AGENT LICENSE ID
142311

Ryan Cooper
Senior Mortgage Consultant
Office:
Phone:
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227-5589 Byrne Rd, Burnaby, British Columbia
It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
BLOG / NEWS Updates
Is Buying A Student Condo For My Child a Good Investment?
Sometimes a parent decides to buy a place for their children while they hit the books in university or college. It can be a good alternative topaying thousands of dollars toward residence fees or rent. Just look at the math: Student rent of $500 a month = $6,000 a year = $24,000 over 4 years of school. That money could go to your mortgage instead as an investment for you. In Ottawa, for example, you can buy an older one-bedroom condo for about $195,000. Or, buy a 2-bedroom for $240,000 and let your child's roommatehelp cover the mortgage by paying rent. Let's assume you pay 20 per cent down. Here's an example of what your monthly costs could total when mortgage rates are low: Cost 1-bedroom 2-bedroom Mortgage payment $800 $1,000 Condo fees $350 $450 Property taxes, maintenance $300 $400 Total: $1,450 $1,850 Think about it: if your child rents a place, your money is helping the landlord pay his or her mortgage and other costs. If you buy a placeinstead and rent it to them, you have a real estate investment with a guaranteed tenant: your child. If the investment goes up in value, you will make money. Just remember that those gains will be taxed. Also remember, mortgage rates and other costs change, and these changes will impact the numbers and your decision. Things to consider before you decide: You can buy the property in your name, in your child's name, or both. If you buy the property in your name, you should consider: The rental income you charge can pay a lot of your costs. Just remember you have to declare that income on your tax return. As a landlord, you can also claim many of your expenses, including mortgage interest. Assess your costs carefully before you buy. They will vary with the local real estate market, mortgage rates and other factors. Plan for some vacancies. Your child (or their roommate) may not stay in the condo over the summer break. Are you really going to ask them to pay rent if they are living somewhere else for a few months? Remember that you will own a greater share of the equity as you pay off the mortgage. And, the value of the condo may rise over time. This can offset your costs. But whether you do more than break even depends onwhat happens to housing prices in the area. There are other benefits, too. Your child won't need to look for a different place to live each year. They also won't have to worry about sublettingevery summer. And their furniture won't be coming back with them if they live at home over the summer break. Not a bad deal. Remember: you may not make money if you buy a student condo. But there are other reasons you may decide to go ahead. At the very least, you can provide your child with a nice place to live in a good neighbourhood while they go to school. Source: http://ca.finance.yahoo.com/news/Is-buying-student-condo-child-getsmarteraboutmoney-2800756642.html;_ylt=Ak.Gk2aT_bWOvnX0IMVfDRTg2ppG;_ylu=X3oDMTFkYzZwc2o2BHBvcwM0BHNlYwNuZXdzSHViQXJ0aWNsZUxpc3QEc2xrA2lzYnV5aW5nYXN0dQ--?x=0
Home sales drop in April as mortgage rates shoot higher
Home sales recorded over Canadian MLS Systems dropped by 12.6% between March and April 2022. The decline placed monthly activity at the lowest level since the summer of 2020.
While the national decline was led by the Greater Toronto Area (GTA) simply because of its size, sales were down in 80% of local markets, with most other large markets posting double-digit month-over-month declines in April. The exceptions were Victoria, Montreal and Halifax-Dartmouth where sales edged up slightly.
The actual (not seasonally adjusted) number of transactions in April 2022 came in 25.7% below the record for that month set last year. That said, as has been the case since last summer, it was still the third-highest April sales figure ever behind 2021 and 2016.
Following a record-breaking couple of years, housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue, said Jill Oudil, Chair of CREA. For buyers, this slowdown could mean more time to consider options in the market. For sellers, it could necessitate a return to more traditional marketing strategies. Of course, there are significant regional differences, so your best bet is to contact your local REALTOR. They have the information, guidance negotiation skills to help you navigate this rapidly-changing market as it evolves, continued Oudil.
CANADA: Home sales declined in March. Beginning of a downward slide?
By Daren King
On a seasonally adjusted basis, home sales decreased 5.4% from February to March, a first monthly decline in three months. Despite this decline, the resale market remained very active on a historical basis, standing above the historically high level of 45K now for 21 consecutive months. Is this the beginning of a downward trend in the Canadian real estate market? In our opinion, the housing market should remain active during the spring due to many people who have secured advantageous interest rates and will want to act before the end of their interest rate guarantee. However, with the recent increase in mortgage interest rates and the worst affordability conditions on record, we expect the residential market to slow down in the second half of the year.
According to CREA, new listings decreased by 5.5% during the month. However, the reduction in sales compensated for the decrease in new properties for sale, so that the number of months of inventory rose from its historical low of 1.6 to 1.8 months in March. Based on the active-listings-to-sales ratio, the housing market continued to be tight in 9 of the 10 provinces, with only Saskatchewan indicating a balanced market. These market conditions should continue to support prices in the coming months.
On a year-over-year basis, home sales fell 16.3% compared to the most active month ever recorded for any period of the year that was March 2021. Nevertheless, it remains the second most active month of March on record.
Housing starts decreased by 4.0K in March to 246.2K, a slide of 1.6% m/m from 250.2K in February and below consensus expectations calling for a 250K print. Although housing starts in March were slightly below consensus expectations, they remained high on a historical basis. The trend in housing permits continues to suggest a higher level of starts at this time. Moreover, with the tight conditions in the resale market, the willingness of various levels of government to build more and the resumption of immigration, housing starts should remain high for some time. That being said, we are entering the building season in Canada with elevated commodity prices and renewed supply chain challenges. Combined with more restrictive monetary policy by the Bank of Canada, we expect housing starts to taper in 2023.
The Teranet-National Bank Composite Notional House Price Index increased 1.7% in February compared to January after seasonal adjustment. On a year-over-year basis, home price increased by 17.7% in February. All 11 markets of the composite index were up in the month. The March Teranet-National Bank HPI will be published on April 20.
Source: National Bank of Canada https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/economic-news-resale-market.pdf