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Kelly Wilson
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Kelly Wilson - The Wilson Team
Kelly Wilson - The Wilson Team

60 followers
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Because of their continuing commitment we enjoy the freedoms we have today.
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Foreign buyers are back in Vancouver’s residential real estate market, accepting the foreign buyer tax as the cost of doing business.

https://www.yourottawamortgage.ca/single-post/2017/11/07/Foreign-buyers-find-loophole-in-Vancouver-real-estate
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In what came as a shock to observers and authorities alike, the nation’s gross domestic product contracted in August after a flat reading in July, Statistics Canada reported earlier this week.

Read more here...
https://www.yourottawamortgage.ca/single-post/2017/11/03/National-GDP-unexpectedly-shrinks-in-August
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Household income prospects not looking up

by Ephraim Vecina 01 Nov 2017 Mortgage Broker News

According to The Conference Board of Canada’s latest report titled Compensation Planning Outlook 2018, Canadians should not expect a substantial addition to their households’ coffers in 2018.

The study revealed that non-unionized employees across the country will see only a 2.4% increase in their salary next year, just slightly higher than the 2017 growth of 2.2%. Projected increases are highest in the pharmaceutical and chemical products industry at 2.7%, and lowest in the health sector at 1.6%.

Increases of 2.6% are expected in the real estate industry, along with organizations in construction, finance, and insurance.

The highest-demand postings remain IT specialists, management, accounting/finance, engineering, and skilled trades.

On a regional basis, Manitoba, Ontario, and Quebec lead the way in terms of projected increases, with wage gains ranging from 2.6% to 2.5%. Meanwhile, the lowest average base pay increases are expected in Alberta and Saskatchewan, at 2.1%.

“While the Canadian economy is firing on all cylinders this year, growth projections for next year and beyond show a slowing down of the economy. As a result, business leaders continue to exercise caution, keeping a cap on organizational spending and, by extension, salary increases,” according to Allison Cowan, director of Total Rewards Research, The Conference Board of Canada.
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Home ownership declining among Canadians – census

by Ephraim Vecina Mortgage Broker News

Latest census results revealed that 30-year-old Canadians are less likely to own a home today than their baby boomer parents did at the same age, mirroring a modest but unmistakable decline in the national home ownership rate.

At age 30, 50.2% of millennials owned their homes, compared to 55% of baby boomers at the same age. Young adults today are more likely to live in apartments than their 1981 counterparts, are less likely to live in single-detached homes, and — as Statistics Canada found over the summer — more likely than ever before to still be living at home.

The figures should change the way Canada thinks about its real estate sector, according to Graham Haines, research and policy manager at the Ryerson City Building Institute in Toronto. Policy-makers have focused almost exclusively on policies to promote home ownership over the last 20-plus years, he said, pointing to tax policy and incentives.

“We have to start thinking about — if rent is going to start becoming a more important part of our real estate sector once again — how we make sure we’re building the right type of rental, rental where we need it and rental that’s affordable for the people who are going to be using it,” Haines said, as quoted by The Canadian Press.

In 2016, more than 9.5 million of the 14.1 million households captured in the census owned their homes, an ownership rate of 67.8% — down from 69% in 2011 after 20 steady years of baby boomers flooding the real estate market.

Since 2011, the census shows, the value of homes has steadily increased to a national average of $443,058, up from $345,182 in 2016 dollars. Vancouver had the highest prices in the country with the average home valued at over $1 million. Toronto was at $734,924 and Calgary at $527,216. Montreal came in at $366,974.

Overall, affordability remains an issue for almost a quarter of Canadian households, a figure that hasn’t changed much in a decade, with the pressure most acute in the hot housing markets of Toronto and Vancouver.

The federal Liberal government has promised to address affordability issues as part of an $11.2 billion, 11-year housing plan to be released in the coming weeks. It’s expected to have a heavy focus on building affordable units, with a new portable housing benefit that would be tied to individuals, rather than properties.
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Sometimes we don't do this often enough, and not just in business!
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New OFSI rules will impact your ability to purchase your dream home or renew your financing on your existing home. If you are planning to purchase or renew your mortgage in the very near future you should investigate your options now to establish the benefit of taking action now. Call us, we will give the information you need to make the right decision!
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The latest Bloomberg Global City Housing Affordability Index revealed that 7 out of the 10 most affordable global cities in terms of home prices are in North America, with 3 of these being in Canada.

The Bloomberg index calculates the affordability of renting or buying in city centres and suburbs, based on the proportion of household income required to support a purchase. Rankings are based on self-reported data, including net salary and mortgage interest rates, compiled by Numbeo.com, an online database of city and country statistics.

Calgary remained the most affordable housing market in Canada and the 4th most affordable worldwide, with an average of 40.5% of monthly income going to housing costs.

Ottawa was the second least expensive Canadian market and the 6th least expensive globally, with the proportion at 46.1%. Montreal was the third most affordable Canadian housing market and 7th most affordable worldwide at 46.9%.

Meanwhile, the least-affordable metro area in both Canada and the U.S. is Vancouver, where a steady influx of foreign cash has caused a surge in housing costs, in turn pushing most domestic buyers out of the market. New York ranked near the middle of the index.
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Way to go Kelly and the Wilson Team! We're positively thrilled to have been recognized as the Top Team in Ontario and Canada. As well, Kelly received an award for Top Unit Sales in Ontario and Canada, and Micheline was recognized as the Newcomer of the Year.
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Do you remember 21% mortgage rates? Will this happen again? http://www.wilsonteam.ca/?p=3892
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