Saturday 14 September 2013

Do you want to change your cell phone company ? But you are in 3 years contract right ? Read this

This afternoon, I was reading about newly launched iPhone 5s and 5c. I am not here to advertise iPhone. But personally I like iPhone. So I was planning to change phone, but I signed 3 years contract when I bought my previous iPhone. And still 1 year to go before I complete my term.


Then I recalled something that CRTC (Canadian Radio-television and Telecommunications Commission) announced recently new wireless code. The wireless code addresses several frustrations Canadians are suffering from such as the length of wireless contracts, cancellation fees, roaming charges and other industry practices.

What are you going to get from the new wireless code ? Canadians will be able to

  • terminate their wireless contracts after two years without cancellation fees, even if they have signed on for a longer term
  • cap extra data charges at $50/month and international data roaming charges at $100/month to prevent bill shock
  • have their cellphones unlocked after 90 days, or immediately if they paid for the device in full
  • return their cellphones, within 15 days and specific usage limits, if they are unhappy with their service
  • accept or decline changes to the key terms of a fixed-term contract (i.e., 2-year), and
  • receive a contract that is easy to read and understand

I am sure you are eager to know when is it going to be come in effect ?

From Dec 2nd 2013 it will come in effect, however it may be possible all wireless companies start respecting new policy earlier than the effective date. Check it out and enjoy your new phone, but don't forget me YOUR NEXT DOOR REALTOR !

Ritesh Joshi
647-281-3424

Wednesday 11 September 2013

Mihir's Market Matters Report - September 2013

September 2013

Welcome to the September issue of Mihir's Market Matters Report. I hope everyone is enjoying the last couple of days of unusually high temperatures of 2013. Soon we shall be entering the wonderful Fall Color season. 

Over the last month or two the Bond Market has pushed fixed rates up quite high now. However, there are still few lenders who are offering quite competitive interest rates at the current time. 

Is it time to go Variable then Fixed? It certainly is for going variable if you qualify at Bank of Canada qualifying rate of 5.34% on conventional mortgages. In regards to the Mortgage Rates, I am able to offer the best rates in the Industry backed with exceptional customer service. See below for the Best Mortgage Rates which no other Brokerage can give you.

BEST RATES AS OF 11th SEPTEMBER 2013

Variable Rate: 5 years @ Prime - 0.40 or 2.60%

2 years Fixed @ 2.79%

QUICK CLOSE SPECIAL - 3.34% FIXED FOR 5 YEARS

Regular Rate: 3.49% FIXED FOR 5 YEARS

Pre-Approvals: 3.69% 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
July 17, 20131.00 %
September 4, 20131.00 %
October 23, 2013Next meeting date
Source: Bank of Canada

Bank Prime Lending Rate
July 18, 20133.00 %
September 5, 2013

3.00 %

October 24, 2013                                                     Next meeting date
Source: Bank of Canada


Conventional Mortgage - 5 Year Rate* 
July 31, 2013 5.14 %
August 14, 2013 5.14 %
August 28, 2013 5.34 %
Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate


US Federal Reserve Board Discount Rate*
June 19, 2013 0.00 % - 0.25 %
July 31, 2013 0.00 % - 0.25 %
September 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)
July 31, 2013 0.9735
August 14, 2013 0.9682
August 28, 2013 0.9537
Source: Bank of Canada

Government of Canada Bonds
Bond Type July 31, 2013 August 14, 2013 August 28, 2013
1 year Treasury Bill
1.13% 1.12% 1.11%
3 year Benchmark
Bond Yield
1.27% 1.33% 1.32%
5 year Benchmark
Bond Yield
1.74% 1.89% 1.90%
10 year Benchmark
Bond Yield
2.45% 2.62% 2.63%
Source: Bank of Canada

Average MLS® Resale Price for Local Markets
stats final for sept
 Source: Canadian Real Estate Association 
Canadian Housing Affordability Index Standard two-storey
Sept stats standard

Standard Condominium

Sept stats condominium
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 RBC Economics August 2013