Year End Money Matters Review - 2013

Hi Everyone,

I'm sure by now all of you would be looking forward to say Good-bye 2013 and Welcome 2014. 

As a professional Mortgage Agent I always advise my clients that no matter if you are in the market for purchasing your house or your renewal is coming up or you would like to consolidate your debts, the most important thing to watch out is your Credit History. There are way too many id frauds happening and people are taking money from other people's bank account and credit cards. Please make a habit to check your credit report (FREE) once a year. Fill this form and mail it to Equifax with a copy of your id's to get your FREE report. Alternatively, you can also visit their office on 5650 Yonge Street, Toronto - M2M 4G3 which is open Monday to Saturday between the hours of 9.00 a.m. to 5.00 p.m. 

I have also attached 2 additional documents: Check list for personal taxes & Tax planning for 2013-14 for your review. 

Lastly, I would like to add that besides arranging Mortgages for Residential and Commercial investments, I also deal in 2nd Mortgages/Private funds. If you need to borrow funds then there are investors ready to fund deals in less then 48 hours. If you want to invest securely in real estate and earn more then 10% return on your investments then kindly be in touch with me to gather more information.

Thanks and Wishing Everyone a Very Happy New Year in Advance.

Mihir

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Mihir Oza

647-710-7374
Mortgage Agent (License # M11000672)
The Mortgage Practice

 

My Motto: Right Advice. First Time, Every Time.

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Mihir's Market Matters Report - December 2013

December 2013 Welcome to the December issue of Mihir's Market Matters Report. As we near the end of 2013 and as we get busy to start the holiday season take some time to review how the year went by for you financially speaking.   Are you planning to move in 2014? Your renewal is coming up in next 4 months? Any plans for debt consolidation? For any mortgage related questions feel free to call or email me on the contact details given below. Lastly, I would like to share joy this Holiday Season with you and your family. Please find attached in the email 2 exclusive discount coupons for you and your family courtesy of Cakes n Bakes & Kwick Kutz Beauty Salon.  BEST RATES AS OF 10th DECEMBER 2013 Variable Rate: 3 years @ Prime - 0.55 or 2.45% Variable Rate: 5 years @ Prime - 0.40 or 2.60% 2 years Fixed @ 2.69% 3 years Fixed @ 2.89% QUICK CLOSE SPECIAL - 3.29% FIXED FOR 5 YEARS Regular Rate: 3.39% FIXED FOR 5 YEARS Pre-Approvals: 3.49% FIXED FOR 5 YEARS Thanks Mihir Oza 647-710-7374 Mortgage Agent (License # M11000672) The Mortgage Practice My Motto: Right Advice. First Time, Every Time. Bank of Canada Interest Rate October 23, 2013 1.00 % December 4, 2013 1.00 % January 22, 2014 Next meeting date Source: Bank of Canada Bank Prime Lending Rate October 24, 2013 3.00 % December 5, 2013 3.00 % January 23, 2014 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate* October 23, 2013 5.34 % November 13, 2013 5.34 % November 27, 2013 5.34 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* September 18, 2013 0.00 % - 0.25 % October 30, 2013 0.00 % - 0.25 % December 18, 2013 Next meeting date Source: US Federal Reserve *US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5% Exchange Rate $CDN($US) October 23, 2013 0.9630 November 13, 2013 0.9558 November 27, 2013 0.9438 Source: Bank of Canada Government of Canada Bonds Bond Type October 23, 2013 November 6, 2013 November 20, 2013 1 year Treasury Bill 0.99% 1.00% 1.02% 3 year Benchmark Bond Yield 1.28% 1.24% 1.23% 5 year Benchmark Bond Yield 1.73% 1.78% 1.80% 10 year Benchmark Bond Yield 2.43% 2.53% 2.62% Source: Bank of Canada Total New Housing Starts (Seasonally adjusted and annualized)  Source: CMHC Housing Now - November 2012 and November 2013. This seasonally adjusted data goes through stages of revision at different times of the year. Average MLS® Resale Price for Local Markets   Source: Canadian Real Estate Association Quarterly Household Survey - Q3 2013

The measures are based on a 25% down payment, a 25-year mortgage loan at five-year fixed rate, and are estimated on quarterly basis.
Source: RBC, November 2013

 

Carbon Monoxide Detector is Mandatory in Ontario

On Nov 27th 2013 the Ontario government has unanimously passed the Hawkins-Gignac Act into law, making carbon monoxide alarms mandatory in all Ontario homes with fuel-burning appliances or heating systems, fireplaces, or attached garages. 

Carbon monoxide is called the "silent killer" because you can't see, smell or taste it. And it is deadly! Carbon monoxide is the leading cause of accidental poisoning deaths in North America. Each year it proves fatal for hundreds of Canadians, and, makes more than one thousand Canadians sick with varying flu-like symptoms.

Now, whether your home is new construction or old, the mandatory requirement for CO protection is the same,"

Carbon monoxide is colorless, odorless and tasteless. The ONLY way it can be detected is
with a CSA-approved CO alarm, so install a CO alarm and get some peace of mind.

Monthly Real Estate Market report for GTA for Nov 2013

December 4, 2013 -- Greater Toronto Area REALTORS® reported 6,391 residential sales through the TorontoMLS system in November, representing a 13.9 % increase over the sales result for November 2012. Over the same period, new listings on TorontoMLS were down by 4.4 % and month-end active listings were down by 12.1 %.

“Growth in sales was strong for most home types in the Greater Toronto Area. Sales growth was led by the single-detached market segment followed by condominium apartments. Together, singles and condos accounted for almost three-quarters of total GTA transactions,” said Toronto Real Estate Board President Dianne Usher.

The average selling price for November 2013 TorontoMLS transactions was $538,881 – up by 11.3 % in comparison to the average of $484,208 reported for November 2012. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.7 % over the same period

Mihir's Market Matters Report - November 2013

November 2013 Welcome to the November issue of Mihir's Market Matters Report. The temperatures are starting to dip now and so are the Fixed Rate Mortgages. Are you planning to move in 2014? Your renewal is coming up in next 4 months? Any plans for debt consolidation? For any mortgage related questions feel free to call or email me on the contact details given below.  BEST RATES AS OF 18th NOVEMBER 2013 Variable Rate: 5 years @ Prime - 0.55 or 2.45% 3 years Fixed @ 2.59% QUICK CLOSE SPECIAL - 3.33% FIXED FOR 5 YEARS Regular Rate: 3.45% FIXED FOR 5 YEARS Pre-Approvals: 3.59% FIXED FOR 5 YEARS Thanks Mihir Oza 647-710-7374 Mortgage Agent (License # M11000672) The Mortgage Practice My Motto: Right Advice. First Time, Every Time.     Bank of Canada Interest Rate September 4, 2013 1.00 % October 23, 2013 1.00 % December 4, 2013 Next meeting date Source: Bank of Canada Bank Prime Lending Rate September 5, 2013 3.00 % October 24, 2013 3.00 % December 5, 2013 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate* August 28, 2013 5.34 % September 25, 2013 5.34 % October 23, 2013 5.34 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* September 18, 2013 0.00 % - 0.25 % October 30, 2013 0.00 % - 0.25 % December 18, 2013 Next meeting date Source: US Federal Reserve *US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5%   Exchange Rate $CDN($US) September 25, 2013 0.9696 October 9, 2013 0.9621 October 23, 2013 0.9630 Source: Bank of Canada Government of Canada Bonds Bond Type September 25, 2013 October 9, 2013 October 23, 2013 1 year Treasury Bill 1.07% 1.01% 0.99% 3 year Benchmark Bond Yield 1.42% 1.40% 1.28% 5 year Benchmark Bond Yield 1.89% 1.89% 1.73% 10 year Benchmark Bond Yield 2.57% 2.57% 2.43% Source: Bank of Canada   Total New Housing Starts (Seasonally adjusted and annualized)  Source: CMHC Housing Now - October 2012 and October 2013. This seasonally adjusted data goes through stages of revision at different times of the year. Average MLS® Resale Price for Local Markets Source: Canadian Real Estate Association  Quarterly Household Survey - Q3 2013  The measures are based on a 25% down payment, a 25-year mortgage loan at a five-year fixed rate, andare estimated on a quarterly basis Source: Royal LePage Ocotber  2013