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4 Things To Consider Before You Buy Your First Home
MARKs MORTGAGE SMART TIPS WHY USE A MORTGAGE AGENT? Simple .... we work for YOU! What can you afford? Have a Budget: Buying a home shouldnt be taken lightly; it is a big step and probably the largest financial decision you will make. Before making the decision to buy, take time to work out your personal budget which includes what you can afford and the different costs you will incur between renting and owning. (Email me for a free easy to use budget planner) Your budget is not necessarily referring to the maximum you qualify for, but what is more in line with your own personal spending habits. This is imperative if you dont want to have to change your lifestyle significantly because each month you are financially strapped, or worse, regret it and lose your home because you cant afford it! Use our FREE Budget Planner Tool to figure out what you can realistically afford. Financial Difference between Renting and Owning: Working thru a budget and knowing what your new expenses will be as a home owner versus what you pay now (as a tenant or if you are living with family) will give you a clear idea of how buying a home will impact your lifestyle choices. Things to consider would be; 1) will your transportation costs change as you will be moving closer to or further from work? 2) Will you eat out less or more now that you have your own place? 3) What are the extra utility costs? 4) What are the maintenance costs of the property etc.? You might be surprised to see that buying your first home may cost you less than renting! But if it doesnt, how much of a difference is it and are you prepared for that? Our Rent Versus Buy Budget Planner Tool will breakdown the difference between your expenses as a renter versus a home owner giving you all the answers you need. Please keep watch for our Smart Tips for your Mortgage Needs! If you found this useful, please dont hesitate to forward onto any other friends, family or colleagues you know that might also be thinking of purchasing their first home and would benefit from being informed with this information. As always, please do not hesitate to call or email if you have any questions at all. Take care Cashin Mortgages Inc. #12543 | MarkCashin@CashinMortgages.ca | www.MarkCashin.ca www.CashinMortgages.ca | 8- 3100 Ridgeway Drive, Mississauga, ON L5L 5M5 | phone 416-898-7600 Ext. 288 | fax 416-655-8997
Employment continues to rebound in July
From February to April, 5.5 million Canadian workers were affected by the COVID-19 economic shutdown. This included a drop in employment of 3.0 million and a COVID-related increase in absences from work of 2.5 million. Employment rose by 419,000 (+2.4%) in July, compared with 953,000 (+5.8%) in June. Combined with gains of 290,000 in May, this brought employment to within 1.3 million (-7.0%) of its pre-COVID February level. The number of Canadians who were employed but worked less than half their usual hours for reasons likely related to COVID-19 dropped by 412,000 (-18.8%) in July. Combined with declines recorded in May and June, this left COVID-related absences from work at just under 1 million (+972,000; +120.3%) above February levels. By the week of July 12 to July 18, the total number of affected workers stood at 2.3 million, a reduction since April of 58.0%.
Canadian home sales and new listings up again in June
Home sales recorded over Canadian MLS Systems in June 2020 rebounded by a further 63%, returning them to normal levels for the month some 150% above where they were in April. Transactions were once again up on a m-o-m basis across the country. Among Canadas largest markets, sales rose 83.8% in the Greater Toronto Area (GTA), 75.1% in Montreal, 60.3% in Greater Vancouver, 99.7% in the Fraser Valley, 54.9% in Calgary, 59% in Edmonton, 22.5% in Winnipeg, 34.8% in Hamilton-Burlington, 67.9% in London and St. Thomas, 55.6% in Ottawa and 43.6% in Quebec City. Actual (not seasonally adjusted) sales activity posted a 15.2% y-o-y gain in June. REALTORS across Canada are increasingly seeing business pick back up, stated Costa Poulopoulos, Chair of CREA. With sellers and buyers returning to the market, we continue to make sure clients stay safe by complying with government and health officials directives and advice, increasingly using technology to list and show properties virtually while providing secure methods to complete required forms and contracts. As always, but maybe now more than ever, REALTORS remain the best source for information and guidance when negotiating the sale or purchase of a home, continued Poulopoulos.