Abbotsford Mortgage News July 18th 2014.

Good morning Abbotsford, Chilliwack and Mission Realtors and Mortgage Clients. There were few surprises in the Bank of Canada’s rate statement on Wednesday July 16th. The overall tone remains cautious and the stance on interest rates remains neutral going forward (indicating no increases in rates any time soon). The implications were similarly neutral for the stock market after a very nice week and a record high close in the previous session (The TSX Benchmark Index is up 12% this year overall). With only one move in rates priced in until the end of 2015, it’s not surprising that the muted comments did not generate any significant reaction.

In other news, South of the Canada Boarder housing starts disappointed in June with weakness in both multiples and single family. The decline is attributable to the southern states where significant rainfall may have played a role. The soft housing figures may be slightly positive for bonds rates. In fact, while yields remain relatively range bound, there is a stubbornly persistent bid for bonds and 5yr GoC’s were 3-5bps lower on Thursday than a week ago. When Bonds drop, mortgages rates usually do the same.
  • TSX Benchmark Index is up 12% this year
  • Mortgage Rates to remain low, for now – Rates announced from BOC to hold tight.
  • Bonds and 5yr GoC’s were 3-5bps lower on Thursday than a week ago. When Bonds drop, mortgages rates usually do the same.
  • Normal Summer market cooling, still getting reports of multiple offers on well located and well priced single family homes.
  • Chilliwack had the strongest increase with the south Okanagan having a 46% increase in sales from June last year.

As we head into the full swing of summer and the corn and berries are selling up and down our local roads, the Abbotsford | Chilliwack | Mission Real Estate market cooled a bit, but we are still getting reports of multiple offers on well located and well priced single family homes.

Chilliwack shines in the Province of BC in terms of real estate sales year over year: In our province, total sales are up near 25%. The Okanagan, Kootenays and Chilliwack had the strongest increase with the south Okanagan having a 46% increase in sales from June last year. Total sales volume was also up near 25% to $23.8 billion.

From a Canadian Mortgage Brokers point of view this week, we had one unique piece of news: This week, First National (a Canadian Bank geared to serve Canadian Mortgage Brokers exclusively) announced that it has entered into an agreement with the TD bank to provide underwriting and fulfillment processing services for TD Bank to help them in mortgages originated by TD through the residential mortgage broker channel. We think this is very exciting because it will allow our Abbotsford | Chilliwack | Mission Mortgage Brokers at BRMC Mortgages to deliver even better customer service (Thanks FN) with more mortgage products (Thanks TD)! Great news!!

Now go find yourself a cold drink and a Hot BBQ this weekend! Stay classy Abbotsford, Chilliwack and Mission.

By Referral Mortgage Consultants*

“Click, Call, Chat – Award Winning Brokers”

360-3033 Immel St

Abbotsford BC V2S 6S2

&

8387 Young Rd

Chilliwack BC V2P 4N8

Dave  604 897 2741 Jordi 604 615 1312
www.AbbotsfordsMortgageBroker.com

www.BRMC.ca

www.PeaceOfficeMortgageBroker.com

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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp.

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