AGENT LICENSE ID
M08000964
BROKERAGE LICENSE ID
10460
Margo Wynhofen
Mortgage Broker
Office:
Phone:
Email:
Address:
7 Livingston Avenue, Grimsby, Ontario
BROWSE
PARTNERS
One Mortgage Broker. Many Mortgage Solutions.
Since 1998, I have been providing expert mortgage advice to clients looking to purchase residential real estate, or for the renewal or refinance of an existing residential property mortgage. Much of my business is from repeat clients who have either moved, or refinanced for consolidation or future investment, or who have simply renewed a mortgage. From the twenty-something, anxious first-time homebuyer to the seventy-something, anxious reverse mortgage homebuyer, I cover it all!
Is your sole focus to find a low rate? I am confident that I can secure a competitive interest rate for you, but, when shopping for a mortgage, the biggest mistake that a consumer can make is to base the decision solely on the interest rate. Yes, the rate is important, but it should not be the only point you base your decision on.
Ask yourself the following questions before you commit to what you think is the "lowest rate" mortgage:
- What kind of service can I expect from my mortgage lender, and/or my mortgage broker once my mortgage has funded?
- How will I be treated at renewal time? Will I be offered competitive pricing then, and if not, how difficult will it be for me to transfer this mortgage to another institution?
- Do I understand the "fine print" of my mortgage contract - specifically, how the prepayment penalty is calculated?
- How difficult will it be to make changes to my mortgage mid-term, such as applying to transfer the mortgage if I need to move to another home, or to make a lump-sum prepayment, or to refinance my mortgage mid-term?
- Does my mortgage lender allow for me to obtain secondary financing elsewhere - for example, obtaining a home equity credit line elsewhere?
- If I have obtained my mortgage from a call-centre, how can I be assured that I am getting the best-available solution for my particular financial situation, and future needs?
My interest rates may not be that different from what you can find online or elsewhere, however, I am different. And, it is this important distinction that will ensure you are happy with your new mortgage!
BLOG / NEWS Updates
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
