Kelly Prsa
The housing market has stabilized in October
Nov 24
2022Summary
- On a seasonally adjusted basis, home sales increased 1.3% from September to October, the first monthly gains in eight months. Despite this growth in sales, this should not be seen as the beginning of an upward trend, but more like a stabilization of the market, with sales now 35.6% below their February level.
- This is the first time in four months that new listings are up with an increase of 2.2% from September to October. Despite the increase in soles, the increase in new listings allowed supply to accumulate, resulting in the number of months of inventory increasing from 3.7 to 3.8 in October.
- We are not yet seeing a large influx of sellers at this time, so supply is still very low on a historical basis and market conditions are still pointing in the direction of a "favourable to sellers" market. This situation is also present in the majority of Canadian provinces, while only B.C. and Manitoba close to indicating a "favourable to buyers" market.
- Housing starts declined by 31.8K in October to 267.1K (seasonally adjusted and annualized) after having reached their highest level for 2022 in the prior month while the consensus was calling for a decline to 275K. Storts continued to be well above their long-term average, despite still increasing interest rates.
- The Teranet-National Bank Composite National House Price Index decreased by 0.8% in October compared to the previous month and after seasonal adjustments. Nine of the 11 markets in the composite index were down during the month: Halifax (-4.7%), Hamilton (-2.8%), Winnipeg (-2.4%), Victoria (-2.0%), Quebec City (-1.7%), Toronto (-1.1%), Ottawo-Gotineau (-1.1%), Montreal (-1.0%) and Vancouver (-0.3%). Conversely, the Calgary (+1.8%) and Edmonton (+2.0%) markets were still up.
Watch "The Value of a Mortgage Broker 30 Seconds" attached and find out why Mortgage brokers offer unparalleled choice and expert advice to Canadians when making likely the largest financial decision of their lives.
Feb 17
2016
10 Great reasons to use Kelly Prsa as your Mortgage Agent
Dec 15
2015
1 Get independent advice on your financial options
As independent mortgage agent, I am not tied to any one lender or range of products. My goal is to help you successfully finance your home or property. I will start by getting to know you and your homeownership goals. I will make a recommendation, drawing from available mortgage products that match your needs, and we will decide together on what’s right for you.
2 Save time with one-stop shopping
It could take weeks for you to organize appointments with competing mortgage lenders — and I know you’d probably rather spend your time house-hunting! I work directly with dozens of lenders, and can quickly narrow down a list of those that suit you best. It makes comparison-shopping fast, easy, and convenient.
3 I negotiate on your behalf
Many people are uncertain or uncomfortable negotiating mortgages directly with their bank.
4 More choice means more competitive rates
I have access to a network of major lenders in Canada, so your options are extensive. In addition to traditional lenders, I also know what’s being offered by credit unions, trust companies, and other sources. And I can help you take care of other requirements before your closing date, such as sourcing mortgage default insurance if your down payment is less than 20% of the purchase price.
5 Ensure that you're getting the best rates and terms
Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you’re not obliged to stop shopping! Let me investigate to see if there is an alternative to better suit your needs.
6 Get access to special dealsand add-ons
Many financial institutions would love to have you as a client, which is why they often offer incentives to attract creditworthy customers. These can include retail points programs, discounts on appliances, shopping clubs, and more. I do the math on which offers might be worth your attention when it comes to financing or mortgage insurance — so you get the perks you deserve.
7 Things move quickly!
My job isn’t done when your mortgage is approved. I will help ensure your mortgage transaction takes place on time and to your satisfaction.
8 Providing expert advice since 1987.
When it comes to mortgages, rates, and the housing market, I will speak to you in plain language. I will explain the various mortgage terms and conditions so you can choose confidently.
9 No cost to you.
There’s absolutely no charge for my services on typical residential mortgage transactions. How can I afford to do that? Like many other professional services, such as insurance, mortgage agents are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains on you, the customer.
10 Ongoing support and consultation.
Even once your mortgage has closed I am here if you need advice on any aspect of mortgage financing even if several years have passed. Plus I'd be honoured to assist your family or friends too!
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