RBC Report on Canadian House Market and Mortgages
Owning a house in Canada became slightly more affordabe during second half of 2012 due to low mortgage rates. The drop in house sales over the final six months of 2012 led to some small month-over-month declines in house prices in many cities. And, as sales fell, banks made further small cuts to their already-low mortgage rates. Those two factors helped to take a tiny bite out of the cost of home ownership during the final three months of the year, for the second quarter in a row. That may not be news to those who have followed these changes in the market but RBC Economics has distilled these findings and more in this Housing Trends and Affordability report that dropped today.
Mortgage Free, Now What?
Paying off your mortgage is your goal but what will happen once you do? If you find yourself mortgage free, are you just going to want more? Meet Fiona and Ted, a couple who have now found themselves in that very position. They've paid off a mortage that was costing them $2,300/month, they can either buy a larger home, pay off other outstanding debts or save for retirement. If they choose to move, should they act fast? See what the experts have to say in this Globe and Mail article.
Bob Hope, Estate for Sale
If, unlike Fiona and Ted, money is no object, here's a lead on Bob Hope's former pad. The massive Palm Springs estate, which belonged to the comic icon and his wife, Dolores, is being brought to market for the first time this month, at an asking price of $50 million. This 23,366-square-foot home, which was built to resemble a volcano, is perched high in the exclusive Southridge community, with panoramic views of the Coachella Valley, including the city of Palm Springs and the San Jacinto It was designed in 1973 by the California Modernist architect John Lautner who added three visorlike arches and an undulating concrete roof, a hole at its center opening a courtyard to the sky. The roofline has been described as one of the most distinctive works of architecture in the Coachella Valley.
If you need financing for your own dream home, here are this week's rates from my friend Bryan Guertin at Mortgage Intelligence. Give him a call to get pre-approved!
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