Dev Dhir

Whether you’re saving for a down payment or improving your credit, keep moving forward! 🚀

“📉 New home sales took a major hit in July, down 48% compared to last year and 70% below the 10-year average!
This could be an incredible opportunity for new buyers! 🏠 With prices dipping from their peak, there’s potential to find a great deal in today’s market. 🌟

If you’ve been thinking about buying, now might be your moment! Let’s chat about how you can take advantage of these conditions. 🙌👇

Do not ⛔️

📉 Canada’s Inflation Drops to 2.5%! 📊

With inflation cooling down and shelter costs showing signs of slowing, economists are expecting another interest rate cut from the Bank of Canada this September. 🏦💸

While rents & mortgage payments still weigh heavy, lower grocery & vehicle prices are giving Canadians a bit of relief.

As inflation moderates, could this be the start of more affordable living? Let’s see what September holds with the BoC’s next move! 👀

💭 Confused about the mortgage process?
Unsure how to get pre-approved or where to even begin? 🏡
The home-buying journey can feel overwhelming, but it doesn’t have to be!

As a dedicated mortgage agent, I’m here to guide you every step of the way. Whether you’re curious about mortgage rates, need help understanding your options, or just have questions, I’ve got you covered. 👩‍💻

📞 Let’s chat and get you on the path to homeownership with confidence!

📱 Reach out today, and let’s make your dream of owning a home a reality. 🌟

🏡 Top Cities for Renters in 2024 🌟

If you’re renting in Canada, the location you choose can make all the difference!
This year, St. John’s, NL ranks #1, offering a perfect balance of economic stability, quality of life, and a strong sense of community. But that’s not all…

• Québec dominates the rankings with 7 cities in the top 10.
•Looking for affordable rents? Québec and Cape Breton, NS offer the lowest average rents under $1,000.
•Wood Buffalo, AB is a hidden gem for budget-conscious renters, with 83% of residents spending less than 30% of their income on housing.
•Oakville, ON stands out with the highest number of schools per 10,000 people.
•Québec City, QC reports the highest levels of life satisfaction among its residents.
🔑 Whether you’re after affordability, top-notch amenities, or a thriving community, there’s a city for you!

👉 Where would you rent?

Curious to see the full list and details ?
🔗 Tap the link in bio to read the full report and discover which Canadian city might be the best fit for your rental lifestyle.

Point2Homes identified the best cities for renters by analyzing 24 metrics across these areas, ranking Canada’s 100 largest cities.

Canada's Best Cities for Renters in 2024: St. John's Wins, Outranking 99 Cities We ranked Canada's 100 largest cities to see which of them emerge as true havens for those who embrace the renter's lifestyle.

✨Dreaming of your perfect home?
It’s not as far off as you might think! With the right mortgage plan, that dream home could be yours sooner than you imagine.
Whether you're buying for the first time, looking to upgrade, or considering refinancing, I’m here to help you every step of the way.

Let's turn those dreams into reality—starting today! 🏡🔑

Know these before you start your home-buying journey!

💪 No matter what stage you’re at in your mortgage journey, keep pushing forward. Persistence pays off!

The Bank of Canada just cut its benchmark interest rate again, bringing it down to 4.5%! 📉
This marks the second consecutive cut as they aim to boost the economy. What does this mean for you? Lower borrowing costs and potential opportunities in the housing market! 🏡💸

Ever wondered why mortgage payments are a month behind? 🤔
Unlike many other bills that are paid upfront, mortgages and car financing are typically settled in arrears. That means your payment at the beginning of July covers June’s expenses.
On the flip side, leases, phone plans, and insurance are usually paid in advance. Knowing this can help you budget and plan ahead effectively. 💸

More borrowers are choosing variable-rate mortgages as the Bank of Canada lowers interest rates 🏡📉

In Q1, 12.9% opted for variable rates, up from 4.2% last year, though down from the pandemic high of 57%.

With rates still dropping, now might be the time to consider a variable-rate mortgage! 💸🔑

Dreaming of owning your own home? 🏡✨
Here’s how you can prepare:

•Check Your Credit: Aim for a score of 620+.
•Save for a Down Payment
•Get Pre-Approved: Know your budget and show sellers you’re serious
•Research: Find the right neighborhood and list your must-haves
•Budget for Extras: Don’t forget closing costs and inspections
•Build Your Team: Let me guide you through the process.
Take these steps to turn your homeownership dreams into reality! 💪✨

The Bank of Canada has lowered its key interest rate to 4.75% for the first time since March 2020! 🏦✨

This 25 basis point cut, reducing the policy rate from 5% to 4.75%, marks a significant shift in monetary policy. 💸📉

What does this mean for you? Lower borrowing costs for mortgages, loans, and more! Now might be the perfect time to consider buying a home or refinancing your mortgage. 🏡🔑

Dreaming of owning your own home? 🏡✨
Here’s how you can prepare:

•Check Your Credit: Aim for a score of 620+
•Save for a Down Payment
•Get Pre-Approved: Know your budget and show sellers you’re serious
•Research: Find the right neighborhood and list your must-haves
•Budget for Extras: Don’t forget closing costs and inspections
Build Your Team: Let mee guide you.
Take these steps to turn your homeownership dreams into reality! 💪✨

Unlocking the door to homeownership, one step at a time! 🏡
Follow along as I guide you through the 7 essential steps to buying your dream home. Let’s turn your aspirations into reality! 💼💰

Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for tens of billions in new spending aimed at making housing more affordable and improving the lives of young people.

Finance Minister Chrystia Freeland said the government will tax Canadian companies on two-thirds of their capital gains, up from half currently. That change will also apply to individual taxpayers when they have gains over $250,000 in a year, though people will still be able to sell the homes they live in tax-free.
Do you think this is the right move?



Source: Financial Post

Real estate market data at a glance🏡📈


Note; Data sourced from the Canadian Real Estate Association (CREA)

"Exciting news! 🏙️ The Trudeau government is set to scrap GST on new rental apartment construction in Canada, saving you a cool 5%! 🇨🇦

A move to boost the housing supply in these times of higher interest rates.

Keep in mind, experts say it might take 2-3 years before we see this rebate's full impact on the Canadian housing scene.

🏠💰 Stay tuned for more updates! 📰

"🏡 Navigating Mortgages Made Simple 📝💰
Ever wondered how the mortgage process works?
Let's break it down step by step so you can achieve your homeownership dreams with confidence! 🙌🏠

"You can't find a home for under $500,000 anywhere in this province, but as sure as I am standing here, we're going to make that available to young people, people that are renting right now that have a dream of home ownership," Doug ford said.

The premier finished his speech with a promise of building 1,600 square-foot houses across the province similar to the wartime homes - also known as the Strawberr box houses - built across Canada after the Second World War.

The houses will have finished basements that owners can rent out, backyards with fences, paved driveways, and will be built on land made available through partnerships with municipalities, Ford said
And the total sum: under $500,000.

Source: therecord.com

“You can’t find a home for under $500,000 anywhere in this province, but as sure as I am standing here, we’re going to make that available to young people, people that are renting right now that have a dream of home ownership,” Doug ford said.
The premier finished his speech with a promise of building 1,600 square-foot houses across the province similar to the wartime homes — also known as the Strawberry box houses — built across Canada after the Second World War.

The houses will have finished basements that owners can rent out, backyards with fences, paved driveways, and will be built on land made available through partnerships with municipalities, Ford said

And the total sum: under $500,000.

Source: therecord.com

If mortgage rates are constantly changing, how do you know when it’s time to lock in a rate?
Luckily, it’s not as tough as it sounds.
You’ll likely have a short window for rate shopping before it’s time to lock and move forward with the loan.

And in that time, you shouldn’t expect rates to rise or fall too dramatically. Movements are typically small from one day to the next.

So the decision is less about timing your rate lock, and more about choosing the right lender.

You’ll likely save more by comparison shopping than by trying to play the market, since even seasoned economists have trouble predicting how mortgage rates will move.
Contact to find out more.

Dev Dhir
Mortgage Agent
GNE Mortgages
Lic

The City of Toronto introduced the new tax in an effort to increase housing availability by encouraging the conversion of vacant properties into occupied homes and rentals.

Homeowners were initially required to declare their property’s occupancy status by February 2 or risk fines of up to $10,000, but Toronto Mayor John Tory had announced an extension to that deadline.
Homeowners now have until the end of February to declare if their property is occupied or vacant.

The City of Toronto introduced the new tax in an effort to increase housing availability by encouraging the conversion of vacant properties into occupied homes and rentals.

Homeowners were initially required to declare their property’s occupancy status by February 2 or risk fines of up to $10,000, but Toronto Mayor John Tory has announced an extension to that deadline.
Homeowners now have until the end of February to declare if their property is occupied or vacant.

To identify which areas of Ontario have the most competitive (seller's markets) and least competitive (buyer's markets) real estate markets, Zoocasa reviewed the property days on market, average home price, new listings and sales numbers for the month of December 2022. Cities in green have lower days on market, whereas red is higher than the Toronto Region average.

The majority of real estate properties in housing markets across Ontario are selling quicker than in Toronto.
A report posted by Zoocasa on Thursday, said 12-out-of-22 Ontario housing markets had properties listed for sale for a shorter amount of time than the Toronto average in December.
The Waterloo Region came in first with the smallest number of days on market (25 days), followed by Aurora (26 days), and London and Whitby tied for third (28 days).
According to data by the Toronto Regional Real Estate Board, homes in Canada’s largest city were on the market for an average of 40 days in December.
This marked a 110.5 per cent year-over-year increase from Dec. 2021, when properties were listed on the market for an average of 19 days.
Caledon and Orangeville were tied with having properties listed on the market for the longest amount of time, with an average of 60 days.
Vaughan and Milton both came in at second last with properties listed for an average of 47 days.

Source : Bnnbloomberg , Zoocasa

Pre qualification vs pre approved in simple terms

At the most basic level, these are the types of mortgage approvals, and they refer to the steps a broker takes to verify that a client can afford a mortgage.
A prequalification generally means that a mortgage lender collects some basic financial information from you to estimate how much house you can afford. Getting confirmation from a lender that you prequalify for a home loan allows you to have a general idea of how much you’ll be approved for when it comes time for closing.
Getting approval for your mortgage means that a broker has reviewed your financial situation and confirmed your ability to take on mortgage payments.
You and your real estate agent can use this information to focus on homes you can afford.