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
TD Canadian Housing Outlook: When the Trickle Becomes a Flood
Report by TD Economics
The Canadian 5-year bond yield has declined over 100 bps since early May, while the Bank of Canada has cut its policy rate 3 times (with two more likely on tap this year). In short, the interest rate environment has significantly improved. Housing market activity is stirring, yet Canadian sales gains have, thus far, trailed what could typically be expected given this rush of rate relief.
We chalk up the surprisingly subdued performance to two factors. The first is the continued strained affordability backdrop. Despite their recent decline, rates remain at levels last seen about 15 years ago. And, the second factor relates to the transparent messaging from central bankers that interest rates are set to fall even further. This is keeping potential buyers temporarily sidelined as they wait for additional cuts. The flat trend in Canadian average home prices since the summer means they havent really been penalized for that choice.
This relative stillness will likely only last so long. Indeed, conditions are in place for a solid pickup in resale activity. Alongside a further steady decline in the BoCs overnight rate, economic growth is likely to regain some traction going forward, and the federal government will roll out meaningful changes to mortgage rules that will support homebuying at the end of the year. Now, first-time homebuyers (and those that purchase new builds) can access 30-year amortizations (instead of 25), thereby lowering their monthly mortgage obligation. Also, the cap on which a buyer can qualify for an insured mortgage has been raised from $1 million to $1.5 million. This means that, for example, a purchaser who buys a detached home in Toronto valued at $1.2 million (the median price in August) could put down about $95k as a downpayment, instead of needing $240k as before.
The federal measures should help unlock powerful gains in Canadian sales and average home prices across Canada in the first half of 2025. However, part of this story will be that some activity that wouldve taken place this year is pushed into 2025, as buyers wait for the new rules to commence before purchasing.
https://economics.td.com/ca-provincial-housing-outlook
Economic growth during uncertain times
From the Bank of Canada
In June, we began lowering our policy interest rate. We cut the policy rate at our last three decisions, for a cumulative decline of 75 basis points to 4.25%.
Our most recent decision on September 4th reflected two main considerations.
First, we noted that headline and core inflation had continued to ease as expected. Second, we said that as inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy.
Since then, weve been pleased to see inflation come all the way back to the 2% target. It has been a long journey. Now we want to keep inflation close to the centre of the 1%3% inflation-control band. We need to stick the landing.
What does this mean for interest rates? With the continued progress weve seen on inflation, it is reasonable to expect further cuts in our policy rate. The timing and pace will be determined by incoming data and our assessment of what those data mean for future inflation.
As always, we try to be as clear as we can about what we are watching as we chart the course for monetary policy.
Economic growth picked up in the first half of this year, and we want to see it strengthen further so that inflation stays close to the 2% target. Some recent indicators suggest growth may not be as strong as we expected. We will be closely watching consumer spending, as well as business hiring and investment.
We will also be looking for continued easing in core inflation, which is still a little above 2%. Shelter cost inflation remains elevated but has started to come down, and we are looking for it to moderate further.
Our next decision is October 23rd. And we will have a revised economic outlook at that time.
https://www.bankofcanada.ca/2024/09/economic-growth-during-uncertain-times/
TD Provincial Economic Forecast: Rate Cuts Heal With Time
Report by TD Economics
Were most of the way through 2024, and the data seems to be adhering to our long-held view that the Atlantic Region and Prairies would outperform, in terms of GDP growth, this year. We continue to expect Ontario, Quebec, and B.C. to trail the pack. However, the former two provinces have benefitted from growth upgrades for 2024, leaving B.C. as the laggard.
Consumption has held up well across Canada so far this year, supported by resilience in Ontario and Quebec and relative strength in the Atlantic. Going forward, a downgraded profile for borrowing costs will offer more of a boost to household spending across Canada than wed previously thought. However, a chunk of highly indebted households in regions like Ontario and B.C. will have to contend with mortgage renewals at (likely much) higher rates.
Housing markets are also poised to receive a lift from lower-than-expected interest rates. Indeed, weve notably upgraded our 2024 and 2025 home price forecasts across nearly all provinces except Ontario, where strained affordability and problems in the condo sector will likely weigh. Lower rates are a benefit to homebuilding as well, although we still see Canadian housing starts cooling through 2025 given low home sales levels in the past few years.
At last count (Q2-2024), Canadian population growth continued to surge. Specifically, Canadas Big 4 provinces have yet to see any meaningful impact from recently announced federal policies to reduce the pool of non-permanent residents. We expect the effect of these policies to be significant and become evident beginning in Q4-2024, providing an impetus for a meaningful slowdown in population growth across the nation.
Population-fueled labour force gains have outpaced employment for most of this year, driving the national unemployment rate to its highest point since mid-2021. Notably, Ontario, Alberta and Quebec have seen the most material increases in their unemployment rates. With population gains expected to cool, the jobless rate is projected to peak at the turn of the year before gently pulling back in 2025.
https://economics.td.com/provincial-economic-forecast
