Friday, December 12, 2008

Ontario Resale Market Summary

In a recent post we mentioned information from an economist at CMHC ... here are a few more observations made in his presentation:

  • Slower job market, rising prices and weaker consumer sentiment will cool demand in the resale market
  • The level of existing (already constructed) home sales will decrease but remain high by historical standards
  • Most markets in Ontario are currently classified as "balanced" rather than a "buyer's market" or a "seller's market"
  • High supply pressures are currently out-pacing demand (there are more houses available than normal demand for product)
  • As a result, the rate of house price increase will slow
  • The drops in the Vancouver, Calgary, Edmonton and Toronto markets have brought down the rest of the country on average even though 7 of 10 provinces experienced increases in the same period
  • 30% of mortgages arranged in Canada are done through mortgage brokers
Here is one final observation of our own ... there is concern in the mortgage and housing market in Canada however consider that there is a 40% chance a marriage will end in divorce but people still do it ... so don't be afraid to own a house or get a mortgage!

For more information on mortgage financing, please seek the experience of a mortgage professional.


Corporate Bully said...

RBC Bank President Gordon Nixon - Salary $11.73 Million


I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

Marshall Spencer said...

Dear Corporate Bully:

While we all certainly sympathize with your plight, I would ask that you kindly stop spamming this blog.

Thank you and good luck with your fight.