I got this article from a mortgage agent, and thought it worthy of passing on to you . . .

Too many buyers … especially first time home buyers… find themselves standing on the sidelines watching the housing parade go by due to a unfounded concern that home prices might dramatically drop again due to a sagging economy.

If this sounds like you, there is something you need to be aware of:

By not taking action today on a affordable home you may be missing out on some of the best moments life has to offer for you and your family!

Personal Story:

Many years ago, the wife and I decided that we should abandon apartment life and put down some permanent roots closer to our daughter’s new school.

Had it not been for the fact that we had to buy before the start of school, we may have been inclined to put off buying today in hopes for a better price tomorrow…and that would have been a big mistake. Here’s why:

What I Know Now I Didn’t Know Then:

I will never forget our first night in our new house. As we sat in our new dinning room having

our first dinner in our new home something seemed out of place. It was quiet…too quiet.

Gone were the sounds of the footsteps from the woman who lived a floor above us as she darted from room to room. (that woman never sat still) …

Gone were the sounds of two yapping dogs across the hall who barked uncontrollably every time someone in the building opened and closed their door.

Gone were the sounds of car horns and screeching brakes during rush hour traffic from the busy street adjacent to our building…

Gone were the sounds of our neighbors daily life. From their music, to their television shows….

All of that noise and chaos was gone. In its place was a quiet, tranquil feeling that let us silently know that all of that was behind us now because we were home. It was so quiet we felt like we were on a vacation in a cabin somewhere in the mountains.

My daughter now had her own backyard to play in. My wife went from one room to the next excitedly discussing her decorating plans. I finally had my home office. As a family we began planning things we only dreamed of before…like having our own dog. (his name was Logan and he gave us 14 great years)

I could never put a price on the feeling of pride and enjoyment our family had those first few days…weeks…and months in our new house.

Bottom Line: I understand that afford ability is an important factor.  However,  if you find a home that is affordable and meets your needs, don’t talk yourself out of buying today with the notion that by waiting you may get a better deal somewhere down the road (especially if you are looking at homes in the lower end of the market).

Rate are down…inventory is up…prices are affordable and there are a number of incentives for buyers to buy.

If you are looking to buy a home, there are a lot of factors in your favor right now.  Don’t let an unfounded concern or fear regarding something that may never happen (another major drop in housing prices) stand in the way of  presenting your family with one of the greatest gifts you can possible give them…the enjoyment of owning their own home!

In my business, I have been noticing a growing trend that more and more homebuyers are either newly-arrived immigrants, or they are people living overseas and making plans to move to Canada. Curiosity led me to do some research as to whether this is a GTA-phenomenon, or something more widespread.

Here’s an article recently run by the CBC:

Canadian immigrants are narrowing the homeownership gap with their Canadian-born counterparts, according to a new report Thursday by Scotia Economics.

The report compared census data from Statistics Canada from 2001 and 2006, when the housing boom was near its peak and unemployment was low.

The report indicates that in 2006, 72 per cent of immigrants lived in an owned home.

That’s compared with 68 per cent in 2001, an increase of four percentage points.

At the same time, the percentage of Canadian-born people choosing home ownership over renting rose by only two percentage points to 75 per cent, up from 73 per cent.

“Homeownership tends to increase the longer one has lived in Canada, with the majority of new arrivals first settling in rental accommodation,” Adrienne Warren, a senior economist with Scotia Economics, said in a release.

“Over time, immigrant families eventually make the move to homeownership, at rates similar to the Canadian-born population. However, between 2001 and 2006, the homeownership rate rose for all immigrant groups, regardless of how long they had resided in Canada. The biggest increase was among those living in Canada for less than 10 years.”

Warren said the faster transition to home ownership was likely due to two factors.

“I think it’s that we’ve had a very strong job market, and that has allowed people to make the step from being a renter to homeowner perhaps faster than in the past,” she said.

“I think it also has to relate to mortgage [and] market conditions, [and] the fact that we’ve had historically low mortgage rates that has made buying a home cheaper.”

Because the analysis was based on data from 2001 and 2006, it was unclear what effect the current recession might be having on the number of immigrants and others entering the housing market.

It was clear from the report, however, that Scotiabank expects that trend in real estate to continue.

“Given Canada’s aging population and relatively low fertility rates, longer-term household formation and housing needs will be largely determined by immigration,” Warren said.

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Given the plethora of mortgage programs available to new immigrants, my experience is that an ever-increasing number of them are looking to buy a property, rather than renting. Sure, some new immigrants want to rent for 6 months to a year, to make sure they are choosing an area they will like, but the vast majority are coming over because of family, work, etc., so they want to buy as soon as possible.

Genworth has a program that will enable new immigrants to buy a house, with as little as 3% downpayment. Here’s just a few of the details of this program:

The New To CanadaTM Mortgage Insurance Program makes it possible for individuals relocating to Canada to purchase a home sooner with as little as 3% down. Through this program, Genworth helps new Canadians purchase their first home, build equity, and become economically established in Canada.

Highlights
• Up to 97% LTV for qualified borrowers
• No minimum income requirements
• Increased qualification options
• Available up to 36 months after arrival
• Standard Premiums apply
• Extended amortizations available up to 40 years

New To CanadaTM Mortgage Insurance
Program features:
• Opportunity: helping new Canadians own their home sooner and become economically established in Canada
• Low down payment: as little as 3% down
• Flexible: fixed, variable, or adjustable rate mortgages permitted
• Common-sense evaluation: review all files by individual circumstance
• Portable: insurance can be applied to a new loan

If you’d like more information on mortgages for new Canadians, give me a call or fire me an email.

(NC)—When purchasing a new or resale home, Ontario residents are willing to spend more money for a home that is energy efficient (39%), will retain its value (23%) and is built using environmentally friendly materials (15%), according to a recent Leger Marketing poll.

I have certainly noticed in my business that buyers are more interested in energy conservation, whether a home is rated ‘R2000‘ or not, etc. I have numerous conversations every day with people regarding the Mattamy homes that are built in a factory, which has it’s pros and cons according to many home inspectors I have talked with about this matter.

The survey, conducted on behalf of MasonryWorx, an association of Ontario’s leading masonry professionals, also reveals residents between the ages of 35-54 years are most likely to pay more for energy efficiency, along with residents of southwestern Ontario.

“Homebuyers looking for an energy efficient home should start by considering what materials are used to build it,” said Judy Pryma, president of MasonryWorx.

“Homes built with brick, block and stone offer superior energy savings because these materials help keep your home cool in summer and warm in winter, which means lower overall energy consumption.”

Survey respondents also indicated a good understanding of the many benefits of masonry, with 71% aware of the long life span, 72% aware of the fire resistance qualities, and 70% aware of the superior impact resistance offered by masonry products.

“Sellers hoping for a swift sale this summer may wish to emphasize the superior value of masonry products to entice buyers,” added Ms. Pryma.

Certainly, builders charge more for all-brick built homes, and buyers, when given the choice, seem to gravitate toward all-brick over vinyl siding. A lot of the time, the reason is just that ‘my Dad said no matter what else, we have to buy a brick home’. Perhaps Dad knew something after all.

More information about the energy efficiency of masonry products is available at www.masonryworx.com.

- News Canada

(compiled by Calum Ross Mortgage Team)

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Similar Wikipedia Articles

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Below you will find the most common real estate forms used in Ontario, with a plain’ English explanation accompanying each section of the forms.

These are a great resource for you to view, so that you understand the forms your agent is asking you to sign.

This first form explains the difference between Customer Service & Client Service:

For offer forms, listing agreements, and more, click the link below:

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