If you need assistance, please call 416-230-3476

Mario Daniel Sconza | Mario Daniel Sconza & Partners Blog

Friday, April 16, 2021   /   by Mario Daniel Sconza

Financial Friday #58: Housing Prices Hit the Stratosphere!

Housing Prices Hit the Stratosphere!"Prices are up and inventory is down" is a familiar refrain when it comes to select Canadian housing markets. The difference this time is prices are way up and inventory is way down in almost every market across Canada.
It seems to defy logic as the pandemic is biting many people hard financially. Depending on where you live, it has been hard enough to buy groceries, let alone a new house! We don’t have a crystal ball on how it is going to end, but here are five reasons why real estate continues to climb.
1. Mortgage rates are very low and really don’t have much more room to fall. First-time buyers and those looking to upgrade their housing probably have some serious fear of missing out syndrome and want to buy and lock-in at currently very attractive rates.2. The pandemic has reshaped housing needs in that we are all spending a lot more time at home and simply need more space. Dad, mom and the ki? ...

Read More

Friday, April 9, 2021   /   by Mario Daniel Sconza

Financial Friday #57

FEAR is a 4-Letter Word

A little over a year ago the TSX plummeted to around 11,200 and more than a few people thought their retirement dreams were over. At the time, it appeared that anyone following a risk-free strategy of market aversion and a pile of cash earning 1% just had the last laugh.
There is no doubt that stocks go down, sometimes dramatically, and that can be a deal breaker for potential investors. Watching your hard-earned cash being eroded by a fickle, sometimes irrational stock market is not a very appealing option and it may be keeping you on the sidelines.
Overcoming this fear of loss is a big hump to get over, especially for stock market newbies. You will have to justify&nb ...

Read More

Thursday, April 8, 2021   /   by Mario Daniel Sconza

Important Mortgage Renewals Tips

Here are some important mortgage renewal tips that might help you too get a low renewal rate.
1. Second Opinion
A quick call to our mortgage brokers won’t cost you anything.
If you think your lender is offering an unbeatable rate, We can confirm that for you or offer you an even better deal. 
2. Negotiate a better Deal
Don’t assume your lender is too large and distant to be willing to negotiate with a borrower like you. Lenders want to keep you as a client, so use that information to your advantage.
 3. Consider the risks when choosing a Mortgage Type
Be aware about the risks associated with variable and fixed options - with availabe rate there is a possibility it will increase over the term of your loan especially if you purchased your home in a low interest environment and with a fixed rate mortgage be prepared for a harsh financial penalty if you brake your loan agreement.
4. Give Yourself Tim ...

Read More

Wednesday, April 7, 2021   /   by Mario Daniel Sconza

Mortgage Market In Canada

Mortgage Professionals Canada’s Annual State of the Residential Mortgage Market in Canada report provided a detailed look at borrower behaviour and mortgage market trends in 2020.
The Mortgage Market:
6.08 million: The number of homeowners with mortgages

1.72 million: The number of Home Equity Line of Credit holders

Mortgage Types
73% of mortgage holders with fixed-rate mortgages
Mortgages on homes purchased specifically in 2020, fixed-rate mortgages were chosen 77% of the time
Mortgage Sources
55% of borrowers who took out a new mortgage in 2020 who obtained the mortgage through a Canadian bank
Up slightly from 54% in 2019
31% of overall outstanding mortgages that were arranged by a mortgage broker this rises to 40% for mortgages obtained in 2020
9% of borrowers who obtained their mortgage through a credit union

Read More

Friday, March 26, 2021   /   by Mario Daniel Sconza

Financial Friday #55: 5 Ways to Retire Early

 Ways to Retire Quicker
1. Decrease your housing expenses.
Moving to a more affordable city can save you thousands per year, and with so many working from home, it's more attainable. Here is a list of the 20 cheapest cities to live in, in Canada.  

2. Work part-time.
Retirement does not have to mean you stop working. Choosing to work 2-3 days per week during retirement can provide a steady stream of income to ease your financial obligations and allow you to retire sooner. Finding work you enjoy and are passionate about can be financially and emotionally rewarding.  
3. Lower your retirement budget.
If your plan provides $6,000 per month during retirement, budget to spend less, allowing you to retire sooner.   
4. RRSP withdrawal.
The hidden costs and taxes to withdrawing your RRSP money can cost Canadians tens of thousands of dollars. Speaking to a financial professional or coach and creating a RRSP withdrawal plan ca ...

Read More

eXp Realty of Canada
Mario Daniel Sconza
4711 Yonge St 10th Floor
Toronto, ON M2N6K8

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated April 17, 2021
This site powered by CINC: www.cincpro.com