It is simple, when purchasing a home and need a mortgage; you can go to a local bank and accept one of their products only available to that institution. Or you can sit down with myself, Michael Giligson, a proud member of the Xeva Mortgage team, that has access to a wide range of lenders that will be competing for your business therefore offering a variety of products for you to choose from and the best interest rates possible with the best terms. It is a benefit to use me, a member of the Xeva Mortgage Team as we have access to more than 40 lenders including Canada’s largest banks, Credit unions, Trust Companies and private lenders. We give you unbiased advice and take the time to go through all your financing options. I will make sure you get the best mortgage available for your needs. I am here to work for you, not the banks.
Our team has more than 140 years of combined experience in the Banking and Real Estate Market. We utilize our expertise to cut through all the clutter and confusion, acting as a liaison between the lender, realtor, appraiser, credit agency, lawyers, and any other service-providers that could affect your transaction. Through our knowledge and experience we help you make sense of everything you may have trouble understanding. We know that it's especially important given the fact that your home is one of your single biggest investments. Michael utilizes an entire team that work with him at Xeva Mortgages to provide support and strength with clients' applications.
In most cases, we are paid directly by the Lender so there is no cost to our clients, and because we don't get paid until the mortgage is fully completed, we are highly motivated to move your mortgage application quickly through all the required channels. We work for you and not the banks. We are committed to finding you the best mortgage financing options available to you and that are tailored to your specific financial goals.
We are also on top of all the latest trends and innovations in our industry - from the status of interest rates to the availability of alternative financing options. With our superior technology and commitment to taking care of our clients after the transaction, you can be assured that not only now, but in the future, you will always have the best rates and products available by using Michael Giligson and Xeva Mortgage.
The difference of even a 0.25% on a mortgage can result in thousands of dollars’ worth of savings over the life of your mortgage and allowing you to be mortgage free years sooner.
Further information about Financial Planning; Life Insurance and Investments can be found at Rethinkfinancial.com
CMHC Residential Mortgage Industry Report
HIGHLIGHTS
Renewal risk remains as 1.2 million mortgages will come up for renewal in 2025. Most of these will experience higher interest rates than when their term began: 85% of those were contracted when the Bank of Canada rate was at or below 1%.
The mortgage delinquency rate continued to rise from historic low levels in 2024, reaching 0.19% in the second quarter, with delinquency rates on other credit products, and allowances for expected credit losses both suggesting it will continue to increase through 2025. However, this remains below pre-pandemic levels and well below averages since 1990.
Traditional lenders experienced two very different quarters to begin 2024. The first quarter showed higher risk lending compared to 2023, but in the second quarter newly extended mortgages had lower risk based on traditional risk metrics.
Overall mortgage debt increased to $2.2 trillion in July 2024, which exacerbates the vulnerability of elevated household debt. This growth (3.5% year-over-year) is below recent averages, but lower interest rates could accelerate the increase.
Alternative lenders saw an increase in lending during the first quarter of this year compared to the fourth quarter of 2023, indicating renewed momentum to sustain their market share from a year ago. However, their risk profile has increased compared to last year.
Mortgages with terms of three or more years but less than five years are the most popular, with over half of new mortgages having terms in this range. The traditional five-year, fixed-rate mortgage and variable rate mortgage both represent a small share of the newly extended loans.
https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/housing-research/research-reports/housing-finance/residential-mortgage-industry-report/2024/residential-mortgage-industry-report-fall-2024-en.pdf
BMO: Consumers plan to spend less this holiday season
The BMO Real Financial Progress Index reveals that amid growing concerns about the cost of living (54%) and their overall financial situation (36%) 79% of Canadians are planning to cut back on spending this holiday season. The surveys insights provide an outlook on Canadians holiday spending plans, including:
The holiday price tag:
On average, Canadians plan on spending more than $1,991 this holiday season, including travel ($1,802), holiday gifts ($519), entertaining ($295), decorations ($141) and other holiday expenses ($275).
Nearly a quarter (23%) plan on spending more than $2,000 during the holidays.
Making a list and checking it twice:
79% plan on buying fewer gifts this year, and over a quarter (27%) will cut down the number of people on their gift list.
More than a third (36%) plan on buying less expensive gifts.
Sleighing spending:
41% are spending less on fewer gifts, and 44% had cut back on spending on other occasions, including birthdays and anniversaries, throughout the year in order to spend more on holiday gifts.
Nearly half (49%) admit to spending more than they know they should.
https://about.bmo.com/consumers-plan-to-spend-less-this-holiday-season-heres-how-bmo-can-help-make-holiday-budgeting-easier/
TD: Mortgage Rule Changes to Add Fuel to Canadian Housing Recovery
Report by TD Economics
Highlights
On December 15th, the federal government will roll out mortgage rule changes that make it easier to purchase a home for those taking out insured mortgages.
These measures should offer a lift to Canadian home sales and prices next year. However, their impact will be blunted by an array of factors, including the affordability erosion induced by their implementation.
Mitigating the impacts of these policies may be positive from a financial stability perspective, as the measures will likely encourage households to take on more debt at a longer term, and insured borrowers have typically been more prone to bouts of financial stress.
The federal government has recently announced two changes to Canadian mortgage rules (effective December 15th, 2024) that will make it easier to qualify for purchasing a home. As the surge in home sales early in 2024 (amid a steep drop in bond yields at the end of last year) and in the spring of 2023 (after the Bank of Canada paused its rate hiking campaign) taught us, Canadian housing market activity can be highly reactive. Yet, we dont think that these measures alone will unleash a housing boom. Instead, theyll likely offer a secondary tailwind to a market thats already gaining decent traction in 2025 on the back of lower borrowing costs and a gradually improving economy (see here). Whats more, the affordability boost offered by these measures will likely also erode as home prices are raised by their implementation, thereby limiting their effectiveness.
https://economics.td.com/ca-mortgage-rule-changes
