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“Always the Right Time to Buy!” – Cheap Rope For Vancouver RE Buyers

As a mortgage agent, Lorina Serafico, a home-financing adviser with Scotiabank, often gets asked when is a good time to buy a home.
“If a household has the income, down payment, and the credit score to qualify for a mortgage, it is always the right time,” she said.
According to Serafico everyone needs a home, whether owned or rented.
“I consider mortgage payments as a forced savings plan,” Serafico said. “A $500,000 property you bought today will be worth $873,000 in 10 years. That’s an average of 7.45 percent annual increase, beating a medium-risk investment portfolio.” …
With more than a decade as a mortgage agent, Serafico has served numerous customers, and a number of them have started meeting with her again.
They’re usually owners of townhouses and condos, and now they’re thinking of upgrading to single-family homes.
“They like what is happening in the market. There’s more inventory; prices have stabilized; and interest rates are good,” Serafico told the Georgia Straight in a phone interview.
On March 27 this year, the Bank of Canada slashed its key interest rate—which determines bank lending rates—to its lowest level of 0.25 percent.
– excerpt from ‘Mortgage holders can seize on opportunities to upgrade’, Carlito Pablo, Georgia Straight Vancouver’s News & Entertainment Weekly, 17 June 2020

“It’s hard to make predictions, especially about the future.” – attributed to Yogi Berra.
One would think that people, especially finance professionals, had learned not to say things like “…it will be worth…”, “…7.45%…”, and “…always…”.
– vreaa

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Four of Canada’s Big Banks Note Real Estate Inventory Is Rising Faster Than Sales

Canadian banks have been divided on where the market will head, but they’re all seeing the same thing – inventory rising faster than sales. Four of the Big Six commented on May sales across Canada. All four banks stated the rise in sales last month sounded more impressive than it was. The bigger common concern […]

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TransUnion: Almost A Fifth of Canada’s Millennials Are Delaying Their Home Purchase

More Canadians are starting to feel the financial pressures of high household debt. TransUnion‘s consumer survey conducted at the end of May, shows more people are worried about making their credit payments. This pressure is causing a significant number of people to delay buying a new home – especially first time buyers. Two-Thirds of Households […]

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Canada’s Super Rich Actually Own A Bigger Share of Wealth Than Previously Thought

Canada’s wealth inequality issues are bigger than previously estimated – which really is something. The Parliamentary Budget Officer (PBO), a non-partisan office that advises the Canadian government, has created a new model to estimate wealth held by the country’s richest households. The new estimate shows Canada’s one-percent actually holds a much bigger share of total […]

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Canadian Real Estate Prices Peaked Says Canada’s Largest Bank, Revises Forecast Lower

Canada’s largest bank is calling the top for real estate prices in the near term. RBC economists took a dive through the latest Canadian real estate sales for May 2020. In addition to noting prices have stalled, they believe the bounce in sales is overstated. Combine this with an observation on supply outpacing demand, and […]

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TransUnion: Canadian Non-Mortgage Credit Delinquencies Soar To 2015 Levels

Canadian lenders have been granting credit payment deferrals by the hundreds of thousands. Somehow, that’s not quite enough to deter delinquencies. TransUnion data shows a significant uptick in delinquencies for non-mortgage credit in Q1 2020. The increase brings the country to the highest level of delinquencies in half a decade. Canadian Non-Mortgage Credit Delinquencies Reach […]

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Canada’s Largest Real Estate Markets See A Big Drop In New Permanent Residents

Canada’s immigration has slowed due to the pandemic, at least for a few months. Immigration, Refugees and Citizenship Canada (IRCC) data shows a steep decline in the number of new permanent residents in April. The drop is one of the sharpest in recent history, with large real estate markets most impacted. Fewer Permanent Residents Admitted […]

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Canadian Home Sales Fall Over 39%, With Toronto Leading The Market Lower

Canadian real estate sales aren’t falling as much as the month before, but remain substantially lower. Canadian Real Estate Association (CREA) data shows home sales fell in every major market in May. The decline in sales was smaller than the month before, but still remains at one of the lowest volumes in decades. Even CREA […]

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This Week’s Top Stories: A Big Canadian Bank Forecasts The Largest Real Estate Price Drop In History, And Canadians Max Out HELOCs

Time for your cheat sheet on this week’s most important stories. Canadian Real Estate National Bank Of Canada Forecasts Sharpest Real Estate Price Decline Ever One of Canada’s Big Six banks sees this real estate correction being the largest correction ever. National Bank of Canada is forecasting prices will decline 9.8% from late 2020 to […]

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World Bank Expects The Largest Globally Synchronized Recession In History

The pandemic turned a global slowdown into a global downturn, and it’s just getting started. World Bank analysts have noted a rapid revision of economic indicators around the world. The organization is now forecasting a synchronized downturn, spread over 90% of economies. This would be the largest global recession in history, surpassing the previous record […]

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