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Can you really afford that mortgage? Know your Real Life Ratio – consult with Bruce Coleman, Vancouver Mortgage Broker

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Someone ought to explain the facts of life to the nation’s bankers.

They’re handing out mortgages to people without any apparent understanding that today’s home-buying couple is tomorrow’s family of three or four. A lot happens to one’s ability to afford mortgage payments when kids come along, but you’d never know it by the way lenders qualify borrowers.

A third of Canadians would enter bidding war to buy a home: survey – Ask a Vancouver Mortgage broker

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A third of Canadians would enter bidding war to buy a home:  – TORONTO — The Canadian Press

Real estate signs in Toronto’s East end on Dec. 16, 2013.
(Deborah Baic/The Globe and Mail)

More Canadians are willing to enter a bidding war and fight it out to secure a property, according to a home buying report released today by Bank of Montreal.

It says 34 per cent of Canadians surveyed are willing to enter a bidding war when it’s time to buy a home, an increase of six points, or 21 per cent, from a year ago.

The survey, conducted by Pollara for BMO, suggests the appetite for competitive bids among major cities is the highest in Toronto, at 44 per cent, and Vancouver, at 41 per cent.

On a provincial basis, prospective buyers in the Prairies and British Columbia are the most willing to compete on the price of a home, with a reading of 38 per cent in both regions.

The BMO survey also reports current homeowners say they visited an average of 9.5 homes before buying. While 49 per cent said they were successful on their first bid, the figure drops to 42 per cent among those who bought in the past five years – including 32 per cent in Vancouver and 24 per cent in Toronto.

The survey results are based on random online interviews with 2,007 Canadians between Jan. 24 and Feb. 3. Of those, 1,051 were prospective homebuyers and the remainder were current homeowners.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

Work longer but work smarter – Consult with Bruce Coleman, Vancouver Mortgage Broker

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For most of us, the concept of retiring at 55 is dead. It is dead because many would struggle to finance a retirement that will last 30 plus years, but also dead because many people are realizing that they don’t actually want to be retired for 30 years.

Since 1975, the average number of years spent in retirement has grown by more than 30%.

Not everyone seems to be enamoured of that idea — Statistics Canada said last week in a comprehensive survey that once-retired people are returning to the workforce in droves. About 60% of those aged 55 to 59 opted to return to the workforce, the survey suggested. And about 45% of those aged 60-65 elected to return.

The study doesn’t nail down if it was money or other reasons that drove us back to the working world but these are significant numbers that we likely wouldn’t have seen 40 years ago. The study stopped at 65 but I think in the coming years we will see more and more people working well into their 70s.

According to The Canadian Human Mortality Database, the average life expectancy for a 55-year-old male is 27.1 years, or to age 82. Given that it is an average, roughly half of all 55-year-old males will live beyond 82. This is based on 2009 data.

In 1975, the number was 20.7 years, or to age 75.7.

This may not seem like a huge difference at first, but looked at another way, the average length of retirement for a 55-year-old male has grown 31% since 1975, from 20.7 years to 27.1 years. That is very meaningful.

If we look at the same numbers for a 65-year-old male, today the average life expectancy is another 18.8 years, versus 13.8 in 1975. This represents a 36% increase in average retirement for a 65-year-old male since 1975.

For females, the trend is the same, but slightly less dramatic. A 55-year-old female can expect to live another 30.5 years on average, meaning roughly 50% of 55-year-old females will live beyond 85. This has grown 17% for women since 1975.

A 65-year-old female can expect to live another 21.8 years, meaning roughly half will live beyond 86.8 years. This has grown 22% for women since 1975.

The point of all of this is that retirement planning needs to change, and a significant part of that relates to employment.

Let’s take a look at a 55-year-old male today.

He may have 20 to 40 years of life in front of him and may be nearing the end of his career. This makes no sense for most people – both for financial and quality of life reasons. There needs to be a better fit between this person’s skills, work goals, financial goals and the broader workplace.

This shouldn’t be that difficult to figure out.

The private sector is always looking for people to hire that will add to a companies’ profitability.

In many cases, someone who might have been making $150,000 a year working full time at age 55, might be very happy to work six months a year or 20 hours a week at age 65 and make $50,000.  This could be very productive for many companies.

I believe that there are currently two factors preventing a better workplace fit for those who want to work into their late 60s and 70s, and even 80s.

1) 9-5 workdays That rigidity certainly isn’t good for traffic during rush hour, but it also prevents too many valuable workers from continuing to work. Whether it is a much shorter or flexible work week or more piecemeal project work, there needs to be more workplace creativity in order to be able to take advantage of the great talent available.

2) Ageism There continues to be a belief that older workers can’t contribute or add value. Their ‘old school’ ways and lack of technology skills or “unwillingness” to burn the midnight oil are typical comments heard in the workplace. Despite these perceived weaknesses, we also know that things really get done based on communication skills, people management, problem solving, and looking at things from a different perspective.

This reminds me of an ‘old school’ manager I once had who would often be seen going over his files from the ’70s and ’80s. Occasionally he would pull one of them out, blow off the dust, and say “let’s see how we dealt with this same issue the last time.” It was amazing how often we would discover that today’s new business issues had already been dealt with many years before.

There is also a broader economic issue for Canada. As a country we would be in much better shape if we can tap into the productivity of those over 65. This wasn’t such a big issue in 1971 when those over 65 were just 8% of the population. Today that number is 16%, and it is expected to be 24% in the next couple of decades.

If 65 really is the new 55, then we better figure out how to make it work.

Ted Rechtshaffen is president and wealth advisor at TriDelta Financial, a boutique wealth management firm focusing on retirement and estate planning.tedr@tridelta.ca

CMHC’s move to hike mortgage insurance premiums prompts competitors to follow – Ask a Vancouver Mortgage Broker

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The cost of mortgage default insurance is about to go up for most consumers after competitors moved quickly to follow Canada Mortgage and Housing Corp.’s decision to raise premiums.

The federal agency announced Friday it is increasing premiums across the board, effective May 1. The change does not impact existing homeowners and is expected to raise up to $175-million for CMHC.

“The higher premiums reflect CMHC’s higher capital targets,” said Steven Mennill, CMHC’s vice-president of insurance operations, in a release. “CMHC’s capital holdings reduce Canadian taxpayers’ exposure to the housing market and contribute to the long term stability of the financial system.”

CMHC said in a conference call with journalists to discuss the premium change that it should cost the average Canadian about $5 per month on their mortgage.

Canadians must buy mortgage default insurance if they have less than a 20% downpayment and are borrowing from a financial institution covered by the Bank Act. The insurance covers banks in the event of default and is ultimately backstopped by the federal government. There is close to $1-trillion backed by Ottawa, including private players.

At the top end of the market for someone with a mortgage for 95% of the value of their home, the premium CMHC charges will go from 2.75% to 3.15%. On a $450,000 mortgage, the fee — it is charged up front and often tacked onto the mortgage, would rise from $12,375 to $14,175.

CMHC controls about 70% of the mortgage default insurance market in Canada with private players Genworth Canada and Canada Guaranty holding the rest.

Genworth announced it too would raise premiums across the board by an average of 15%. Its increases will take effect May 1 too.

“All three insurers have the same standard premiums today. By the time CMHC hikes its fees in May, I suspect the privates will have announced matching increases,” said Rob McLister, editor of Canadian Mortgage Trends, before Genworth matched the hike.

Tyler Anderson/National PostCMHC controls about 70% of the mortgage default insurance market in Canada with private players Genworth Canada and Canada Guaranty holding the rest.

A key issue will be whether the hike, it’s only 10 basis points for mortgages that are 65% loan to value, leads to people trying to buy ahead of the increase.

On the call with journalists, CMHC officials indicated they didn’t expect any of this so-called front-running to happen. However, when mortgage rates were set to climb, consumers did try to buy early to beat the increase — albeit interest increases have a far greater impact on consumer costs.

Finn Poschmann, vice President, research with the C.D. Howe Institute, said he thinks the increase will lead to a jump in sales ahead of the May 1 price change. “As a share of closing costs, it is a pretty big hit,” said Mr. Poschmann. “On a monthly basis it’s not that much. The change goes by the application date not the closing date so even if you are going to be closing a couple of months later, you are facing an incentive to get the mortgage application in.”

He applauded the change because it means CMHC is operating in a more professional manner.

“This is much better risk management and risk pricing,” said Mr. Poschmann. “And it is a sensible, scaled increase in premiums for rising loan to value ratios.”

Last year, the federal government announced that CMHC would fall under control of the Office of the Superintendent of Financial Institutions. Then in late 2013 it announced it had brought in a former investment banker, Evan Siddall, to run the Crown corporation.

7 Myths About Dividend-Paying Stocks Separate the myths from the facts on the value of dividend-paying stocks. – Consult with a Vancouver Mortgage Broker

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7 Myths About Dividend-Paying Stocks-  Separate the myths from the facts on the value of dividend-paying stocks.

The most common misconception among investors may be the value of investing in dividend-paying stocks. Almost every week, someone contacts me to extol the virtues of investing in what they call “high quality, dividend-yielding securities.” Often, their interest is spurred by the recent high performance of these stocks. According to one paper by Gregg S. Fisher, published in the Journal of Financial Planning, the FTSE High Dividend Yield index of U.S. stocks returned a whopping 26 percent between the period of Jan. 1, 2011 and Sept. 30, 2012. During the same period, the Standard & Poor’s 500 index fell short, returning 19 percent.

There are many myths on the benefits of investing in these stocks. Here are some of the most common ones:

Myth No. 1: Dividends hold up in bad markets. There is a perception that dividend-paying stocks will hold up better when the market declines. If that were the case, you would think the stock of General Electric, a member of the Dow Jones Industrial Average, would help prove that point. GE paid a quarterly dividend of $0.31 per share in 2008. In 2009, during the global recession, GE cut its dividend to $0.10, commencing in the second quarter of 2009.

GE was not alone. In 2009, a whopping 57 percent of dividend-paying companies, located in 23 developed markets, either reduced their dividends or eliminated them altogether.

Myth No. 2: Dividend-paying stocks outperform the market. From 1991 to 2012, the simple average annual returns of dividend-paying stocks and the market were both 9.1 percent. During the same period, stocks not paying dividends had a simple average annual return of 11.1 percent, though the higher returns came with greater volatility.

Myth No. 3: Dividend-paying stocks provide adequate diversification.  If you focus only on investing in dividend-paying stocks, you are ignoring 39 percent of the global companies that do not pay dividends. An investor who invests only in dividend-paying stocks is sacrificing diversification. Approximately 53 percent of global small-cap stocks pay dividends. If your portfolio is made up entirely of dividend-paying stocks, you are excluding 47 percent of global small-cap stocks.

Myth No. 6: Buying dividend stocks is a prudent way to obtain exposure to value stocks.Fisher’s analysis of more than 30 years of high dividend-yielding stocks compared those stocks’ returns with the broader stock market. The paper concluded that it wasn’t the dividends associated with high-yielding stocks that drove performance. In fact, the author, Gregg S. Fisher, concluded that the “ … yield factor associated with high dividend-yielding stocks actually detracted from performance.”

If dividends didn’t account for the returns, what factor did? It was the value factor, which refers to the purchase of stocks that have low prices compared with earnings or other metrics (like book value). The study concluded there are better ways to get exposure to value stocks than buying high dividend stocks. It recommended simply tilting your portfolio toward value stocks.

Myth No. 7: Dividend-paying stocks are a substitute for bonds. Some investors believe they can improve their yields, without taking additional risk, by dumping bonds from their portfolio and substituting higher dividend-paying stocks. This analysis is incorrect on several levels.

First, dividend-paying stocks are (obviously) stocks. They have significantly greater risk than high quality, short-term bonds. Comparing the returns of these two investments doesn’t make any sense.

Second, there is a better way to increase expected returns. You can do so by increasing your allocation to stocks. The purpose of bonds is to lessen periods of volatility. You should take a total return approach to investing. The stock portion of your portfolio is where you should take risk. You should not take any meaningful risk with the bond portion.

Third, if the market drops, the value of the stocks of dividend-paying companies would also likely decline, and the dividends could be reduced or even eliminated. Proponents of buying dividend-paying stocks often dismiss or ignore these risks.

Dan Solin is the director of investor advocacy for the BAM Alliance and a wealth advisor with Buckingham Asset Management. He is a New York Times best-selling author of the Smartest series of books. His next book, “The Smartest Sales Book You’ll Ever Read,” will be published March 3, 2014.

Pimco sees Canadian housing market falling as much as 20% – Consult with a Vancouver Mortgage Broker

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Pacific Investment Management Co. forecasts Canadian home prices falling as much as 20% in the next five years, removing the boost from household spending that contributed to faster-than-expected growth last quarter.

“Canadian housing is overvalued,” Ed Devlin, the London-based head of Pimco’s Canadian portfolio, said by telephone. “I would expect to see it happening at the end of this year, we’re going to start to see housing roll over.”

The world’s largest manager of bond funds has been reducing its holdings of Canadian debt after a run of strong profits, he said. The housing decline, which could be cancelled out or reduced to 10% when accounting for inflation, will cause a pullback in consumer spending, capping economic growth this year in Canada around 2%, Devlin said.

Though that is less than the 2.3% growth forecast by the Bank of Canada, it should still be enough to keep the central bank from cutting interest rates as exports pick up some of the slack, he said.

Consumer spending helped boost Canada’s gross domestic product by 2.9% in the last three months of 2013, data showed last week. More recent data has shown signs the housing market is cooling, with new-home construction falling twice as fast as economists forecast in January.

“It’s not a collapse, it’s a correction. We think the Canadian economy can handle it,” said Devlin. “It’s going to be a headwind to consumption as people don’t have the same kind of wealth effect and are more anxious about their house than they have been in the past. They’ll consume less.”

Pimco isn’t the only one warning the market is overvalued. Deutsche Bank, for instance, issued a report in December that said Canada’s housing market was the most overvalued in the world, pegging prices as being 60% too high.

Last month both the International Monetary Fund and TD economists said Canadian home prices were overvalued by 10%.

The IMF’s report said that when compared to other advanced economies and income and rents in Canada, home prices remain high, even as home sales have stalled. It does note that not all Canadian markets are overvalued, however, and that outsized prices tend to dominate in the country’s largest cities, such as Toronto.

The Canadian housing market and worries about a real estate bubble have been key concerns for policy-makers for several years. Recent indicators have suggested the market may be headed for a soft landing instead of a bubble bursting, but concerns have persisted.

Get ready for house prices to continue to rise in Toronto- Ask Bruce Coleman, Vancouver Mortgage Broker

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It’s only two weeks of data, but the Toronto Real Estate Board is reporting the first 14 days of February saw existing home prices continue to rise.

The average sale price of an existing home reached $547,107 for the first weeks of February, that was a 7.8% increase from the same period a year earlier.

“Price growth well above the rate of inflation will be the norm for the remainder of the year. Over the same period, mortgage rates are expected to remain low, thereby keeping home ownership affordable in the Greater Toronto Area,” said Jason Mercer, senior manager of market analysis, in a release.

Mortgage rates have been trending back down for fixed rate products for five-year lengths, with some brokers suggesting the magical 3% barrier has been breached again.

There could be some upward pressure on prices from a pullback in new listings too. TREB said new listings over the same period are off 6.1%.

“The annual rate of decline was less than experienced last month,” said Dianne Usher, president of the board, talking about new listings. “This may point to an improvement in the listings situation moving forward, which would help alleviate some of the pent-up demand that currently exists in the marketplace.”

Sales have not pulled back either. There were 2,767 sales through the first 14 days in the GTA which is a 1.3% increase from a year earlier for the same period.

Detached prices are rising fastest. The average detached home sold for $710,949 during the period, a 10.4% increase from a year earlier. Semi-detached homes rose 2.1% in value, townhouses 8.8% and condominiums 5.3%
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In Canada’s housing market here’s what $500 K buys: A lake in Edmonton … a condo in Toronto – Consult with Bruce Coleman, Vancouver Mortgage Broker

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The Canadian Real Estate Association has predicted that the national average price for a home will be $391,000 this year.

But it’s hard to compare how far your buck will go in Canadian cities using that figure, since the average prices at year’s end are so very different: $785,574 in Vancouver and $320,693 in Montreal, for instance. So we’ve found a round figure in the middle and asked, what could approximately $500,000 have bought homebuyers in various markets across the country?

EDMONTON

Shaughn Butts/Edmonton Journal$499,900 in Edmonton will get you two-and-a-half storey, three-bedroom show home, with double detached garage and 2.5 baths.

The place: Two-and-a-half storey, three-bedroom show home, with double detached garage and 2.5 baths

List price: $499,900

Square footage: 1,901

Taxes: $3,400

Monthly fees: HOA $300/month

Where: Late stage of an established development in city’s southeast, south of the ring road. Forty minutes to downtown, 10 minutes to the airport, and five minutes to a residents-only recreational lake.

Top features: Loft-den, bonus room with Juliet balcony, hardwood, gas fireplace, all appliances, deck and landscaping included. As a bonus, all the furnishings are included. HOA fee includes access to a 32-acre freshwater lake with sandy beach, dock, tennis courts and all-season clubhouse.

Contact: Madeline Sarafinchin, Jayman Realty (Edm) Inc.; 780-913-6595

MONTREAL

HandoutThis four-bedroom bungalow in a western suburb of Montreal comes with a salt-water pool.

The place: Four-bedroom bungalow with two baths, built in 1959

List price: $492,500

Square footage: 1,442

Where: The Beaurepaire area of Beaconsfield, a western suburb of Montreal. Not far from Lac St. Louis and a commuter train station.

Top features: Comfortable bright living room with wood fireplace opening to dining area. Fully renovated three years ago, with spacious and modern kitchen with granite counter tops. Unique south-facing den adjacent to master bedroom. Fenced yard with new salt-water pool on a lot of 9,122 square feet. Extra-large basement family room with fourth bedroom, laundry room and workshop.

Taxes: $4,746

Monthly Fees: N/A

Contact: G. Shepherd Abbey, Abbey & Olivier Real Estate Agency; cell: 514-951-6008; office: 514-694-7866; shep@abbeyandolivier.ca

 OTTAWA

handoutIn the east-end suburb of Orleans, separated by a 20- to 25-minute highway drive from downtown Ottawa.

The place: Two-storey single family home with four bedrooms and four bathrooms

List price: $499,900

Square footage: 3,200

Where: In the east-end suburb of Orleans, separated by a 20- to 25-minute highway drive from downtown Ottawa. This home is a short walk to shopping, cafés, parks, schools and public transit.

Top features: Classic crown moulding and gleaming hardwood floors run throughout the main level of this Naismith model by Minto. The kitchen is open to the family room to allow ease of flow when guests come to visit. An elegant curved hardwood staircase leads to the upper landing. Homeowners can spread out with two spacious ensuite bathrooms and three walk-in closets. The backyard is fully fenced with no rear neighbours.

Taxes: $4,879

Monthly Fees: N/A

Contact: Jason Pilon, Keller Williams Ottawa Realty, Jason@PilonHamilton.com, PilonHamilton.com; 613-845-0271

REGINA

HandoutThis two-storey split in Regina has13 rooms, including three bedrooms and three bathrooms.

The place: A two-storey split with 13 rooms, including three bedrooms and three bathrooms

List price: $519,900

Square footage: 2,090

Where: Situated in a well-established, well-treed neighbourhood in southeast Regina, close to schools, parks and shopping. Only a few minutes drive from downtown. Backing green space.

Top features: A spacious family home, built in 1984, featuring many updates and upgrades, including a modern, eat-in kitchen with granite countertops, and heated slate flooring through the kitchen, dining area and hallway. A garden door leads to the deck overlooking a beautifully landscaped yard with patio, pond and flower beds. The over-sized garage is insulated and drywalled.

Taxes: $3,263

Monthly Fees: N/A

Contact: Leanne Tourney, Re/Max Joyce Tourney Realty; 306-791-7666

HandoutFormer show home with all the bells and whistles: hardwood floors, kitchen island and walk-in pantry, central air, central vac, four bathrooms and a fully finished basement.

SASKATOON

The place: Two-storey, four bedrooms, four bathrooms

List price: $504,900

Square footage: 3,975

Where: Premium Stonebridge location in the south end of the city. New development full of young families, close to shopping, parks and leisure facilities. Quick access to freeway means that downtown Saskatoon is only a short drive away.

Top features: Former show home with all the bells and whistles: hardwood floors, kitchen island and walk-in pantry, central air, central vac, four bathrooms and a fully finished basement. Open concept. Main-floor laundry.

Taxes: $3,975

Monthly Fees: N/A

Contact: Listed by Manning Luo, Re/Max Saskatoon; 306-242-6000; manning@saskatoonrealestates.ca

TORONTO

HandoutFor around $500,000 in Toronto you can get a two-bedroom townhouse and have to pay $503 per month in fees.

The place: Two-bedroom, two-storey loft townhouse with one bathroom and one parking space

List price: $489,900

Square footage: 806

Taxes: $2,802.21 in 2013

Monthly fee: Maintenance/HOA of $503 per month

Where: Excellent downtown-west location in the trendy Niagara neighbourhood, with transit, cafés and restaurants nearby. Walking distance to the 37-acre, uber-popular family- and pet-friendly Trinity Bellwoods Park.

Top features: Exposed concrete feature walls, floor-to-ceiling windows, custom kitchen, gas hookup for barbecue on its garden patio.

Contact: Brad Lamb, Brad J. Lamb Realty Inc.; 416-368-5262; brad@torontocondos.com

Faith Wilson GroupThis one-bedroom condo at “The Grafton”, a heritage conversion building in Yaletown in Vancouver goes for $475,000.

VANCOUVER

The place: 1-bedroom, 1-bathroom condo in The Grafton

List price: $483,000

Square footage: 850

Where: Situated in a prime Yaletown neighbourhood in the heart of downtown, with trendy eateries, entertainment, sports venues and shopping on the doorstep, as well as the seawall and myriad transportation options.

Top features: A New York-style home that merges original heritage features — exposed brickwork and wood beams — with a modern open-concept interior. Features include hardwood floors, expansive windows and a functional floor plan, a gas fireplace, custom kitchen, master bedroom with walk-in closet, five-piece ensuite, storage locker and parking stall.

Taxes: $2,000

Monthly fees: $431 per month

Contact: Faith Wilson at Faith Wilson Group; 604-224-5277; toll-free: 1-855-760-6886

WINDSOR

Postmedia NewsIn Windsor you can get a four-bedroom, house with games room and office above garage, hardwood floors throughout, maple staircase and designer granite kitchen.

The place: Executive two-storey, four bedrooms, master ensuite bathroom, 2.5-car garage. Located in the suburb of Lakeshore

List price: $499,900

Square footage: 3,300

Taxes: $5,200

Where: Situated in a two-year-old subdivision, 20 minutes from downtown Windsor. Just minutes away from four golf courses and Lake St. Clair.

Top features: A games room and office above garage, hardwood floors throughout, maple staircase and designer granite kitchen, large fenced yard, covered porch and fenced, in-ground pool.

Contact: Larry Pickle, Re/Max Preferred; 519-944-5955

Canadian snowbirds’ dream of U.S. vacation home fading fast – Ask a Vancouver Mortgage Broker

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The hundreds of thousands of Canadian snowbirds who flock to the United States are being hit by a falling loonie that should see their purchasing of U.S. winter homes start to slow, says a new report.

It’s not going to be any sort of collapse, which is good news for Florida, the number one draw of Canadians where 3.5 million of us spend $4.4-billion annually.

“Make no mistake, the depreciation of the Canadian dollar will have an impact on Canadian stays in snowbird destinations such as Florida, but less than one might expect,” says Derek Burleton, deputy chief economist with Toronto-Dominion Bank, in a report.

Mr. Burleton’s real estate remarks are part of a broader report on the impact of a falling loonie on trips to the United States that are worth about $22.3-billion annually to the American economy based on 23.5 million Canadian visits.

For snowbirds looking to buy, TD says affordability has been impacted not just by the decline of the loonie against the greenback, but also increasing U.S. home prices.

What you need to know before, and after, buying a condo- ask Bruce Coleman, Vancouver Mortgage Broker

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What you need to know before, and after, buying a condo