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April 11, 2015 | Volume 26| Number 15| Phone: 604-502-6100 | Fax: 604-501-6111 | Email: voicerealtyads@gmail.com
Three Reasons Bank of Canada Rate Cuts Mean Great Mortgage Deals for You
Lowest Mortgage Rates Guaranteed
We're seeing extraordinary times in the mortgage industry – so what does that mean to the consumer who is just looking for a good mortgage deal? Reason#1: Prime Lending Rates Cut On January 21, 2015, the Bank of Canada made a decision to reduce the overnight lending rate by 0.25 per cent, from 1 per cent to 0.75 per cent. With rates at historic lows, even the most seasoned economists were taken aback, as all the predictions had been looking in the other direction. But the central bank made a determined decision to stimulate small business growth, improve consumer spending power and stimulate the economy by cutting rates instead. Canada’s Big Banks – RBC, BMO, TD, CIBC, Scotiabank – responded quickly by cutting prime lending rates by 0.15 per cent to 2.85 per cent. Reason #2: Mortgage Rates Follow Suit The cut in prime lending rates immediately lowered variablerate mortgages, as the fluctuation of this rate is directly related to
overnight rate. However, yields on bonds have been falling too. Just in December, the five-year bond yield was sitting at 1.34 per cent and it has since declined to 0.86 per cent. This means fixedrate mortgage rates have been sliding in tandem with their variable-rate counterparts. Aragon says, “Recently the bond market has been lower allowing lenders to temporarily reduce their fixed rates. Usually lenders have limited-time promotions for quick closing of mortgages between 30 to 45 days from the date of the mortgage approval. Currently you can find some lenders offering fixed rates at 2.59 per cent for five years. However, these offers are not for every borrower as they come with restrictions and conditions and have to meet lenders’ strict criteria.” Reason #3: Competitive Market among Lenders In turn, this has created a highly
the overnight lending rate. Banks usually add 2 per cent to this rate, which is offered to their best clients for unsecured lines of credit. Mortgage broker Atrina Kouroshnia explains, “With the lower prime rate in place, the overall variable rate became lower for consumers. For instance if the home owners’ mortgage rate was prime -0.6, it went from 2.4 per cent to 2.25 per cent and essentially reduced the cost of borrowing.” Alisa Aragon, a mortgage broker for Dominion Lending Centres, agrees. “When it comes to secure loans like mortgages, usually lenders offer them at prime or prime rate less a discount. Currently you can find [variable rate] offers from lenders at prime rate (2.85 per cent) to prime -0.7 per cent (2.15 per cent).” But the ever-popular fixed-rate mortgage depends on the bond market, not the Bank of Canada’s
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competitive mortgage market, with Limited Income Verification with lenders vying increasingly • Commercial Mortgages • First Time Buyers fiercely to give their consumers • Equity Take Outs • Renewals • Debt Consolidation lowest rates. This means that • Refinances • Variable Rate Specials home buyers (and mortgage • Cash Back Specials • Private Mortgages • Rate Holds up to 120 days • Truck Leasing renewers) currently have access to historic low mortgage rates. Figures such as 2.69 per cent for a five-year fixed rate, unheard of 25 Years of even six months ago, are today’s Banking Experience Owner of Centum Axis Mortgage new normal. Kouroshnia says, “In a competi#204-12885, 80th Ave, Surrey • E: tony_hundal@centum.ca tive mortgage market, once the Axis Mortgage Corp. www.surreydeltamortgages.com rates start to drop, the majority of other lenders find it crucial to folManufacturers Of low. With Quality Cabinetry spring being a hot market for real estate, Single Family Homes “Celebrating 30 years rates play a Multi Family Projects major role in in Business” both qualifyHi-rise Apartments ing and purc h a s i n g Sohan Singh Bhogal power.”
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INTEGRITY
West Newton
$258,800 NEW E C PRI
Vantage Realty Office:604-585-3555
#210-12088 75A AVE, SURREY
604-339-5132 West Newton
$199,800
Panorama Ridge
$898,000
Surrey
WEEKLY SPECIAL
12988 SOUTHRIDGE DR
# 102 12088 75A AV GROUND LEVEL!One bdrm, one bthrm 760 SF luxurious condo. LARGE living rm with laminate floor and electric fireplace. Beautiful Maple kitchen with Granite countertops, SS appliances, Tile flooring, built in microwave/hood fan, Huge island and in suite Luandry. Large Master bdrm with walk in closet PRIVATE fenced yard. NO elevator or stairs. Great for first time buyer or RETIREE. Secured building and secured ground Level parking with bthrm. Walking distance to transit, schools, library, shopping, gym & restaurants. Easy access to Scott Rd and Nordel Way with 2-5-10 Home Warranty coverage. Great Price with great location. One of the best 1 bedroom units.
PANORAMA RIDGE ACREAGE with VIEW. BEAUTIFUL 5 bdrm, 3 bthrm rancher with full WALKOUT bsmnt on 1.7 ACRES. Main features: LARGE sunken living rm with gas fireplace and VAULTED ceilings, Dining rm leading to HUGE deck, lots of windows offering NATURAL light, Kitchen, 3 bdrms, 2 baths and Laundry. AMAZING views of Farmland and Water from deck and dining room. Full WALKOUT bsmnt with SPACIOUS rec. rm, 2 bedrooms, 3 piece bthrm and mud rm. FENCED yard with large hedges for privacy. Bring the horses or start a hobby farm. ONE of the last acreages on a great street. Move in, rent or build. RV parking. Priced to sell. Call for your private tour.
East Newton
Delta
14561 80B AV ENVER CREEK !!! Custom built, CLEAN, 6 bdrm, 5 bthrm 2 storey with bsmt home in great neighbourhood. Main features: LARGE living rm with gas fireplace, dining room with high ceilings, laminate floors, Kitchen, SPACIOUS family rm leading to COVERED deck, DEN/bedroom, 3 piece wshrm, security system and built in vacuum. UPSTAIRS: Master with ensuite and walk in closet, 2nd master with ensuite and two more bedrooms with Jack and Jill washroom. Bsmt features: Living rm, kitchen, 2 bdrms and den. Close to both levels of school, transit, shopping and recreation. Centrally located with easy access to 88th Ave and 152nd street. Nothing to do but move in. Call for your private tour. More pics on Realtor's website.
Royal York
Surrey
$530,000 Abbotsford West
8854 139A ST BEAR CREEK INVESTOR/BUILDER ALERT!! 3 bedroom 1 bathroom rancher on a 7600 Square Foot lot. Great property to build on or keep as investment. Close to both levels of school, transit, park, recreation with easy access to 88th Ave. Newer homes next door. Call for your private tour.
# 120 3080 Townline Rd Over 2260 sq.ft. Beautiful rancher/bungalow with basement. Main floor features: living room with gas fireplace leading to private patio, master bedroom with walk in closet and ensuite, den, 2 more bedrooms, laundry & full bath. Basement features: HUGE family room, games room and bedroom plus over 540 sq.ft. awaiting your ideas. Close to transit, school & shopping with easy access to HWY. Call for your private tour.
Panorama Ridge
FREE
9123-126th St.
14370 74A Ave
11230 81St
7733 Garfield Dr, Delta
12532 58b Av
$299,900
EXT N C I P !!! K E E W
$629,000
Surrey
Queen Mary
EMAIL: jaysidhu1@gmail.com SEE MORE AT:
LOCATION LOCATION! THE VILLAS AT STRAWBERRY HILL!2 bdrm 2 bthrm 959 sq ft luxurious condo. OPEN layout features! Large liv rm with laminate flrs & electric fireplace. Maple kitchen with GRANITE counter tops, SS appliances, Tile flring, built in microwave/hood fan & in suite Laundry. M. bedrm with ensuite & second bdrm on opposite side for PRIVACY. Secured building and secured around Level Parking parking with bike room. close to all amenities.
12914 54A AV
D D D D D D SO D SO D SO D SO D SO D L L L L L L L L L L O OLLD O O O O O SS$719,000 S$638,800 S$540,000 S$699,000 S$699,000 S$899,000
$1,000
MARKET EVALUATION Towards Legal Fees or Cash* *CALL FOR DETAILS
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