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kell0481 — Wed, 14 Mar 2012 15:33:44 +0000

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Laurie Wilson Kelly Wilson
Laurie is a middle child of 10 siblings, and was born and raised in the Glebe in Ottawa where she attended First Avenue Public School, Glashan Public School and Commerce High School. She realized early on in her life she had a love for real estate and finances.

Phone: 613-314-6996
Fax: 613-792-1004
Email: lauriewilson@invis.ca
Email: laurie@wilsonteam.ca
Email: kellywilson@invis.ca
Email: kelly@wilsonteam.ca

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kell0481 — Sun, 19 Feb 2012 21:12:57 +0000

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The best mortgage brokers in Ottawa

heather — Fri, 09 Dec 2011 16:02:56 +0000

Kelly Wilson and the Wilson Team are by far the best mortgage brokers in Ottawa. As an inexperienced first-time home buyer I was hesitant about buying my first home until I met with Kelly. Her knowledge and expertise was second to none and she guided me through the home buying process, answering all my questions and getting me the lowest interest rate possible. Since then, I have gone on to use Kelly in purchasing four more properties, three of which were investment properties. Not only is Kelly knowledgable about home ownership but her knowledge about investment properties is equally impressive. I have recommended Kelly and the Wilson Team to family and friends and they have all been impressed with her as well. Thanks Kelly and the Wilson Team! I look forward to working with you again in the future.

Blake.

Record resales in November for Ottawa realtors: OREB

heather — Fri, 09 Dec 2011 15:13:03 +0000

Published on December 5, 2011

OBJ Staff

Residential resales in November hit an all-time high for that month, according to a release from the Ottawa Real Estate Board.

Members of the board sold 1,020 properties in November, up 8.5 per cent from last year’s total of 940.

“The last time we saw sales numbers anywhere close to that number was in 2001,” stated board past president Joanne Tibbles.

“It speaks well for the stability of our market that even in the quieter months of the year, our market is still thriving.”

The average sales price was $347,795, up 7.3 per cent over 2010. It is calculated based on the total dollar volume of all properties sold.

Board members sold 244 condominiums and 776 residential properties in November, OREB added.

5 reasons why a fixed-rate mortgage could be your best bet

heather — Thu, 08 Dec 2011 15:31:25 +0000

By Tom McFeat, CBC News

It’s a decision that millions of Canadian homeowners struggle with repeatedly during their time as homeowners: Do they choose the security of a fixed-rate mortgage, or opt for the flexibility (and usually lower cost) of a variable rate and hope that rates don’t spike higher? But right now, conditions in the mortgage market mean homeowners can actually get the best of both worlds, according to market-watchers.

Estimated ranges for posted fixed mortgage rates:
2011
	1-year:	3.4 – 3.7%
	5-year:	5.3 – 5.5%
2012
	1-year:	3.4 – 3.8%
	5-year:	5.2 – 5.7%

(Source: CMHC)

For years, we’ve seen evidence that people who opted for variable-rate mortgages ended up saving money over the fixed-rate crowd —anywhere from 77 to 90 per cent of the time, depending on the period selected and the assumptions used.

Despite that, 60 per cent of the 5.8 million mortgages out there are fixed-rate mortgages, and the five-year term is especially popular. Another 31 per cent of mortgages are variable- or adjustable-rate. The rest are hybrids that have a bit of both types of mortgages built in.

In the past year, we’ve seen evidence that people have been starting to swing more towards variables (see table). But in the past few months, two things have happened in the Canadian mortgage market that may have the “variable-is-best” crowd changing their minds … or at least re-thinking what used to be an easy decision.

Variable has a catch

First of all, the traditional discount that lenders used to apply to variable rate mortgages is fast becoming a thing of the past.

“In the last couple of months, there’s been a big shift back to fixed rates,” says mortgage broker Robert McLister, who edits the popular mortgage news site CanadianMortgageTrends.com. “The average discount went from prime minus 0.80 per cent to prime minus a quarter,” he told CBC News.

Widespread discounts

Average posted 5-year fixed-rate mortgage: 5.38%

Average discounted 5-year fixed-rate mortgage: 3.92%

Average discount: 1.46 percentage points

Source: CAAMP/Maritz survey, Fall 2011

That puts a typical five-year variable-rate mortgage around 2.75 per cent.

At the same time, McLister says fixed rates have dropped. Mortgage brokers can arrange a five-year fixed-rate mortgage for as little as 3.25 per cent – or about two full percentage points below the posted rates at the big banks. That rate represents a spread of just half a percentage point over the variable-rate mortgage. McLister says the spread between these two is normally 125 basis points or more (1.25 percentage points).

At this point, you may be thinking that people who have variable-rate mortgages still can’t lose, because they can always choose to lock in to a fixed-rate mortgage at any time. Very true. But McLister points out that people who do this typically don’t get the lowest rates.

That’s not too surprising. After all, you can’t change lenders when you switch from a variable to a fixed mortage without paying a penalty, and your lender knows this. “The rates that lenders give to people when locking in are always at least a quarter percentage point above what’s available elsewhere in the market,” he says.

McLister also points out that it’s never immediately clear where or when mortgage rates will bottom out. “Some people may think about getting a variable in hopes of riding down rates if they drop further,” he says. “The thing is, if you’re that good at predicting interest rates, you’d make a lot more money as a bond trader.”

What people are choosing

Mortgage type	All mortgages	Renewed/ refinanced in past year
Fixed-rate	60%	56%
Variable or adjustable rate	31%	37%
Combination	8%	7%

Source: CAAMP/Maritz survey, Fall 2011

Fixed-rate bargains

Of course, there are other reasons besides interest rates that can sway someone’s decision on mortgage type. If someone needs to break a five-year fixed rate mortgage early, for example, the penalty (based on what’s called the interest rate differential) can be many thousands of dollars. With a variable-rate mortgage, the penalty is never more than three months interest.

By the numbers

Interest rates in Canada and around the world

Map: Canadian housing prices

But some people will always opt for fixed-rate mortgages simply for the security of knowing that they won’t be affected by any future upswing in interest rates – at least until their mortgage comes up for renewal.

Here’s another reason to consider fixed-rate mortgages. Some lenders have chosen to stake out some market share by offering exceptional bargains at terms other than five years.

The four-year fixed-rate mortgage – not a mainstay among the big banks – has become a battleground among some other lenders that mortgage brokers use. Brokers can arrange a four-year fixed-rate mortgage for 2.99 per cent at a few non-bank lenders, and the range generally available right now goes from 2.89 per cent to 3.09 per cent. One big bank lender – Scotiabank – offers a two-year fixed-rate mortgage for 2.49 per cent, which is even less than what lenders charge for a variable-rate mortgage.

As for the future, some mortgage experts see the variable-fixed spread continuing to narrow.

‘Variable mortgage rates will stay at current levels well into 2012′—RateSupermarket.ca

“Variable mortgage rates will stay at current levels well into 2012,” says a panel of five mortgage industry and academic experts surveyed by RateSupermarket.ca in December.

At the same time, the panel members predicted that fixed mortgage rates would stay low or drop further over the next 30 to 45 days, noting that there’s less demand for home loans over the holdays.

Still not sure what to go for? Fixed or variable? Short or long-term?

Either way, the good news is that rates are at historic lows. Rest assured that you can’t go far wrong these days, no matter which direction you go in.

“The cost of choosing the wrong term has probably never been lower,” says McLister.

CMHC: November 2011 Housing Starts

heather — Thu, 08 Dec 2011 14:30:22 +0000

OTTAWA, ONTARIO, Dec 08, 2011 (MARKETWIRE via COMTEX) — The seasonally adjusted annual rate(1) of housing starts was 181,100 units in November, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 208,800 units in October 2011.

“Housing starts declined in November, reaching a level which is more consistent with the rate of household formation. The decrease in housing starts was due to a moderation in the multiples segment,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre.

The seasonally adjusted annual rate of urban starts decreased by 14.4 per cent to 158,900 units in November. Urban single starts increased by 3.5 per cent in November to 63,600 units, while multiple urban starts were down by 23.3 per cent to 95,300 units.

November’s seasonally adjusted annual rate of urban starts decreased by 30.6 per cent in Ontario, 13.4 per cent in the Prairies and 3.6 per cent in British Columbia. Urban starts increased 8.3 per cent in Atlantic Canada and 3.2 per cent in Quebec.

Rural starts(2) were estimated at a seasonally adjusted annual rate of 22,200 units in November.

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, visit http://www.cmhc-schl.gc.ca or call 1-800-668-2642.

This release is also available on the CMHC Web site: cmhc.ca/Newsroom ( http://www.cmhc.ca/en/corp/nero/index.cfm )

(1) All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) – that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment makes it possible to highlight the fundamental trends of a series. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

(2) CMHC estimates the level of starts in centres with a population of less than 10,000 for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in these centres and revises the estimate.

The graph of “Housing Starts in Canada-All area” is available at the following link: http://media3.marketwire.com/docs/cma1207.pdf

Mortgage update

heather — Thu, 08 Dec 2011 14:23:25 +0000

As you know, your variable rate mortgage, lines of credit and/or student loans are all based on the Prime Rate and as promised, here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.

At 9:00 am EST, December 6^th, 2011, the Bank of Canada again did what we expected them to do… they maintained their overnight rate. What this means to you is that the prime rate on your mortgage or line of credit will not change and remains at 3.00%. This is great news as you still have a great low rate and so continue to make the most of the low payments you will still have and maybe chat with a financial advisor about a Tax Free Savings Account or some RRSP contributions to trigger a potential income tax refund next year! If you don’t have a financial advisor, let me know and I’d be happy to recommend one to you.

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:

“Uncertainty around the global economic outlook has increased. The recession in Europe is now expected to be more pronounced than the Bank had anticipated in October. Recent economic data suggest that growth in the US has been slightly more robust than anticipated… Nonetheless, household deleveraging, fiscal consolidation and negative spillover effects from the European crisis are all expected to weigh on U.S. growth. On balance, recent economic indicators in Canada suggest that growth in the second half of this year is slightly stronger than the Bank projected in October. The economy also continues to face competitiveness challenges, including the persistent strength of the Canadian dollar”.

The outlook hasn’t really changed that much since the last announcement… they expect that growth will slowly continue but will be impacted by global economic conditions. Based on this repeated message, it is anticipated that prime rate might not actually increase until well into 2012 maybe even 2013. When it does start to increase, it is expected to be gradual and controlled in line with economic recovery, both in Canada and globally. Remember any change to the prime rate since 1992 has only been by 0.25% at any ONE time.

We have only seen some minor fluctuations to the fixed term rates since the last announcement and are still very low at around 3.39% on a five year fixed term.

Based on this recent announcement, and the anticipation that the prime rate will still remain low for the coming months, unless you feel otherwise, I’d recommend that you remain with your current variable rate product as the interest is very much lower than a fixed term rate right now. However, if having a fixed payment is important to you, call me so I can calculate what your new payment would look like and also if it is suitable for you. The next announcement on any change to the prime rate is January 17^th, 2012 at which time I’ll be in touch again.

I wonder if I can ask a favour – rates are so low right now and so it is a great time to buy a property or consider refinancing especially as I can hold rates for up to six months, if you know of someone that is looking for advice on their mortgage options, with no obligation, would you mind passing my contact information on to them – this is very much appreciated.

Yours truly,

The Wilson Team