*Stats as of Dec 2023
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RESIDENTIALRESALE MARKET
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Relocating? I've got you!
October 08, 2024
Written by: Buffini & Co
Want to Buy?
A Buyer's Agent:
- Only represents the buyer.
- Shows sellers you are serious about buying.
- Helps find homes to tour.
- Is an expert on the local area - taxes, schools, etc.
- Identifies problems and finds solutions.
- Recommends other trusted professionals.
- Researches comparable listed properties.
- Provides a master marketing strategy.
- Recommends needed improvements or repairs.
- Coordinates showings between seller and agents.
- Negotiates the terms to help you get the highest price.
- Ensures closing goes smoothly and on time.
- Work with a buyer's agent to help you navigate the transaction.
- Determine how much you can afford.
- Review your credit score and make corrections if needed.
- Lower your debt-to-income ratio.
- Meet with a mortgage lender and get pre-approved.
- Meet with a listing agent to come up with a plan.
- Start decluttering.
- Make any necessary repairs inside and outside your home.
- Compile all necessary paperwork (mortgage statements, home maintenance documents, etc.)
Great News on the Canadian Inflation Front in August
October 08, 2024
Written By: Dr. Sherry Cooper & Associates
More Good News on the Canadian Inflation Front
The Consumer Price Index (CPI) rose 2.0% year over year in August, the slowest pace since February 2021, and down from a 2.5% gain in July 2024. Core inflation measures averaged 2.35% y/y and excluding mortgage interest, headline inflation was a mere 1.2%–well below the Bank’s target inflation level of 2.0%. This opens the door for a possible acceleration in Bank of Canada easing. Governor Macklem has suggested that a 50 bp rate cut is possible if inflation falls too fast as unemployment rises.
The deceleration in headline inflation in August was due, in part, to lower gasoline prices, a combination of lower prices and a base-year effect. The decline in August 2024 was mainly due to lower crude oil prices amid economic concerns in the United States and slowing demand in China. Excluding gasoline, the CPI rose 2.2% in August, down from 2.5% in July.
Mortgage interest costs and rent remained the most significant contributors to the increase in the CPI in August. The mortgage interest cost index continued to rise at a slower pace year over year in August (+18.8%) for the 12th consecutive month after peaking in August 2023 (+30.9%). The CPI fell 0.2% m/m in August after increasing 0.4% in July. Lower prices for air transportation, gasoline, clothing and footwear, and travel tours led to a monthly decline. The CPI rose 0.1% in August on a seasonally adjusted monthly basis.
The central bank’s two core inflation measures decreased, averaging a 2.35% yearly pace from 2.55% a month earlier, matching expectations. According to Bloomberg calculations, a three-month moving average of those measures fell to an annualized pace of 2.4% from 2.8% in July.
August marked the eighth month of headline rates within the central bank’s target range.
Bottom Line
The inflation print is the first of two CPI reports before the Bank of Canada’s next rate decision on Oct. 23. After the data were released, overnight swaps traders upped their bets on a larger-than-normal reduction at that decision, putting the odds of a 50-basis point cut at just over a coin flip. Prices declined in five of eight subsectors every month, which could trigger worries about deflation among central bank officials if it becomes a trend. Macklem has recently said the bank cares as much about undershooting the 2% inflation target as it overshooting it.
Markets now suggest a 47% chance of a 50 bps BoC cut on October 23 and a 57% probability of a 25 bps cut. Next week’s GDP data and the October 15 CPI report loom large in the 25 versus 50 bps debate.
Further rate cuts will no doubt spur a housing recovery, though we suspect a shallow one initially due to affordability issues in Ontario and B.C. However, three new mortgage rule changes (effective December 15) could speed things along. The changes will allow all buyers to get a longer 30-year mortgage for a new build, first-time buyers to get a similar term for all properties (both new and old), and buyers to get an insured loan on a home priced up to $1.5 million (versus $1.0 million currently). The latter change will allow smaller down payments and lower borrowing costs than an uninsured loan. The 5-year extended term will lower monthly mortgage payments by about 9%.
Down Payments & Deposits...Which is Which?
October 08, 2024
Written by: Erin Best of REW
When the time comes to make an offer on a property, two terms are often used interchangeably in the purchase process: deposit and down payment. While they both involve money changing hands, they serve different purposes. Understanding the differences between these terms is important.
The Deposit
A deposit is the sum of money provided by the buyer upon making an offer on a property. This deposit demonstrates the buyer's commitment to the purchase and serves as a show of good faith. Typically, the deposit is held in the buyer’s real estate agent’s brokerage trust account, or whichever trust account the buyer and seller agree to in the terms of an offer.
Your deposit money should be readily available in an accessible account prior to you viewing properties. Having a deposit accompany your offer or as part of your offer, cements your offer's credibility as a serious contender. Your deposit can accompany your offer as guaranteed funds, and it’s usually in the form as a cashier’s cheque.
Best practice from BC Financial Services Authority? Steer clear of making your certified cheque out to cash. Why? Well, imagine the unfortunate scenario where that cheque goes missing or falls into the wrong hands. Not only could this pose a security risk, but it could also lead to additional fees imposed by financial institutions to cancel the cheque and reissue a new one. This process can be anything but seamless, often entailing unnecessary hassle and precious time wasted. So, do yourself a favour and ensure your certified cheque is made out to the intended recipient, safeguarding both your funds and your peace of mind throughout the transaction journey.
One primary function of the deposit is to protect the seller in case the buyer defaults on the contract. If the buyer fails to fulfill their obligations outlined in the purchase agreement, such as backing out of the deal without valid reasons, the seller may be entitled to keep the deposit as compensation for the time and effort lost during the transaction process.
Moreover, deposits can act as a deterrent against frivolous offers. When buyers submit an offer accompanied by a substantial deposit, it signals to the seller that they are serious about the purchase, which can strengthen the offer's credibility.
Down Payments
On the other hand, a down payment refers to the initial payment made by the buyer toward the total purchase price of the property. Unlike the deposit, which is primarily a gesture of good faith, the down payment constitutes a significant portion of the total amount due and is often a requirement by lenders for financing approval. It offsets the total principal loan amount and reduces your monthly payments. Your down payment must be available when you meet with your lawyer or notary to sign the purchase documents with them.
There are a few ways that your down payment becomes available to you for closing:
- If you had a home to sell prior to buying your new home, then the equity you built up during that period becomes your down payment. Now, if you haven’t closed on that sale yet and you need to close on your new home, your lender can issue bridge financing. Bridge financing is a short-term financial solution for securing a down payment on your next home while leveraging the equity in your current property. If your plan entails selling your existing home after purchasing a new one, a bridge loan may be indispensable until the proceeds from the sale are realized.
- Once you've sold your old home and the money is ready, you can use it for the down payment on your new home. You can either withdraw the funds from your account as guaranteed money (like your deposit) or have your lawyer keep the money safe in their trust account until you're ready to buy your new place.
- The third way to ensure your down payment is ready for closing is to have it available in your account ready to withdraw, the same as you did your deposit. Be prepared to withdraw it as guaranteed funds in the form of a certified cheque and ensure it’s made out to the intended recipient.
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