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Free Professional Advice

Why choose Micah? Because I provide valuable professional advice and it’s FREE!

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

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Best Rates

Let me shop the major banks and top lenders for you.

Let me negotiate the best rate. Remember I work for you, not the banks.

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Get Approved

My approval rating is high.

With my portfolio of lenders, I can find you a program that works for you.

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Savings

Lower rates equals thousands in savings.

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

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Availability

When the banks are closed, I am not.

I work for you and I am at your service 7 days a week.

Blog by Micah Verceles

Survey: First-time home buyers undeterred by mortgage rules, rates

July 31st, 2013

About two-thirds of first-time buyers say they’ll purchase a home as planned and are unaffected by new mortgage rules brought in by Ottawa a year ago, says a new survey.

The findings come as the banks continue to increase long-term interest rates in the face of rising bond yields but refuse to bump up the posted rate for a five-year, fixed rate closed mortgage — a key measure in deciding ...

5 steps to get your finances back on track

July 30th, 2013


Step 1: Assess your current financial situation

Sit down with a calculator, pen and paper and take a good, hard look at your finances. Are you behind on paying your bills? Do you have a lot of credit card debt? Do you have enough savings for emergencies? Are you on track to fund your retirement? These are hard questions, but you need to address them head on. This worksheet will help you ...

Consolidating debt within a mortgage: Good idea?

July 29th, 2013

Recently I showed a close friend of mine how to consolidate their high-interest debt into their mortgage to reduce their overall interest rate and free up hundreds of dollars in cash flow every month. Debt consolidations are nothing new, but they only work if the person is not simply looking for a quick fix.
 
In this particular case, $410 was freed up in monthly cash flow and the refinance ...

Shop Your Renewal

July 28th, 2013


mortgage-shoppingLenders make a lot more money when they renew your mortgage than on your initial term.

That’s partly because they don’t have to compensate anyone for referring you (or compensate them as much). But it’s also because many renewers don’t comparison shop as much or negotiate as hard.

According to a recent Maritz/CAAMP survey, only 56% of borrowers negotiated their mortgage rate at renewal. ...

Mortgage Planning Tips

July 26th, 2013

When financing a home, the following considerations can help you to save money and provide for greater economic stability in the event of financial challenges down the road such as lower income levels, increased monthly expenses and/or higher interest rates.

  • Consider a lesser mortgage amount than the maximum you can afford
    Mortgage Professionals use two simple calculations to determine ...

8 TIPS TO FIND YOUR DREAM HOME

July 25th, 2013

 

Are you looking to buy a home or condo on the Westside? Here are 8 common sense tips to help you find the best property quickly.

1. Needs and Wants

Before you do anything, sit down and make a list of your wants and needs. Write down everything that comes to mind. This list will most likely change several times as you learn more about all your options on the Westside. You may change what ...

Pick the right term, pay off mortgage faster

July 24th, 2013

Most Canadian home buyers choose a five-year term, but some less popular alternatives may be better value for borrowers (iStockphoto)

The trick to making a mortgage disappear faster is to minimize your total borrowing cost. And nothing dictates total borrowing cost more than the term you chose.

Picking the right term is even more important than selecting the best lender, choosing the appropriate mortgage features and finding the lowest rate. Choosing the wrong term can lock you into a punitive rate for years to come or ...

Real estate group offers $10,000 reward for information on Port Coquitlam sex assault

July 23rd, 2013

 

Real estate group offers $10,000 reward for information on Port Coquitlam sex assault

METRO VANCOUVER — The British Columbia Real Estate Association is offering a $10,000 reward to anyone with information that leads to the apprehension and conviction of the man who assaulted a realtor in Port Coquitlam in May.

 

Coquitlam RCMP released a detailed sketch of the suspect earlier this week, hoping it would generate tips. The attack took place on May 4, when the victim was h ...

Toronto condo sales suffer 46-per-cent drop in June

July 22nd, 2013

A condo building, centre, under construction in downtown Toronto. Condo sales in Toronto suffered a 46-per-cent drop in June from a year earlier. (Fred Lum/The Globe and Mail)

The number of new homes that sold in the Greater Toronto Area last month was the lowest of any June on record, as a steep drop in condo sales overwhelmed a rise in sales of houses and townhomes.

The price of new condos dipped by a negligible amount, while those of detached homes and townhomes continued to rise.

A total of 2,341 new homes sold in the GTA during June, down 30 per cent fro ...

Mayor Gregor Robertson's home sells for $1.95 million

July 22nd, 2013
Mayor Gregor Robertson's home sells for $1.95 million
 

Mayor Gregor Robertson has sold his $1.95-million home near Oak Street.






























Mayor Gregor Robertson’s family home has sold for the $1.95 million asking price, his office confirmed Friday.

The six-bedroom home was built in 1912 near Douglas Park and was on the market for two weeks.

Robertson said earlier this week he and his wife were looking to downsize now that their childre ...

Can you handle higher interest rates?

July 21st, 2013


It may be stressful to think about it but higher mortgage rates are on the horizon.

The questions for homeowners is whether they can handle a hike in interest rates.

Bank of Montreal says consumers should stress test their mortgages a couple of ways, considering higher interest rates and a shorter amortization period.

Canadians new to the home market can be particularly vulnerable to cha ...

Vancouver's million-dollar real estate divide

July 20th, 2013

The geographic line that Vancouver real estate buffs draw to symbolize the million-dollar divide in housing prices has been shifting ever eastward over the years. While the high-end market has softened, this interactive map serves as a stark illustration of the broader housing market that has seemingly defied logic.

Click HERE for the full article. 

Why Are Mortgage Rates Rising, Expert Interview | REW.ca

July 19th, 2013
Fixed mortgage rates have bumped up recently. Is this the beginning of the end of bargain-basement mortgages?

David Rosenberg: All’s fine on the Canadian homefront

July 18th, 2013

It looks like the much-maligned Canadian housing market is way more resilient than those Canada-doomsayers would believe

There’s no sign of a housing collapse in Canada, Gluskin-Sheff’s chief economist says.

David Rosenberg, the latest pundit to weigh in on the hard versus soft landing debate, says Canada’s housing market has almost recouped all the losses brought on by Ottawa tightenin ...

Bank of Canada maintains overnight rate target at 1 per cent

July 17th, 2013

Ottawa - 

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

Global economic growth remains modest, although the pace of economic activity varies significantly across the major economies. The U.S. economic expansion is proceeding at a moderate pac ...

Poloz could surprise with first policy decision by pushing back rate rise

July 16th, 2013

Canada’s central bank could surprise financial markets this week and signal a longer period of ultra-low interest rates, as exports languish and executives display little enthusiasm for spending their excess profits.
Bay Street’s expectations for new Bank of Canada Governor Stephen Poloz’s first policy decision on Wednesday are muted. The economy continues to muddle along, and Mr. Poloz ...

Stress Test Your Mortgage

July 14th, 2013

Mortgage What Can You Afford - Words on CalculatorThree in ten first-time buyers expect rates to stay the sameover the next five years, according to a BMO poll. But what if they don’t?

Peace of mind comes from knowing you can handle higher payments. When rates rise materially from today’s levels, you don’t want to be among the 1 in 5 mortgagors who potentially face payment shock.

But minimizing that risk takes forethought. So to make p ...

Canadian home prices climb but at slower pace

July 13th, 2013

Canadian home prices were 1.8 per cent higher in June than a year earlier, the smallest annual gain since November, 2009.
The pace of home price increases has been slowing in the wake of the sharp downturn in home sales that began last summer and has only recently begun abating. But, while home prices aren’t rising by as much as they used to, they are rising more than many economists exp ...

Recent surveys shed interesting light

July 12th, 2013
A couple of recent surveys shed interesting light on the attitudes of home buyers in Canada. Both surveys -- one by one of the big banks and the other by CMHC -- suggest home buyers are getting smarter and more sophisticated. But there some who seem to be surprisingly naive.

The bank survey, which polled about 2,000 first time buyers online, indicates more than 30% of first-timers believe inte ...

Canadian housing market defies skeptics as starts top expectations

July 10th, 2013

TORONTO — Canadian housing starts were stronger than expected in June and May figures were revised higher, according to data released on Tuesday, the latest report to show the property market rebounding from last year’s government-induced slowdown.
The seasonally adjusted annualized rate of housing starts was 199,586 units in June, according to data from the Canadian government’s housing ...

Fixed vs. variable mortgage rates: why the trend is changing

July 9th, 2013
It’s the talk of the town once again. Interest rates. Savers are praying for an increase while those in debt have their fingers tightly crossed that any rise will come oh so slowly.

The big issue for most is the mortgage. Variable used to win hands down over fixed rate when it came to saving money.

But as five year fixed rates sunk below three per cent and the spread between fixed and ...

First-time home buyers warned of possible mortgage hikes

July 8th, 2013

First-time home buyers warned of possible mortgage hikes

75 per cent of British Columbians are likely to stress-test their mortgages, a study finds.

According to BMO’s First-Time Home Buyer’s Report, one-third of first-time buyers (31 per cent) expect interest rates to stay the same over the next five years. However, these first-time buyers may need to reconsider their outlook.

BMO Economics projects the Bank of Canada will raise its overnigh ...

Ottawa’s new rules creating ‘red hot’ market for homes under $999,999

July 7th, 2013

David Batori, left, and real estate partner Mark Bultje take down there sold sign outside of a home in Lytton Park area of Toronto. The home sold for $999,900.

The hottest new Canadian housing-market niche isn’t stacked urban townhouses or suburban condo towers, but homes of any kind priced just shy of $1-million, since federal government rules began favouring homebuyers paying in the six-figure range over bidders that break the million-dollar mark.

Fears of correction continue to haunt Toronto's condo alley

While many economists believe tha ...

Stricter Debt Ratio Standards on the Way

July 5th, 2013

If you’re a typical borrower, your 
debt ratios will largely determine if you’re approved for a mortgage.
For applicants who push the limits of qualification, those approvals have been tougher to come by. That’s a direct result of last year’s mortgage rule tightening, which imposed stricter debt ratio calculations (among other things).
And by year-end, those calculations will get even mo ...

June 2013 Real Estate Board of Greater Vancouver Statistics

July 4th, 2013


The Greater Vancouver housing market continues to maintain a relative balance between the number of homes for sale and the number of people looking to purchase a home in the region today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,642 on the Multiple Listing Service® (MLS®) in June 2013. This represents an 11. ...

In Vancouver, a condo reno that revives

July 3rd, 2013
Vancouver condo designed by architect D'Arcy Jones. When a 40-something professional couple came to Mr. Jones with a boxy, 2,050-square-foot condo still locked into its mid-ninties design DNA, he found a way to liberate the structure without wrecking it. (Ola Cholewa and Shea Pollard)

Vancouver condo designed by architect D'Arcy Jones. When a 40-something professional couple came to Mr. Jones with a boxy, 2,050-square-foot condo still locked into its mid-ninties design DNA, he found a way to liberate the structure without wrecking it. (Ola Cholewa and Shea Pollard)


For many architects, the humble house reno is not on their list of favourite projects.

But designer D’ ...

U.S. new home sales near five-year high

July 2nd, 2013

 


Sales of new U.S. single-family homes rose to their highest level in nearly five years in May, confirming the housing market's strengthening tone.

The Commerce Department said on Tuesday sales increased 2.1 percent to a seasonally adjusted annual rate of 476,000 units - the highest level since July 2008. It was the third straight month of gains in new home sales.

Sales increased 3.3 pe ...

Happy Canada Day!

July 1st, 2013