April News and Rate Advisor

Welcome to the April issue of the News & Rate Advisor.

Current Discount Mortgage Rates for Apr 2017   Rate
Variable Rate   2.30%
1 Year   2.29%
3 Year   2.44%
5 Year   2.69%
Prime Rate   2.70%

Canadian Qualifying Rate Apr 2017
Rate 4.64%
Source: Bank of Canada

Current Bank of Canada Rate & Prime Rates Apr 2017 Apr 2016 Apr 2015
Bank Rate 0.75% 0.75% 1.00%
Prime Rate 2.70% 2.70% 2.85%
Source: Bank of Canada

Nationwide Building Permits Feb 2017 Feb 2016 Feb 2015
Residential $5,014,795,000 $5,014,795,000 $4,212,864,000
Commercial $2,435,250,000 $2,435,250,000 $69,529,740,000
Total $7,450,045,000 $7,450,045,000 $73,742,604,000
Source: Stats Canada - preliminary figures

Average House Prices by Province Feb 2017 Feb 2016 Feb 2015
National $519,521 $503,057 $431,812
Yukon $323,076 $312,640 $300,846
Northwest Territories $335,300 $348,997 $296,200
British Columbia $688,011 $779,419 $639,405
Alberta $389,943 $388,037 $385,804
Saskatchewan $280,384 $285,649 $298,574
Manitoba $288,263 $272,609 $262,441
Ontario $634,341 $511,967 $453,646
Quebec $280,333 $272,937 $267,054
New Brunswick $163,362 $149,942 $169,840
Prince Edward Island $212,033 $156,895 $164,774
Nova Scotia $209,889 $214,378 $217,881
Newfoundland $248,317 $267,311 $282,350
Source: CREA - Most Recent Month Reported

Average House Prices by City Feb 2017 Feb 2016 Feb 2015
Yellowknife $335,300 $348,997 $296,200
Vancouver $995,583 $1,104,133 $879,069
Victoria $642,204 $545,911 $490,377
Edmonton $359,468 $363,266 $362,432
Calgary $464,834 $453,175 $443,744
Saskatoon $326,714 $323,761 $354,400
Regina $300,874 $308,946 $303,355
Toronto $875,983 $685,278 $596,163
Hamilton-Burlington $556,630 $456,083 $437,386
Ottawa-Carleton $382,268 $356,180 $359,759
Quebec City $252,303 $260,012 $255,698
Montreal $348,635 $334,815 $328,862
Fredericton $161,590 $165,374 $180,394
Saint John $178,351 $154,408 $171,269
Halifax-Dartmouth $279,362 $266,869 $280,035
Winnipeg $288,097 $278,087 $266,837
Source: CREA - Most Recent Month Reported

Some of Our Featured Mortgage Rates






Variable Rate Mortgage (Insurable Deals) As low as 2.00%
3 Year Closed Rate As low as 2.39%
5 Year Closed Rate Mortgage (Insurable Deals) As low as 2.59%
Home Equity Line of Credit (HELOC Up To 80%) As low as Prime +.50%
10 Year Closed Term 

As low as 3.74%

Rates and terms subject to change without notice, the above rates are for insureable purchases only, conditions may apply.


Want to keep up to date with rates click here!

4 Smart Reasons to Refinance your Home

(NC) Whether you are trying to save on your current mortgage payments or freeing up cash for other endeavours, refinancing can be an effective way to achieve your financial goals. It can help fund a large purchase, or provide an investment back in the home to increase market value.
"Some homeowners may not realize that mortgage rates are still near record lows, which is great if you're looking to unlock some of the equity you've built in your home," says personal finance expert Barry Choi. "It's worth speaking to a PC Financial mortgage specialist to find out what options are available to you and best fit your needs, but remember not to overextend yourself."
Here are some reasons to consider refinancing your mortgage:
1. Sending your kids to university. With tuition prices at an all-time high, refinancing can help provide the funds necessary to invest in your child's education.
2. Lower monthly payments. If you purchased your home when interest rates were high, switching to a mortgage with a lower rate can help to reduce your monthly payments. A PC Financial mortgage has some of the lowest rates and offers rewards through PC Points that can be redeemed for groceries.
3. Major home renovations: Refinancing is a good way to re-invest in your house. Renovating and modernizing can drastically increase your home's market value, allowing you to increase your profits if you choose to sell later on.
4. Buying a second property. If you have been saving up for a cottage or second home, refinancing can help provide the extra funds necessary to finalize your down payment.

Financial News

Uber to take to the skies with 'flying cars'

25 Apr 2017 19:23:37

Uber is taking to the skies with its next project — “flying cars” — even as all eyes are on its problems on the ground.


5 potential measures to tackle housing affordability in Ontario

19 Apr 2017 14:06:03

The Ontario government is expected to
unveil a suite of housing affordability
measures in the coming days aimed at
cooling soaring home prices in the
Greater Toronto Area. Here are five
potential measures the province could
bring forward to tackle housing


Loblaws to open 30 new stores and renovate more than 500 others

13 Apr 2017 09:17:43

Loblaw said Thursday it plans to open 30 new stores and renovate more than 500 existing stores as it continues to adapt to changes in the food retail sector.


BlackBerry wins US$815-million arbitration decision in Qualcomm dispute

12 Apr 2017 11:10:34

Shares of BlackBerry Ltd. hit their highest mark in more than a year after the company announced it had been awarded US$814.9 million in a binding interim arbitration decision in a dispute with Qualcomm Inc. over royalty overpayments.


Hyundai, Kia recall 1.4M vehicles because engines can fail

08 Apr 2017 22:57:49

Hyundai and Kia are recalling 1.4 million cars and SUVs in the U.S., Canada and South Korea because the engines can fail and stall, increasing the risk of a crash.

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How to increase your home's value without breaking the bank

(NC) Sometimes, what starts off as a small renovation project can quickly escalate in size and cost. To avoid surprises, it is important to consider where to invest, where to save and how to budget as you embark.
For larger projects, refinancing your home or using secured borrowing accounts can be a good option to help cover costs. Often, interest rates on mortgages are lower than credit cards and loans, and it can be simpler to have one consolidated payment. PC Financial has a wide variety of low-interest mortgage options that allow you to earn PC Points, which can be redeemed for groceries, home products and clothing for your family.
To maximize your budget and ensure your renovation helps build value, here are some helpful tips from HGTV and Cityline design expert Karen Sealy on when to invest:
• Kitchen: Investing in modern amenities, while creating an inviting and functional space, will make this important room more enjoyable for you and appealing to future buyers.
• Flooring: Do your homework and invest in a high quality, timeless choice. Open concept living spaces are a trending aesthetic that can be enhanced by new floors.
• Curb appeal: Make your home more welcoming to visitors and potential buyers by investing in a beautiful garden with well thought-out lighting; redoing your walkways; and adding some simple architectural details.
Alternatively, here are some items Sealy says you can afford to save on:
• Tile: Comes in varying thicknesses based on use. Wall tiles can be thin — which is a cost saver — while floor tiles should be thicker. Consider porcelain tile, as it is durable and resists chips and cracks, making it a smart option.
• Cabinets: Consider updates to your cabinets instead of buying new ones. Easy changes like adding a bank of drawers or updating hardware could be just the transformation you need.
• Paint: New colour is an easy way to instantly makeover your space and achieve a fresh look. The most important step - good preparation and quality paint.
Before tackling your next big project, it is important to have a budget in place and make sure you are able to properly finance your renovation. PC Financial mortgage advisors can help you find a refinancing option that fits your needs and is in your best interest.

Reverse Mortgage Specialist


New to Canada Mortgage Program

The New to Canada Mortgage allows qualified home buyers  who have immigrated to Canada from another country, or have  been transferred here by an employer, to qualify for mortgage  insurance with as little as a 5% down payment.

Quick Details of the program - good credit or no credit history is allowed  as this program allows limited Credit history.

  • Must be in Canada for less than 5 years
  • Must have at least 3 months Canadian employment, no probation
  • Must have either a working visa or permanent status (9 SIN allowed, must prove legally allowed to be in Canada)If no credit and 5% DP - alternative sources of credit required (as per high ratio insurer guidelines)
    • Working visa minimum 10% down from own sources
    • Permanent Status 5% down from own sources

Call me to find out all the program details and if you qualify for this program!


Rent or Buy Video

What Can you Afford Video

Home Buying Costs

Contact Info
Phil Romano

Certified Professional Mortgage Broker M10002221

Verico House of Mortgage Experts #11972


905-516-1150 888-812-8292 philromano@vhme.ca
Contact Me
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