Did you know?

According to government of Canada website, the Sovereign's birthday has been celebrated in Canada since the reign of Queen Victoria (1837-1901). May 24, Queen Victoria's birthday, was declared a holiday by the Legislature of the Province of Canada in 1845. After Confederation, the Queen's birthday was celebrated every year on May 24 unless that date was a Sunday, in which case a proclamation was issued providing for the celebration on May 25. After the death of Queen Victoria in 1901, an Act was passed by the Parliament of Canada establishing a legal holiday on May 24 in each year (or May 25 if May 24 fell on a Sunday) under the name Victoria Day.

For my family, this long weekend holiday meant more time with each other and exploring places near us - my wife and I went to Guildwood park in the morning while my kids were doing their Taekwondo classes. Then we grabbed some food at my sister-in-law's food stall at the ongoing Street Eats Market near Scarborough Town Centre, btw she owns EDGE BBQ Grill Restaurant in Scarborough (shameless plug lol 😅).

REAL ESTATE NEWS

The spring market usually means a robust and busy time for the real estate market. This year it's been a slow month of May - compared to April, sales was down by 26%. I believe the main reasons for this are the interest rate hikes and the demand was brought forward meaning more transactions occurred earlier of this year. Market is slowing down due to the uncertainty caused by these two factors and we can see that more listings are taking longer time to sell and there are significant numbers of properties selling for less than comparable sold properties in the area. If you are looking to purchase or sell a property, give me a call to discuss what the demand in the area is like in the current environment to better prepare you.

MORTGAGE EDUCATION

Have you been in a situation where you needed to refinance your mortgage to pay off some debts using the equity in your property but don't want to break your current fixed-rate mortgage because of the pre-payment penalty? We just helped a client who wanted to consolidate all their high interest loans (lines of credit, credit cards) into one by applying for a Home Trust Equityline Visa. Below was their payments for all their loans. Their total loan amount was $80,834 and they also have a monthly mortgage payment of $2,472 per month with a balance of $569,000 amortized for 27 years. My clients also have a good amount of equity in their home that we were able to use to consolidate all their loans into one payment.

We got them approved for the Equityline visa with an interest rate of 5.99% amortized for 25 years. The key benefits of this loan are no annual fee, eligible cash back of 1% for all eligible purchases, and loan is fully open or no pre-payment penalty. Their new loan looks like below:

From a previous monthly payment of $2,269 per month on their loans. We were able to reduce it to $708.06 per month for a monthly savings of $1,560.94 which clients can now use to invest or add on their mortgage payments to pay off more of the principal.

BEST BUY PROPERTY AVAILABLE RIGHT NOW

For full details click the link below

48 HAVENLEA RD TORONTO, ONTARIO, CANADA, M1X1T2

Thanks for reading and hope you're enjoying your long weekend. ☺️🇨🇦🍁