6 Things you can do to obtain & maintain a good credit score!

Building and maintaining a good credit score does not have to be a difficult process. If you follow these six steps you should develop and keep a healthy credit score. A higher credit score will help you make larger purchases throughout your life.

1 - Get Credit: You cant have a good credit score without having credit!

2 - Get Different Types of Credit: If you have different types of credit accounts it will help increase your scores.

Examples of types of credit:

• credit cards

• car loan

• student loan

• RRSP loan

3 - Keep Your Accounts Open: The longer relationships you have with lenders will also help increase your credit score

4 - Use Your Credit Wisley: Do not go over credit limits. Keep the total utilization of all your accounts under 30%

5 - Monitor Your Payment History:

• Always make payments on time

• Always pay the minimum payment amount or more when due

• Never miss a payment even if you're disputing a charge

• If you can't make a payment contact a lender to discuss your options

6 - Limit the Number of Applications: Do not make multiple credit inquires particularly over a short period of time.

If you are able to follow the above 6 steps I assure you will be able to build and maintain a good credit score. A good credit score is one of several important steps in preparing for homeownership.

If you are interested in learning more about building credit or other helpful things you can do in advance of applying for a mortgage my door is always open.

Please feel free to book a call with me directly here!

Average Home Price in GTA Up by Over $110,000!

Believe it or not, despite health regulations, drastic lockdowns and unprecedented economic uncertainty, house prices in the GTA have still found a way to increase drastically in 2020.

The average home price in 2020 was $929,699 compared to $819,279 a year earlier. The increase has been credited to several economic segments making quick recoveries following the spring's shut down. This combined with a low cost of borrowing and consumers as well as realtor embracing virtual technology to view properties rather than traditional home tours.

Other notable points from the report:

• Year over year growth was strongest with single-family homes in the '905' region.

• Average house price increased by 13.5% in 2020 with Decembers increase year over year at 11.2%

• After large drops in the spring, the market recovered quickly in the 3rd and 4th quarter. Record sales and sale prices were recorded several months in a row to close the year.

• There continues to be a larger than normal inventory of condos in the city giving negotiating power to consumers.

The second half of 2020 was positive the next year is still critical to ensure that the real estate market can make a full recovery. To view the entire report please click here!

I would love to hear from you! If you would like to chat please pick up the phone or click here to book a time to talk!

BoC Rate Announcement Dec 9 2020!

The Bank of Canada has done it again!

Well, actually they didn't do it. As expected for the 6th straight time that the Bank of Canada has met since last March announced they will be maintaining its overnight interest rate at 0.25%. Here are some of the reasons.

• The bank has made it clear in the past that they do not intend on adjusting the overnight rate anytime in the immediate future the current projection is showing that could be until 2023. Along with not changing the overnight rate the bank is going to continue to inject $4 billion dollars a week into government bonds via the quantitative easing program.

• In Canada, there was a big economic turnaround in the 3rd quarter following the dramatic loss in the 2nd. People are slowly returning to work however different regions and industry sectors are still growing a different paces.

• As Canada headed into the 4th quarter the economy was growing quicker than projected in the monetary report released in October. However, in recent weeks several different regions have faced record numbers of covid cases triggering new lockdowns and restrictions. These restrictions are expected to affect the economic growth in the 1st quarter of 2021 creating uncertainty until a vaccine is widely available.

• The programs set up by the Government are expected to properly assist both businesses and households through the second wave of the pandemic into the recovery.

• Inflation is currently sitting at 0.7% and the Bank of Canada expected the economy to need extraordinary assistance until a steady inflation level of 2% is obtained.

Remember if you have any questions about today's Bank of Canada's announcement or anything else mortgages, remember that my door is always open!