fed announcement, although both recovered in the final hour of Tuesday's trading session.

Global credit jitters escalated this past weekend when JPMorgan Chase & Co. agreed to step in to buy Bear Stearns for just $2 (U.S.) a share after the Fed said it would backstop the deal. The central bank announced that it would provide funds to any other troubled investment dealers for the first time since the Great Depression, moving away from its traditional policy of only lending to large commercial banks.

Over the weekend, the Fed also made an emergency quarter-point cut to its discount rate to 3.25 per cent.

Mr. Bernanke has been pulling out all of the stops, taking new and extreme steps in his efforts to ease the credit crunch, set financial institutions on a more stable footing and calm financial and stock markets. Fears that the Bear Stearns situation could trigger similar meltdowns at other financial companies sent Canada's equity market into a tailspin on Monday.
Bank of Canada Governor Mark Carney has said that while he is monitoring the situation, Canada's monetary policy will be driven by domestic conditions, not by panic in global financial markets or external credit problems.

The central bank lowered Canada's rates by a half-point to 3.5 per cent on March 4, citing a weaker-than-expected U.S. economy. According to a spokesman, the last time in modern history that the Bank of Canada slashed rates by 75 basis points was on Oct. 23, 2001.

Warmly,
Mary Wozny

Central Banks Move To Ease Credit Crunch

2008-03-11T10:21:00.001-04:00

According to reports in Toronto's Globe and Mail today, the Bank of Canada joined forces with U.S. and European central banks Tuesday, injecting markets with billions of additional liquidity relief in a continued and co-ordinated bid to ease a global credit shortage.

Just before equity markets opened in North America, Canada's central bank said it will inject $4-billion worth of liquidity into the markets in two parts through its Special Purchase and Resale Agreements. The first injection, worth $2-billion, will be made on March 20 with the securities set to be sold back on April 17, while the second is scheduled for April 3, to be paid back on May 1st.

The central bank said the 28-day purchases, which mirror moves it made in December, are “part of its continuing provision of liquidity in support of the efficient functioning of financial markets.”

Canada's central bank co-ordinated Tuesday's action with the U.S. Federal Reserve, the European Central Bank, the Bank of England and the Swiss central bank. The synchronized global bank action is an effort to provide help in a global credit crises that threatens to push the U.S. economy into its first recession since 2001 if it hasn't already.

The Federal Reserve said Tuesday it will make up to $200-billion (U.S.) in cash available to cash-strapped financial institutions, also for 28 days as opposed to overnight.
“Pressures in some of these markets have recently increased again,” the Fed said in a statement. “We all continue to work together and will take appropriate steps to address those liquidity pressures.”

Divorce and Your Credit

2008-03-09T17:40:00.001-04:00

Bank of Canada Lowers Prime Rates!

2008-03-06T20:39:00.000-05:00

In a widely anticipated move, the Bank of Canada reduced its' Prime lending rate by 50 Bps in response to the recent signs of weakening economic conditions and following extremely weak economic figures for the fourth quarter of 2007.

With overwhelming evidence of deteriorating economic conditions in the United States, Canada cannot escape the fallout from the U.S. economic slump which has been a large contributor to the strenthening in the Canadian dollar and has led to weaker demand for Canadian exports. The Bank of Canada noted that "the deterioration in the economic and financial conditions in the United States can be expected to have significant spillover effects on the global economy".

Fortunately for Canadians, inflation in Canada is under control, thus providing the monetary authority the flexibility to lower rates now, with an anticpation of more rate cuts to come. This should help the Canadian economy weather the headwinds and fallout coming from the United States.

To take advantage of the lower rates and an alternate strategy to save you money on your mortgage costs today, contact Mary Wozny at 705-446-9791, email mwozny@mortgagealliance.com, or apply online today at www.MaryWozny.com.

Women Homebuyers Today

2008-03-01T18:42:00.002-05:00

Savvy single women appear to be buying homes more frequently and at a younger age than ever before, and that has turned the industry's attention to this potentially lucrative consumer group in the softening residential real estate market.

Women are more likely to attend university and more willing to leave the parental nest than their male counterparts. According to new data, 37 percent of single women who have never been married now own their own home.

A desire for financial security, their gowing clout in the workplace and a desire to strike out on their own is helping drive this trend, which is showing significant year-over-year growth. Some researches believe that this is a revolution that will likely change the face of Canadian housing, with the average age of the first time women buyer at 29.

Women buying homes are also showing a marked interest in buying the "fixer-upper" home and becoming proficient in dealing with renovation centres.

To deal with a professional empathetic to the specific needs of women today and to access our Right Mortgage for Women, visit www.MaryWozny.com today.

Using Your RRSPs Toward a New Home

2008-02-11T21:42:00.000-05:00

Most of us think about building retirement savings for the future. Too often, we forget that as first time homebuyers, we can get our retirement savings working for us a little earlier. Although sometimes things seem out of reach, on closer examination there is a solution around the corner. Purchasing that first home may be a lot more feasible than we imagine. By using your RRSPs for a down payment for example, you may be able to buy a home sooner.

The Federal Government has established a program where first time homebuyers can take advantage of savings they have accumulated in their RRSPs for the purchase of their first home. The program allows each participant to withdraw up to $20,000 in RRSPs to finance the purchase under the First Time Homebuyers’ Program ($40,000 per couple). The great news is that you have 15 years to pay it back!!

For those purchasers who already have the down payment saved, purchasing an RRSP with those funds may go financially further for you than the initial down payment. The transaction would also get you a tax deduction for the year in which the contribution was made. Potentially, at tax time, you would be eligible for a tax refund due to the RRSP contribution. The tax refund would represent additional funds that could be used for other incidentals and closing costs. One factor that is very important to remember here is that the RRSP funds must be on deposit for 90 days to be eligible.

The payback period is monitored and regulated by the Federal Government. They will remind you annually the amount that is required to be deposited in to your RRSP. As long as the program is adhered to, you have 15 years to repay with no penalty. It is borrowing from your golden years but not depleting your retirement savings.

Ask Mary Wozny, your Mortgage Alliance professional about other ideas to make your purchase a little easier.

For more information on the First Time Homebuyers’ Program please visit www.ccra.ca

Canadian Housing Starts Surge!

2008-02-09T15:13:00.000-05:00

As posted in Fridays Toronto's Globe and Mail, new data out shows that housing starts in Canada jumped in January, yet another sign that the Canadian market continues strong while the U.S. market melts down.

Housing starts rose to 222,700 on a seasonally adjusted and annual basis, Canada Mortgage and Housing Corp. said Friday, up from 184,700 in December and more than economists had forecast.

“Historically low mortgage rates, solid employment and income growth, as well as a high level of consumer confidence, continue to underpin the high level of housing starts,” said Bob Dugan, chief economist at CMHC's Market Analysis Centre, adding that January's starts rebounded to a level more consistent with 2008 expectations of 211,700.

That would mark the seventh consecutive year of starts above 200,000.The Canadian housing market is expected to remain in fairly good shape in 2008 and to remain an important source of economic activity in Canada, says economics strategist Millan Mulraine of TD Securities. “Though we expect it to fall below the blistering pace recorded in 2007. This is on account of the favourable labour market conditions, the continued strong growth in labour income and the expected drop in mortgage rates, as the Bank of Canada continues to lower the policy rate.”

Bank Cuts Prime Lending Rate!

2008-02-08T22:52:00.000-05:00

After a rate cut by the Bank of Canada last Tuesday, Canadas big banks have cut their prime lending rates as well. The new Prime Lending Rate is 5.75% effective February 1st, 2008.

The big banks and most of the private lenders have followed the Bank of Canada and cut their lending rates to consumers for mortgage financing.

Whether you are looking for a Fixed Rate Mortgage or a Variable Rate Mortgage, a Professional Mortgage Consultant can find you the right mortgage and the best rate to suit your personal financial needs and tolerance for risk.