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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





News
8 February 2017

About 35 million Canadians prefer large cities

Today 2016 census data was released, reporting that 35.15 million Canadians are living in the larger cities. Moreover, the number of citizens settling in big cities and their suburbs is rising, while small towns tend to show declines.

More than one-third of the Canadian population lives in three largest areas: Toronto, Montreal and Vancouver. The total number of citizens here reaches 12.5 million, with about half of them settling in Toronto and the suburbs.

According to Statistics Canada, it’s one more time Canada is showing the fastest growth in the G7 in case of the first of the future seven reports for 2016. This census focused on the real estate and populations, while the next one will provide data on age and sex.

 
7 February 2017

Household debt level reaches record high mark in Canada

It turns out the Canadians have reached enormously high debt level. The central bank says that household debt went up to $2.005 trillion dollars last December, marking a 5.2% annual rise. This tendency showed a faster pace in December with an average year-over-year growth of 5.8%.

This sum is so large that many people can’t even imagine what it means. Let’s look at some comparisons for a clearer understanding. It’s 9% higher than the total debt of all Canadian businesses. It exceeds the national GDP by 18%, and it’s 30% higher per capita than in case of the U.S.

 
6 February 2017

Variable mortgage rates are becoming more popular in Canada

If you’re considering getting or renewing a mortgage, maybe it’s time to look at variable-rate options.

While fixed rates require unchanged monthly payments during your loan term, variable ones can change.

Variable rates depend on the prime rate, which is a rate that financial institutions offer their best clients. In case a bank raises or cuts its prime rate, mortgage payments will change according to a predetermined percentage spread. Such mortgages are considered more risky and less expensive, than the fixed ones.

Nevertheless, last year, the spread between fixed and variable rates was extremely small (0.2%), which made consumers prefer fixed-rate mortgages as they didn’t see the point in risking.

But this situation is expected to change due to these two factors:

1. The spread between fixed and variable rates is getting larger

The lowest 5-year fixed rate rose from 2.19% to 2.44% (or sometimes higher) since November 1.

In the same time, you can find a variable rate in Toronto as low as 1.90%. And such difference can be critical for some borrowers.

 
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News

23 February 2017

Millennials could become the lost generation for real estate ownership Millennials would like to own property. According to statistics, 8 out of 10 m...Read more >>

22 February 2017

Federal government tools to curb real estate price growth may have little effect. There is an argument between observers and think-tanks on the issue...Read more >>

17 February 2017

Mortgage rules changes are causing weaker sales activity In addition to making it even harder for first-time buyers to qualify for a mortgage and get...Read more >>
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7676 Woobine Avenue Suite 300 Markham, ON L3R 2N2
2180 Steeles Avenue West, Suite 204, Concord Ontario L4K 2Z5
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