Averbach Mortgages
November 2008
Averbach News
Mortgage Solutions Made Easy
In This Issue
Canada's DO NOT CALL list
What does it all MEAN?
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Dear ,
 
It's a crazy and volatile world in today's financial markets. Maybe now that we have both the Canadian Federal Election and the US Presidential Election behind us, we will start seeing more stability!

In the article that follows we have some predictions from the Canadian Real Estate Board ... and news of 75 Billion dollars in injections into domestic mortgage and credit markets by the Bank of Canada.

In spite of the fact that everyday we hear about wild market ups and downs, and dire predictions of gloom and doom we have to go on living our daily lives.

If you are selling your property, don't assume that you will have to lower your price!  If you are buying a property you may not get a bargain, but at least the prices aren't increasing on a daily basis!

As always, if you are in the market for a mortage, please think of us and give us a call. We will do our best to answer your questions honestly, and we WILL get you the absolute best mortgage available!

 
Mike Averbach and the Averbach Mortgages Team

Do NOT Interrupt my Business
OR my Dinner


Get ON the DO NOT CALL list and eat your dinner in peace!

telemarketer
It's inevitable, I sit down at my desk to do some work, and my phone beeps. Eagerly anticipating a client, I am instead interrupted by a telemarketer.  I hate being rude, but there are times!

At home, it's the same thing.  No sooner do we sit down for dinner, in comes a call! I don't care what they want, my dinner is getting cold.

Before I tell you about how to get on Canada's DO NOT CALL list, I want to tell you about a funny friend of mine.

Tired of the constant stream of unwanted calls, she took an audio-recorder and recorded a hot and steamy sex scene from a movie. Then whenever she got a telemarketer on the line, she'd say "just a minute" and would turn on the recording. The calls didn't stop, but she had a lot of fun with it. In fact she loved getting the calls because it was "such a giggle."

You may have already guessed it. Her calls tripled, because the telemarketers loved it too!

So now, she isn't having half the fun, but IS on Canada's DO NOT CALL List.


It's easy. To register:

Call 1-866-580-DNCL (866-580-3625) or log on to http://www.LNNTE-DNCL.gc.ca and follow the easy steps.

That's it: your number will be on the List.

It will take approximately 24 hours for your number to be put on the list. Then telemarketers have 31 days to update their lists.  So after 31 days the number of calls you get should be substantially reduced.

There are some exceptions. Registered charities, companies conducting polls or surveys, political parties and alas, newspapers trying to get subscriptions! In addition, if you have done business with a company within the past 18 months, they can call you.

So, if you want to get off these lists, the next time the Old Timer's Hockey group calls you, just ask to be put on their own Do Not Call list.

What if you still get a call? You can enter a complaint at the same place you registered. So don't hang up on the telemarketer, get their information (name of company, phone number) also write down the date and time they called.

What about FRAUD?  People who break the law probably won't honor the Do Not Call list!  If you are on the list, and still get calls be VERY WARY of giving out your information, especially your bank or credit card information.  IF you didn't ENTER the contest, you didn't WIN it, no matter what they tell you.





 
What does it all MEAN?

We can't seem to escape all the gloom and doom predictions in today's news. Even if we don't read the newspapers, watch the TV News or listen to the radio, it's hard to ignore our friends and fellow workers when they start talking about the economy and what it all means!

A huge amount of the news we hear comes from the US. And though the US economy greatly influences OUR economy, there is still a difference.

Real Estate has been, is and will likely continue to be, one of the BEST investments you can make.  In spite of everything you hear on the news, here are some positive economic forecasts and statistics from the Canadian Real Estate Association.

"Canadian economic growth is forecast to start improving in the second half of 2009 before accelerating in 2010. Re-aligning housing market balance and improving home affordability will set the stage for an improving housing market in 2010."

So, 2010 is looking good, what about now?

"National home sales activity is now forecast to decrease by 12 per cent to 461,200 units in 2008, and decrease by three per cent in 2009. The number of new listings is forecast to decline further from the peak reached in the second quarter of 2008, with levels in 2009 on par with levels in 2007. 

Fewer new listings will stabilize the resale housing market in 2009. Average home prices will reach new heights in nearly all provinces in 2008, but declining activity in higher priced markets will hold the national average price stable this year compared to 2007."


CREA President Calvin Lindberg says:

"Canadians are definitely concerned by the economic news out of the U.S., and much of that news stems from distress in the U.S. housing market. Canadians should realize that Canada's economy and housing market are both in better shape. This means the downturn in Canadian consumer confidence will pass and when it does, housing demand will rebound, especially when they realize the window of opportunity to buy at reduced prices and at low interest rates will begin to narrow once economic growth shows signs of rebounding next year."


Several days after the Canadian Real Estate Association forecast came news from the Bank of Canada. 

The Canadian government will triple the amount of insured mortgages it will buy from banks as part of the measures it announced to improve the availability of long-term credit.

What does this mean to YOU? 

Basically CMHC is stepping in and offering to buy up to $75 Billion worth of mortgages from the banks. This will be a money making venture for the Canadian government because few of the loans in question are expected to default. Thus the "discounted price" offered by the banks will represent profit to the system.
 
CMHC is in essence, greasing the wheels of the lending machine! The financial issue we are experiencing is a liquidity issue not an issue of people missing payments or failing to meet their mortgage obligations. The liquidity issue has meant that the banks have been noticeably more strict and much less willing to allow any exceptions to their lending guidelines. 

Finance Minister Jim Flaherty said that this move will help average Canadians by making "consumer and mortgage loans more affordable and more available."

This move will help kick start the lending cycle. In short, this plan should make the lenders more willing to lend!



Call Averbach Mortgages today for expert advice on how to to get the best mortgage ... a mortgage that gives you the flexibility to pay off your mortgage sooner! 
 
 
Averbach Mortgages
604-710-2550

We save you time. We save you money. We get you the you the best mortgage terms at the best interest rates possible.

If you are:

  • purchasing your first home
  • refinancing
  • renewing an existing mortgage
  • investing in real estate
  • consolidating your debts
  • experiencing current or past credit issues

We have the solutions that work for you. 

 

Mike Averbach
Averbach Mortgages