Greg Ero's Newsletter Oct 2024

Gregory Ero - Mortgage Consultant

Dominion Lending Centres

mortgageprofessor@outlook.com
778-891-4734
http://www.mortgageprofessor.ca/

Gregory - Facebook

Foreclosures List in BC

 

Abbotsford Houses
Abbotsford Condos and Townhouses
BC Northern Houses with Acreage
BC Northern Houses Single Family
BC Northern Condos and Townhouses
Burnaby Houses
Burnaby Condos and Townhouses
Chilliwack Condos and Townhouses
Cloverdale Houses
Coquitlam Houses
Ladner Houses
Ladner Condos and Townhouses
Langley Houses
Maple Ridge Houses
Mission Houses
Mission Condos and Townhouses
New Westminster Condos and Townhouses
North Delta Houses
North Surrey Houses
North Surrey Condos and Townhouses
North Vancouver Houses
Richmond Houses
Richmond Condos and Townhouses
South Surrey White Rock Houses
Squamish Houses
Squamish Condos and Townhouses
Sunshine Coast Houses
Surrey Houses
Surrey Condos and Townhouses
Vancouver East Houses
Vancouver East Condos and Townhouses
Vancouver West Houses
Vancouver West Condos and Townhouses
West Vancouver Houses
West Vancouver Condos and Townhouses
Whistler Houses
Whistler Condos and Townhouses
Edmonton Foreclosures
Fort Mcmurray Foreclosures
Kamloops suited house around $500k

Calgary Foreclosures 



How big of a rate cut will Bank of Canada make on Dec 11th?

 

The Canadian economy shrank on a per-person basis for a sixth consecutive quarter, extending an all-too-familiar trend of high interest rates stifling business investment and constraining growth.

Statistics Canada’s gross domestic product report on Friday said the economy grew at an annualized rate of one per cent in the third quarter, down from 2.2 per cent in the second quarter.

The figure is in line with economists’ expectations, but lower than the Bank of Canada’s October forecast of 1.5 per cent.

Growth on a per capita basis fell 0.4 per cent in the quarter.

Economists reacting to the latest GDP figures continue to be divided on whether the Bank of Canada will cut its key interest rate by a quarter or half a percentage point at its meeting next month.

Read more about Next Bank of Canada rate decision



Refinance your mortgage up 90% home the value??

 

New Federal Program for Home Owners Adding a Rental Suite

Starting in January 2025, home owners wishing to use their home equity to create up to three suites in their home will be permitted to refinance their mortgage up to 90% of their property's improved value up to $2 million.  The home owner must already live in the home and be creating a separate suite(s). This program is for the creation of self-contained suites, such as basement suites or laneway homes.  Short term rentals are not permitted.  Insured mortgages with 30 year amortizations will be permitted under this program.

Read the article here: https://www.canada.ca/en/department-finance/news/2024/10/deputy-prime-minister-announces-new-actions-to-build-secondary-suites-and-unlock-vacant-lands-to-build-more-homes.html



Marriage Enrichment Retreat

 

Chioma and i spent a weekend at the annual "Marriage Enrichment Retreat" program sponsored by our church. It was a much needed break from all the busy-ness that sometimes robs couples of the time they need to take their marriages for a "tune-up". \

There was ample opportunity for soul searching, so much to learn from the other couples in attendance and of course plenty of couples-oriented entertainment. A few of my takeaways from the event are as follows:

- Courtship should never end after wedding

- Never go back to the trash to bring back any old mistakes and accuse your spouse of repeating them

- We often hear, but do not listen. This could be verbally, physically or emotionally

- Joint prayer is the highest form of communication

I hope you find at least one of these nuggets of wisdom useful in your own marriages.



Giving a Talk at Surrey Library Tomorrow

 

Edo 2024

I was invited to speak a real estate seminar tomorrow (November 30) at 2pm at the Surrey Public Library. I know it's short notice, but if you happen to be near the Surrey Central area tomorrow , then please feel free to drop in and say hi. You might also learn a thing or 2. Please click the flyer for further details. 

Seminar Flyer



Let's talk about Mortgage Prepayment Penalties

 

Life happens, and people need to break their mortgage contract for various reasons. Paying a slightly higher monthly payment can mean insurance against a sky-high penalty.

Know Your Lender – Know how their pre-payment penalty is calculated prior to accepting that "lower" interest rate.  The lower rate might save a few hundred dollars, but could result in tens of thousands in a payout penalty if you ever wanted to switch to a lower rate in the future.

Please reach out to me with any questions. 



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