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Market Interest Rates are Rising Almost Everywhere

Longer-Term Yields are Rising Despite Central Bank Inaction While central banks hold overnight rates at record lows, anchoring short-term interest rates and the prime rate, mid-to-long-term government yields have been rising since early this month. As the chart below shows, the 5-year Government of Canada bond, upon which mortgage rates are generally tethered, are currently at 0.69%, up 27 basis points since January 29th. This is the highest 5-year yield since late-March 2020.  Canadian bond yields have increased more than in the US, perhaps due to the surge in commodity prices, most notably oil, which has climbed 16.9% in just the past month, taking the year-to-date gain to 27%.Growing government debt arising from fiscal measures to cushion the blow of the pandemic and stimulate the economy has set the stage for higher government bond yields in much of the developed world. Inflation concerns are mounting. In a rare move, yesterday Statistics Canada revised …
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Kitchener is The 8th Most Expensive City for Rent in Canada

Image via Padmapper According to a recent study by Padmapper, Kitchener is one of the most expensive cities to rent in Canada. The report shows that the average rent for a one-bedroom apartment in Kitchener is $1,390, positioning them at 8th place in the nation. For a two-bedroom apartment, the average rate of rent is $1,670. This is up two positions from a previous report which shows that rent is increasing at a rate of 5.3% every year. Kitchener comes in just ahead of Hamilton and Montreal on the list. Rounding out the top three is Burnaby, Toronto, and Vancouver. For the full report from Padmapper, click here.

A Semi-Detached Home in Kitchener Sells for $300K Above Asking Price

A semi-detached home in Kitchener just sold for $300,000 above the asking price. The Kitchener-Waterloo real estate market is clearly not slowing down for the time being. Located in Kitchener’s Laurentian West neighbourhood, the home was listed for $500,000. 53 offers later, it sold for $801,000. According to the story covered by CTV News Kitchener, residents in the area were not surprised, citing the booming housing market in the Region of Waterloo. Kitchener-Waterloo is a very attractive region for people looking to move out of bigger cities. Statistics Canada recognized Waterloo Region as one of the fastest-growing places, population-wise, in the country. “It’s just driving up that purchase price,” said Nicole Pohl, president of the Kitchener-Waterloo Association of Realtors. “We just do not have enough supply and, when there’s high demand, that’s just the reality of economics.” What are your thoughts on the surging housing market in Waterloo Region? Comment …
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Valko Financial Wins “Best New Brokerage” at The Mortgage Awards of Excellence

Valko Financial is pleased to announce that we are the WINNER of the “Best New Brokerage” award for the Mortgage Awards of Excellence!   Click here to view the full virtual award show.   This award is for everyone in the Valko Financial Community! To our brokers, mortgage agents, admin staff, and marketing team: THANK YOU for your hard work and dedication over the past two years, it has not gone unnoticed. To the many clients that we have served: THANK YOU for your continued trust in our services. It has been a privilege helping so many families with their home financing.   With only two years in, Valko Financial is just getting started! We can’t wait to celebrate many more milestones and achievements to come.   A Message from Tracy… Thank you to all the incredible nominees. I am truly honored and humbled to be amongst so many outstanding …
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Housing Continued to Surge in January

The housing market is still on the rise across Canada according to a recent press release from the Canadian Real Estate Association (CREA). Although supply continues to be an issue, home prices still remain strong and are expected to be for the entirety of 2021. Read below for an in-depth analysis from Dr. Sherry Cooper, the Chief Economist at Dominion Lending Centres. Click here to read the Original Article from Dr. Sherry Cooper. Today the Canadian Real Estate Association (CREA) released statistics showing national home sales hit another all-time high in January 2021. Canadian home sales increased 2.0% month-on-month (m-o-m) building on December’s 7.0% gain. On a year-over-year (y-o-y) basis, existing home sales surged 35.2%. As the chart below shows, January activity blew out all previous records for the month. The seasonally adjusted activity was running at an annualized pace of 736,452 units in January, significantly above CREA’s current 2021 …
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Warren Buffett Thinks You Should Refinance Your Mortgage Now

Tracy came across this article last week and shared it with the team.  This is certainly a trend we are seeing people take advantage of right now, and it makes perfect sense. Original Source:  The Motley Fool Warren Buffett doesn’t give stock tips, but he’s given plenty of “general” financial advice over the years. Recommending that people avoid credit cards, save money, and invest in index funds, the “Oracle of Omaha” has shared plenty of money ideas with the world. Today, he has a clear recommendation: borrow while interest rates are low. Thanks to the COVID-19 pandemic, we’re seeing unprecedentedly low interest rates across the Western world. That includes the U.S. as well as Canada. To help the economy along during lockdowns, central banks have lowered interest rates to sub-1% levels. As a result, bank interest rates to consumers have declined as well. Warren Buffett hasn’t been big on public appearances lately. …
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KW Home Sales Off To an Exceptional Start in 2021

The Kitchener-Waterloo housing market took a huge leap in January 2021. The month saw a total of 351 residential properties sold through MLS, up 24.9% from January 2020. “January’s home sales were more active than what we typically see this time of year,” says Nicole Pohl, President of the KW Association of Realtors (KWAR). “But nothing has been typical about our housing market.” Residential properties sold in 2021 included 201 detached homes (up 31.3% from January 2020), 71 apartment-style condominium units (up 97%), 21 semi-detached (unchanged) and 56 townhomes (down 17.6%). The average price of a home in Kitchener-Waterloo was $695,582 in January 2021, up 23.9% from January 2020. The month came with a significant milestone as the average price of a detached home was over $800K for the first time ever, coming in at $853,945. This was up 27.3% from January 2020. Additionally, condominium units sold for an average …
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What are Canada’s most affordable real estate markets?

Here’s a really fabulous article from Mortgage Broker News on what our most affordable cities are: Earlier this week, Mortgage Broker News examined recent data from Point2 Homes that says affordability has worsened in 38 major cities nationwide in 2020. But the data also contained a rather sizeable sliver of good news: homes remain affordable in a number of Canadian real estate markets. While “affordable housing” has been defined by the Canada Mortgage and Housing Corporation as when households spend less than 30% of their gross income on housing, Point2 found 10 Canadian markets where mortgages take up less than 15% of a household’s average income. For the Top 10 List of Cities, and full article CLICK HERE.

Canada’s Most Unaffordable Markets

Click here for the full study from Point2Homes  Housing markets in cities across Canada have been on the rise since 2010. A recent study by Point2Homes broke down the top 16 most unaffordable cities for real estate in Canada. The study found that Burnaby, British Columbia is the most expensive city in Canada for real estate where residents spent an average of 44.7% of their income on their mortgage. Rounding out the top 5 was Richmond, BC (44.0% of income on mortgages), Oakville, ON (43.8% of income on mortgages), Vancouver, BC (41.6% of income on mortgages), and Kelowna, BC (40.8% of income on mortgages). The study also identified Kitchener, ON as the city with the largest gap between home price increases and wage increases. Over the last decade, home prices in Kitchener increased 148% whereas wages only grew by 38%. That’s a 110% difference. Image Source: Point2Homes Which city shocks …
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Ontario’s Most Affordable Cities for Real Estate

Ontario is seen as one of the hottest provinces in Canada for real estate. Many people, especially first-time homebuyers, cannot afford the lucrative housing prices in Toronto. At the rate that prices are rising, Waterloo Region’s real estate market isn’t too far behind. While prices continue to skyrocket in the GTA, Kitchener-Waterloo, and other areas in Ontario, there are still places in the province for affordable housing. Here are three of Ontario’s most affordable cities for real estate, based on average home prices in 2020. Kingston- Average home price: $463,083 Known for being home to Queen’s University, Kingston has a population of just under 150,000. The city is rich with beautiful heritage architecture. You’re also in a great location being halfway between Toronto and Montreal, and under a 2-hour drive from Ottawa. Windsor- Average home price: $406,861 With a population of over 200,000 Windsor is mainly known for its auto industry and …
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