Welcome to our first blog for 2015. Happy New Year!!! And we wish you all peace, health and prosperity in 2015. Thanks to all those clients who chose to work with us in 2014 to arrange mortgage financing either for their home purchase or for a refinance. We certainly appreciate your business and are looking forward to working with you again in the future. Thanks also for all your referrals.
2014 has been an very interesting year in the mortgage industry. We have seen significant changes in lending guidelines as stipulated by the Federal Minister of Finance to curb what “is a very hot real estate and to bring some stability to rapidly rising home prices” across the country. The Canada Mortgage and Housing Corporation (CMHC) made a few significant changes. These include;
- An increase in their premiums
- A significant change to the programs offered to self employed buyers
- Changes to way lenders’ cash-back programs can be used
“Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014.
The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply to mortgages currently insured by CMHC.”
All of these changes were done with the intention of slowing down the pace of the real estate market and stabilize prices. Not too sure if it really did much to help. We ended 2014 with the median home price for a detached single family home in Toronto above $890,000.00, a price that pushes most first time buyers out of the market.
With all this happening we had to make changes to deal the changing mortgage landscape and redevelop or service offering to a quickly evolving client base. One of the first changes we made was to completely re-brand our web presence by redesigning and relaunching our web and social media platforms to give clients a clear understanding of what our product offering was. A visit to our website: www.raymcmillan.com will allow you to experience more. Next we had to adjust to the needs of our clients who were looking to purchase real estate in the Caribbean, either as vacation homes or so they can eventually relocate. In order to facilitate this, we formed strategic partnerships with realtors and lawyers within the Caribbean; namely Jamaica, Barbados, Grenada and St. Lucia to facilitate this.
One of our major Caribbean realtor partners is Sydney Davis and Associates located in Kingston, Jamaica.
“A very experienced realtor operating since 1994, Sydney Davis and Associates has sold, rented and provided property management services throughout the island. Over the years, Jamaicans and visitors from all walks of life have come to depend on the experience and knowledge the company offers to guide them in their real estate investment endeavors.”
A visit to their website www.sydneydavisandassociates.com will tell you much more about what Mr. Davis and his team has to offer if or when you are thinking of relocating to Jamaica.
To make the process seamless and stress free for clients looking to do real estate business in the Caribbean, we can also recommend the services of a Toronto solicitor, Courtney Kazembe, who has offices in the Caribbean islands of Jamaica and Barbados, along with their Toronto office and one in New York, NY.
” Courtney Kazembe is the managing partner at Kazembe and Associates. He has a diverse litigation, estate and real estate practice that includes complex family law and commercial, civil and criminal litigation cases.
Kazembe has extensive experience appearing before all levels of courts and administrative tribunals, including appellate courts in Canada and Jamaica. He is also an expert in multi-jurisdictional law, human rights law, insurance law and Caribbean law.”
Locally we have partnered with two businesses who bring great value and compliment we do. Barrington Lewis is a realtor with more than a decade of real estate experience. Consummate professional Barrington is always available to answer all your real estate questions. Along with his knowledge of real estate in the Greater Toronto Area, Barrington is also quite knowledgeable of real estate in Jamaica and can certainly assist potential clients in purchasing their dream Caribbean home.
For many suburban home owners, the purchase of a new home usually requires the purchase of a new car or a second vehicle to trek the young ones to their activities; dance; karate, music, football, baseball, etc… Jelani Daniel of Check List Auto has been putting his clients in the perfect auto for more than 10 years. With his slogan “Forward March” Jelani stands out in an industry that sometimes can be quite competitive.
With these strategic partnerships and our stable of institutional and private lenders ready to do even the most difficult mortgage transactions here in Ontario and parts of the Caribbean, the Ray C. McMillan Mortgage Team is ready for 2015 and is here to continue to deliver stellar mortgage advice for even the most desperate of client situations. We will get you approved.
Again thanks for 2014 and we are looking forward to 2015.
Ray C. McMillan has been continuously licensed as a mortgage professional in the Province of Ontario since 1999.