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23 December 2013

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Lisette Amalfi

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20 December 2013

A Favourite Christmas Wish - For You

We hope you have a safe holiday season and may all of your wishes come true!

From our families to yours Happy Holidays and Merry Christmas 

Lisette and the Mortgage Alliance Oac Mortgages Team

Mortgage Alliance Oac Mortgages Lic #10928
8 Sydenham Street Dundas, Ontario L9H2T4



Have a great day!!



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Lisette Amalfi, AMP



Mortgage Broker/Owner

Mortgage Alliance Oac Mortgages Lic #10928


Phone: 905-529-1199

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18 December 2013

CHMC draws a line under condo bubble fears


There have been a number of positive reports, and articles written recently about the current housing market, this one below is one of the best. Some very good numbers to share, have a quick read:

Canadian condominium construction has surged but population growth has kept oversupply in check, the federal housing agency said in a report on Wednesday that also showed declining mortgage arrears and high home-equity levels.

In its annual report on the housing market, the Canada Mortgage and Housing Corp pointed to steady mortgage debt and an increasing number of households as evidence that residential real estate is in good shape, despite warnings from observers that the market is overheated.


Canada’s housing market avoided the crash experienced in the United States five years ago, due in part to more conservative lending standards and a stronger economy. While economists have long predicted an eventual correction in Canada, they are divided over whether prices will drop sharply or simply stagnate in a so-called soft landing scenario.

The agency’s report showed some 41% of homeowners have no mortgage, while the rest typically have solid equity levels, accelerated mortgage payments or declining arrears.

As of June 2013, 0.31% of residential mortgages were three or more months in arrears, compared with 0.33% 12 months earlier, CMHC said. Arrears averaged 0.41% in the decades 1990-2010.

About 31% of recent buyers made lump-sum payments or increased their regular payment in 2012 to pay off their mortgage sooner, and 44% had their payment set above the minimum, the report showed.


The average amount of equity for homeowners with mortgages was 47%, and 71% have at least 25% equity in their home. Only 7% had less than 10% equity as of April 2013, suggesting only about 7% of homeowners would be “under water” if prices dropped more than 10%.


With the once-booming but cooling condominium market widely perceived to be the weak spot in Canada’s urban housing market, the CMHC said condo construction was far outpacing construction of detached homes. Even so, there were no signs of oversupply yet because of the growing population, mostly because of a strong influx of immigrants and an increase in the number of people living alone.

While single-detached dwelling starts rose just 1.5% to 83,657 in 2012, multiple-dwelling starts — typically condos — rose 17.6% to 131,170 units. Condos comprised 61% of all construction in 2012, continuing a trend that began in 2002.

The surge was most notable in Canada’s biggest cities, where cranes dot the skylines and tens of thousands of new units come on line every year. The share of condominium starts out of total starts was highest in Vancouver at 64%, followed by Toronto at 59% and MontrĂ©al at 58%.

While the number of starts suggests huge supply in the pipeline that will come to the market in the next year or two, the building boom has begun to slow and CMHC said inventories so far are not above historical levels.

Housing starts began moderating in the last half of 2012 and the first quarter of 2013, with multiple-dwelling starts declining for three straight quarters before rising modestly in the second quarter of 2013.

In 2012, urban inventories averaged 4.7 units per 10,000 people, only slightly above the long-term average of 4.6 from 1992 to 2012. By the second quarter of 2013, however, inventories were at 5.1 units per 10,000 people.

CHMC said population growth and a shift in the way people are living suggests the demand for smaller housing, including condos, will grow.

“As a consequence of population aging and the increased tendency to live alone, one-person households are expected to show the fastest pace of growth to 2036, making it the single biggest type of household by the 2020s,” CHMC said.



Courtesy Alec Bowes Canadiana Financial























Real Estate Faith

It seems there's just no shaking Canadians' faith in real estate. There was more proof of that over the past week.

The latest report from Statistics Canada shows that the rate of household debt to income has topped-out again. It hit nearly 164% for the third quarter of 2013. Most of that is mortgage debt, which rose 1.8% and now stands at $1.13 Trillion.

The Bank of Canada and the Finance Minister continue to call the high level of indebtedness the single biggest domestic threat to the economy, but Canadian consumers don't seem worried. The latest read on consumer confidence by Bloomberg-Nanos shows an increase to 59.3, up from 58.9 a week earlier. Pollster Nik Nanos says most of that is based on a positive view of real estate.

Consumer confidence is getting some support from a forecast by one of Canada's biggest credit union cooperatives. Citing an expanding population and a contracting supply of development land, it expects the price of housing in the country's biggest market, Toronto, to double over the next 25 years.

Data Courtesy FirstNational

How to Fix Errors on Your Credit Report

Mortgage lenders give their best rates to customers with the highest credit scores. But what if your credit score is low because of errors on your credit report? The best way to prevent this is to check your report regularly—especially when you’re thinking about buying—and correct any errors.

Here’s how:

  • Order your credit report. Since there are two main credit agencies in Canada—Equifax and TransUnion—it’s wise to check with both. You can get a free credit report by mail or in person. Or you can download one immediately for a fee. Visit or for details.
  • Examine the report. Circle any items you believe are incorrect.
  • Contact the credit agency. There’s often a form on its website which you can use to provide details. Return the form by registered mail along with all necessary documents. It’s also a good idea to contact the creditor whose item is in dispute.
  • Request a revised credit report. The credit agency will investigate, contact your creditors to verify information, and revise your report as necessary.

Not only can checking your credit report potentially increase your credit score, it can also detect and prevent any attempts to steal your identity. As your mortgage advisor, remember that I’m always here to help with any questions you might have about your credit or your mortgage.

Lisette Amalfi Harris, AMP

Mortgage Alliance Oac Mortgages

As a registered franchise of the Mortgage Alliance Network, we have a number of mortgage professionals who can bring you the choice, convenience, and counsel you need to get the RightMortgage®. Working with over 40 lenders (some offered exclusively through brokers) we'll provide unbiased guidance in your mortgage decision.

We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.

We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.

Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.