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Verico @ Home May 2018

Kristy Towson

Compass Mortgage Group

Mortgage Broker


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Canadian average home price drops 10.4 per cent from the same month a year ago

May might mark the month when many Canadians are breathlessly waiting for income tax refunds, but it is also the time when prospective home buyers can enjoy a little good news about home prices dropping across the country.

According to the Canadian Real Estate Association (CREA), the country’s average home price fell to $491,000, a 10.4 per cent drop from the same time period a year ago. The CREA reported further home sales also increased by 1.3 per cent in the first quarter of 2018.

Analysts say the drop has happened because of a number of factors that include a shift in sales mix and changes in mortgage regulations which affect both the demand for lower-priced homes as well as the number of qualified buyers.

For those who might find this drop-in-price news motivating, experts are recommending they consider three important tips to help secure the best mortgage:

The first is shopping around for the best mortgage which doesn’t necessarily mean simply securing the lowest rate. An effective mortgage plan includes generous prepayment privileges and room for portability. A portable mortgage means home buyers can transfer their mortgages to new homes if they are moving or even combine it with another loan if necessary.

The second is making lump sum payments as frequently as possible. They are known to reduce mortgage interest substantially not to mention years off the amortization period.

The third is accelerating mortgage payments. By accelerating payments, amortization periods can be shortened substantially which can amount to thousands of dollars in savings.

Financial analysts also recommend talking to a qualified mortgage broker, such as myself, who can offer expert advice on everything from market trends to future market forecasts.


Tips to keep your family safe from asbestos

(NC) Most of us know that breathing asbestos fibres can cause cancer and other diseases. But although many know it's often found in insulation, few realize it may also be in cement, plaster, floor and ceiling tiles, house siding and certain car parts.

Fortunately, there are no significant health risks if materials containing asbestos in your home are left undisturbed. This includes asbestos tightly bound in products that are in good condition or sealed and isolated behind walls or floorboards, or in the attic.

However, you can be exposed to hazardous asbestos fibres when your home or other building you spend time in, such as your workplace, is being renovated or demolished. Asbestos fibres can be released into the air when materials that may contain asbestos are disturbed by sanding, drilling, sawing or breaking them apart.

Some car parts may contain asbestos, and you can be exposed when changing your brakes or replacing a transmission clutch.

The Government of Canada is taking action to help protect Canadians from this harmful substance. In December 2016, it was announced that asbestos and asbestos-containing products would be banned by 2018. In January, Canada published draft regulations to prohibit the use, sale, import and export of asbestos and products containing asbestos, and the manufacture of products containing asbestos, with limited exclusions.

Tips to protect yourself:

  • Avoid disturbing asbestos materials yourself.
  • Before doing any major renovations, remodelling or demolitions, reduce your risk of exposure by hiring a professional to test for asbestos.
  • If asbestos is found, hire a qualified asbestos removal specialist to get rid of it before beginning work.
  • Be sure to check with your auto parts dealer before doing any work yourself with replacement parts.

www.newscanada.com


Have mortgage questions? I'm here to help you!

Please feel free to contact me with any questions you may have. It would be a pleasure to assist you or any one of your friends or family members!

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