AGENT LICENSE ID
142311

Ryan Cooper
Senior Mortgage Consultant
Office:
Phone:
Email:
Address:
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
Building construction price indexes, first quarter 2022
National Overview
Residential building construction costs increased 5.6% in the first quarter of 2022, the highest increase since the second quarter of 2021. Non-residential building construction costs were up 2.6% in the first quarter.
Contractors surveyed attributed part of the growth in building construction costs to the rise in labour costs, and a surge in the number of vacancies for construction trades has contributed to increased wages in these occupations. In addition, amid rising fuel prices, contractors cited that a larger share of their expenses were now allocated to the transportation of their building materials.
Increase in price growth for residential building construction
Growth in residential building construction costs accelerated during the first quarter of 2022, after moderating in the previous two quarters. The majority of the 11 census metropolitan areas (CMAs) covered by the survey recorded larger quarterly increases than the previous two quarters. Rising residential construction costs were largely driven by rebounding softwood lumber prices.
Costs to construct residential buildings increased the most in Calgary (+6.9%), followed by Edmonton and Toronto (both up 6.8%). While the construction costs to build a single-detached house in Toronto grew the most in the first quarter, the cost to build townhouses rose the most of all the buildings in scope for the survey in both Calgary and Edmonton. It is interesting to note that the rise in residential construction costs in Calgary and Edmonton coincided with the highest monthly increases recorded in new housing prices in over 15 years, with Calgary recording its recent high in March 2022 (+5.2%) and Edmonton reaching its recent high in February (+3.7%).
Source: https://www150.statcan.gc.ca/n1/daily-quotidien/220505/dq220505b-fra.htm?indid=18843-2indgeo=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.