Friday, 17 March 2017

March News and Rate Advisor

Welcome to the March issue of the News & Rate Advisor.

Current Discount Mortgage Rates for Mar 2017Rate
Variable Rate2.30%
1 Year2.29%
3 Year2.44%
5 Year2.64%
Prime Rate2.70%


Canadian Qualifying RateMar 2017
Rate4.64%
Source: Bank of Canada


Current Bank of Canada Rate & Prime RatesMar 2017Mar 2016Mar 2015
Bank Rate0.75%0.75%1.00%
Prime Rate2.70%2.70%2.85%
Source: Bank of Canada



Nationwide Building PermitsJan 2017Jan 2016Jan 2015
Residential$5,069,529,000$4,011,352,000$4,056,063,000
Commercial$2,545,973,000$2,385,097,000$2,111,941,000
Total$7,615,502,000$6,396,449,000$6,168,004,000
Source: Stats Canada - preliminary figures


Average House Prices by ProvinceJan 2017Jan 2016Jan 2015
National$470,253$470,297$401,143
Yukon$333,353$312,440$268,615
Northwest Territories$341,890$343,856$268,910
British Columbia$621,093$752,906$593,155
Alberta$383,040$371,620$381,757
Saskatchewan$288,703$288,177$294,885
Manitoba$267,068$264,007$252,434
Ontario$556,631$466,053$417,723
Quebec$283,984$269,635$263,714
New Brunswick$161,656$150,538$145,592
Prince Edward Island$188,246$165,916$159,448
Nova Scotia$202,794$205,047$205,589
Newfoundland$240,860$255,091$283,043
Source: CREA - Most Recent Month Reported


Average House Prices by CityJan 2017Jan 2016Jan 2015
Yellowknife$341,890$343,856$268,910
Vancouver$878,242$1,083,177$827,558
Victoria$589,082$524,361$470,693
Edmonton$355,841$339,714$362,394
Calgary$451,242$439,552$437,908
Saskatoon$335,121$344,639$346,536
Regina$297,532$309,154$294,488
Toronto$770,745$631,092$552,575
Hamilton-Burlington$516,128$451,130$417,700
Ottawa-Carleton$379,369$356,696$349,672
Quebec City$259,509$245,777$257,952
Montreal$351,255$337,894$324,210
Fredericton$174,058$165,633$164,370
Saint John$164,126$162,181$143,466
Halifax-Dartmouth$265,237$262,027$270,120
Winnipeg$272,553$273,154$261,612
Source: CREA - Most Recent Month Reported

Thursday, 9 March 2017

How to increase your home's value without breaking the bank

(NC) Sometimes, what starts off as a small renovation project can quickly escalate in size and cost. To avoid surprises, it is important to consider where to invest, where to save and how to budget as you embark.
For larger projects, refinancing your home or using secured borrowing accounts can be a good option to help cover costs. Often, interest rates on mortgages are lower than credit cards and loans, and it can be simpler to have one consolidated payment. PC Financial has a wide variety of low-interest mortgage options that allow you to earn PC Points, which can be redeemed for groceries, home products and clothing for your family.
To maximize your budget and ensure your renovation helps build value, here are some helpful tips from HGTV and Cityline design expert Karen Sealy on when to invest:
• Kitchen: Investing in modern amenities, while creating an inviting and functional space, will make this important room more enjoyable for you and appealing to future buyers.
• Flooring: Do your homework and invest in a high quality, timeless choice. Open concept living spaces are a trending aesthetic that can be enhanced by new floors.
• Curb appeal: Make your home more welcoming to visitors and potential buyers by investing in a beautiful garden with well thought-out lighting; redoing your walkways; and adding some simple architectural details.
Alternatively, here are some items Sealy says you can afford to save on:
• Tile: Comes in varying thicknesses based on use. Wall tiles can be thin — which is a cost saver — while floor tiles should be thicker. Consider porcelain tile, as it is durable and resists chips and cracks, making it a smart option.
• Cabinets: Consider updates to your cabinets instead of buying new ones. Easy changes like adding a bank of drawers or updating hardware could be just the transformation you need.
• Paint: New colour is an easy way to instantly makeover your space and achieve a fresh look. The most important step - good preparation and quality paint.
Before tackling your next big project, it is important to have a budget in place and make sure you are able to properly finance your renovation. PC Financial mortgage advisors can help you find a refinancing option that fits your needs and is in your best interest.
www.newscanada.com
www.philrom.com

4 Smart reasons to refinance your home

(NC) Whether you are trying to save on your current mortgage payments or freeing up cash for other endeavours, refinancing can be an effective way to achieve your financial goals. It can help fund a large purchase, or provide an investment back in the home to increase market value.
"Some homeowners may not realize that mortgage rates are still near record lows, which is great if you're looking to unlock some of the equity you've built in your home," says personal finance expert Barry Choi. "It's worth speaking to a PC Financial mortgage specialist to find out what options are available to you and best fit your needs, but remember not to overextend yourself."
Here are some reasons to consider refinancing your mortgage:
1. Sending your kids to university. With tuition prices at an all-time high, refinancing can help provide the funds necessary to invest in your child's education.
2. Lower monthly payments. If you purchased your home when interest rates were high, switching to a mortgage with a lower rate can help to reduce your monthly payments. A PC Financial mortgage has some of the lowest rates and offers rewards through PC Points that can be redeemed for groceries.
3. Major home renovations: Refinancing is a good way to re-invest in your house. Renovating and modernizing can drastically increase your home's market value, allowing you to increase your profits if you choose to sell later on.
4. Buying a second property. If you have been saving up for a cottage or second home, refinancing can help provide the extra funds necessary to finalize your down payment.
www.newscanada.com
www.philrom.com

Monday, 16 January 2017

January News and Rate Advisor

Welcome to the January issue of the News & Rate Advisor.

Current Discount Mortgage RatesJan 2017
Variable Rate2.25%
1 Year2.29%
2 Year2.29%
3 Year2.44%
4 Year2.59%
5 Year2.74%
7 Year3.19%
10 Year3.69%
Prime Rate2.70%


Canadian Qualifying RateJan 2017
Rate4.64%
Source: Bank of Canada


Current Posted Mortgage RatesJan 2017Jan 2016Jan 2015
1 Year3.14%3.14%3.14%
3 Year3.39%3.39%3.44%
5 Year4.64%4.64%4.79%
Source: Bank of Canada


Nationwide Building PermitsNov 2016Nov 2015Nov 2014
Residential$5,139,055,000$4,002,881,000$4,382,756,000
Commercial$2,625,521,000$2,214,399,000$2,218,621,000
Total$7,764,576,000$6,217,280,000$6,601,377,000
Source: Stats Canada - preliminary figures


Current Bank of Canada Rate & Prime RatesJan 2017Jan 2016Jan 2015
Bank Rate0.75%0.75%1.00%
Prime Rate2.70%2.70%2.85%
Source: Bank of Canada



Average House Prices by CityNov 2016Nov 2015Nov 2014
Yellowknife$423,222$423,788$205,500
Vancouver$895,084$930,652$801,450
Victoria$639,687$495,209$466,453
Edmonton$373,174$369,559$381,371
Calgary$468,659$444,959$462,031
Saskatoon$335,660$339,465$346,015
Regina$297,980$309,240$298,290
Toronto$776,684$632,685$577,936
Hamilton-Burlington$510,475$431,566$398,590
Ottawa-Carleton$379,343$363,117$358,196
Quebec City$259,562$262,765$265,825
Montreal$366,956$346,723$345,032
Fredericton$172,925$158,857$146,242
Saint John$168,865$175,829$191,082
Halifax-Dartmouth$282,700$296,205$266,362
Winnipeg$279,557$278,134$266,945
Source: CREA - Most Recent Month Reported


Average House Prices by ProvinceNov 2016Nov 2015Nov 2014
National$489,591$456,186$413,649
Yukon$289,312$343,942$242,694
Northwest Territories$423,222$423,788$205,500
British Columbia$625,871$668,317$574,694
Alberta$395,648$385,430$407,071
Saskatchewan$292,303$294,110$295,487
Manitoba$282,511$271,045$261,180
Ontario$571,696$471,224$433,561
Quebec$291,232$283,560$279,014
New Brunswick$158,295$155,127$160,766
Prince Edward Island$165,406$167,875$180,487
Nova Scotia$218,332$216,717$206,251
Newfoundland$265,395$271,918$273,177
Source: CREA - Most Recent Month Reported

Thursday, 4 August 2016

July News and Rate Advisor


Welcome to the July issue of the News & Rate Advisor.

Current Discount Mortgage RatesJul 2016
Variable Rate2.35%
1 Year2.29%
2 Year2.24%
3 Year2.29%
4 Year2.49%
5 Year2.49%
7 Year3.44%
10 Year3.84%
Prime Rate2.70%
* Rates subject to change and OAC.


Canadian Qualifying RateJul 2016
Rate4.74%
Source: Bank of Canada


Current Posted Mortgage RatesJul 2016Jul 2015Jul 2014
1 Year3.14%2.89%3.14%
3 Year3.39%3.39%3.75%
5 Year4.74%4.64%4.79%
Source: Bank of Canada


Nationwide Building PermitsMay 2016May 2015May 2014
Residential$4,339,934,000$3,941,034,000$4,172,131,000
Commercial$2,451,105,000$2,802,125,000$2,871,096,000
Total$6,791,039,000$6,743,159,000$7,043,227,000
Source: Stats Canada - preliminary figures


Current Bank of Canada Rate & Prime RatesJul 2016Jul 2015Jul 2014
Bank Rate0.50%0.75%1.25%
Prime Rate2.70%2.70%3.00%
Source: Bank of Canada



Average House Prices by CityMay 2016May 2015May 2014
Yellowknife$439,610$374,363$462,143
Vancouver$1,055,495$905,701$814,418
Victoria$585,994$527,770$496,378
Edmonton$382,695$381,111$371,871
Calgary$476,886$465,941$465,579
Saskatoon$338,153$345,907$338,195
Regina$326,656$320,393$317,662
Toronto$751,908$649,599$585,204
Hamilton-Burlington$497,792$447,019$406,007
Ottawa-Carleton$384,212$386,331$383,168
Quebec City$266,269$268,534$270,824
Montreal$354,533$338,685$335,937
Fredericton$208,115$179,674$196,656
Saint John$165,762$169,400$183,755
Halifax-Dartmouth$294,493$293,734$290,587
Winnipeg$290,063$287,587$287,026
Source: CREA - Most Recent Month Reported


Average House Prices by ProvinceMay 2016May 2015May 2014
National$509,460$450,886$416,584
Yukon$329,993$333,136$314,974
Northwest Territories$439,610$374,363$462,143
British Columbia$722,146$632,182$565,233
Alberta$402,751$405,105$405,294
Saskatchewan$297,303$304,356$301,409
Manitoba$283,058$279,729$279,668
Ontario$547,860$483,766$447,682
Quebec$285,171$276,937$276,919
New Brunswick$180,839$164,736$178,609
Prince Edward Island$172,581$167,391$177,533
Nova Scotia$232,597$244,608$215,298
Newfoundland$246,848$278,263$295,199
Source: CREA - Most Recent Month Reported



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