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Mitch Thibodeau - Mortgage Broker
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51 followers
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The BoC has increased the benchmark rate meaning that borrowers with less than 20% down payment will now have to qualify at an even higher rate for a mortgage. If you are buying soon and have already been pre-approved, it's a good idea to check with your mortgage professional to see how this increase will impact you.
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Some good information on deciding whether to lock in your variable rate mortgage or stay the course. Every situation is different so there is not one perfect answer. If you are unsure what to do, contact your mortgage professional for advice.
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My latest blog on Kingston's housing market.
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The City of Kingston is offering their Home Ownership program again which provides potential homebuyers with the 5% down payment needed to purchase a home. Applications will be accepted between April 3rd and May 3rd.

Click below to learn more or feel free to contact me.
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Interest rates remain in the mid 3% range. Higher than they were a year ago but still pretty low when you consider rates historically.

If you will be buying a home this summer or making changes to your existing mortgage, there is no better time than now to get a rate locked in.
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Big news for the city of Kingston today. Finally!
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Houses continue to sell quickly in the Kingston market. I just had some clients make an offer and waive all conditions within 3 business days (as opposed to the typical 5-10 days) because they had their financing in order.

If you're house hunting, it's now more important than ever to make sure you understand how much you can afford and what will be required of you once you have an offer in place. By doing the leg work up front, we can help speed up the offer process for you and make it easier to buy a home in a competitive market.
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2017 saw the most home sales recorded in Kingston over the past 15 years (3813 homes sold). CMHC predicts existing home sales to remain strong this year, but not as strong as 2017.
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The Bank Of Canada raised it's key lending rate by .25% today. It is expected that all major banks will increase their prime rate by the same amount. This will impact homeowners with variable rate mortgages, as their payments will increase slightly.
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House prices in Kingston continued to show strong growth in 2017. Some highlights from this article:

Average home price in Kingston (4th quarter): $337,607 (7% increase year over year)
Median price of 2 storey home (Kingston): $369,896
Median price of bungalow (Kingston): $324,168

National average home price: $626,042 (10.8% increase year over year)
Average home price in Vancouver: $1.35 Million
Average home price in Toronto: $844,000
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