IS SOMETHING IN THE AIR IN THE REAL ESTATE MARKET??

As a homeowner and as a mortgage broker I really believe in studying my craft. Every day I will read opinions on the economy, the mortgage market, the Canadian real estate market and our low mortgage rates to get a pulse of the what is happening in the market. This past weekend I looked over the headlines for the Financial Post for the past month and these are the headlines that caught my eye:

1. A new tax of 15% will be applied on foreign ownership in Vancouver.

2. CMHC housing prices overvalued in 9 Canadian cities (including Hamilton).

3. Canada’s top banks regulate to do stress tests if home prices fall.

4. Canada’s top banking regulation tightens scrutiny of mortgage lending practices amid soaring prices.

5. I started to think about these headlines and why they would intrigue me so much?

Here are some of my own thoughts:
Every one of the headlines indicate to me that they believe the market is overheated.
Government and banks do not worry the public but they sure are talking among themselves.
Toronto and Vancouver continue to give the country the most stress.
If banks are worried (usually employing some of the smartest Canadians we have) we should start to think about this housing market as well.
Mortgages will be more difficult to get.

Am I worried? Well, of course. I do not want Canadians to get hurt. In my previous blogs I was worried about true Hamiltonians who were finding it difficult to afford their own city. Since then, it has only gotten worse as Hamilton is now on the watchlist of CMHC as one of the overvalued cities. I believe for the most part good Torontonians have come to the Hammer and strengthen our city.

I have stated many times that my biggest fear housing is not interest rates alone. One of the biggest reasons for the increase of mortgage housing prices is the continuing lowering of mortgage interest rates. Interest rates in general are artificially low to help the economy. This is my biggest fear, our Canadian economy. As I have stated many times, we have not had a recession in many years. This will not go on forever. It will happen and when it does, the psychology will change with it. Our number one focus will be to keep our jobs and to maintain our income. When will this happen? I am not smart enough to answer that question. The silver lining for Hamilton is that it will not be hurt as much as Toronto. With low interest rates and our home prices, rents will be like mortgage payments. Beware of what is going on!

Robert Floris is a mortgage broker, member of Mortgage Architects, located on the East Hamilton Mountain. He specializing in finding the best mortgage rates for clients in Hamilton, Ontario and Canada but more so, he is ethical and honest and advises the clients on the best plan for them – not always the best thing for him. He specializes in debt consolidation, refinancing and new and existing home purchases, investment and rental properties. Do not hesitate to call (905-574-9200 Ext. 215), email (mortgages@robertfloris.com) or chat with Robert for no obligation and no pressure, honest advice.

Travis West

17:49 20 Apr 23

I have just had the great pleasure of working with Sean Howard to renew our mortgage. Sean is great! He was completely transparent, was able to answer all my questions (and there were many), and secured us a great rate. Sean walked us through every step of the way. I would recommend Sean to my closest family and friends, and now to you if you are reading this. Thank you Sean!

Brittany Speller

13:46 10 Apr 23

We recently switched lenders and renewed our mortgage with Sean. We were quite anxious as it was our first renewal at a time with higher rates but Sean helped us secure a competitive rate, a lot lower than what we were being offered by our previous lender. He was very responsive to all our questions and eased our worries at each step. He made the process smooth and overall we are very happy with the experience. We would definitely recommend him to others.

Christine Yanke

18:22 06 Mar 23

I have known Robert for over 30 years in fact, he has been my mortgage agent since 1988. What I really respect about Robert is that he is not only passionate about what he is doing but he goes above and beyond to make sure that you have thought out every step and scenario before signing the dotted line. And, he does the work to make sure he is getting the best for you. He truly is an advisor or better yet coach because he wants to make sure this decision you are making is absolutely the right one. And, that has meant so much to me over the years. He spends the time no matter how much that is, to ensure you are walking away happy. I highly recommend Robert. He is the best of the best in this industry!

Paul Jewell

18:33 17 Jan 23

My wife and I purchased a townhouse a couple of years ago. After multiple delays, including a long one due to Covid, the time came to arrange financing. Due to various circumstances, we were not in a position to sell the house we were in, so we had to try and arrange an equity-only mortgage. Both of us being retired, with only our pensions as income, none of the banks were interested in helping us.Our daughter and son-in-law recommended a mortgage broker in Hamilton, Robert Floris, that they had dealt with on a number of occasions in the past. When I contacted Robert, he was the nicest person to talk to and reassured me that he could help us. Robert introduced me to his business partner, Sean Howard, who took it from there.In all our dealings, Sean has always been most approachable, always ready to listen to problems and apply his expert knowledge to sort them out. He really seems to care about his clients and he was able to come up with the solution to the situation we were in.I have found Sean to be kind, sympathetic, very knowledgeable and I have no hesitation in recommending him if ever you are looking for a mortgage.

Amber Wilson

23:48 28 Oct 22

We cannot thank Sean Howard enough for everything he has done for us, amazing broker, very patient.Always looking out for our best interest and very informative.Sean has always been up front and honest right from the beginning.He never quits and always finds an option.He takes away the added stress when its already very stressful buying a home.My husband and I would highly recommend Sean, we are very happy and it wouldn't have gone so smooth without his expertise and advice.

Sarah Chambers

17:57 03 Oct 22

I was in a real bind and needed a mortgage quickly! After making several calls to various mortgage brokers , I grew even more frustrated with their slow process and not being able to reach them to ask questions and get straight answers.More searching online and I came across Mortgage Architects here in Hamilton. I called and spoke with a very kind and patient mortgage broker, Sean Howard. After explaining my stressful situation and that I needed a mortgage very quickly, Sean immediately put me at ease with his compassion and positive nature. He always had back up plans in place so that I never worried about not getting my mortgage in time. He was truly there for me 24/7 always returning any calls or emails right away. I'm over the moon because I got approved for my mortgage exceptionally fast. He jumped through a few hoops for me and went above and beyond what I thought was possible. I am forever grateful to him. I can honestly, and fully recommend Sean Howard for your mortgage broker.🙏🤗Sarah Chambers, Hamilton, ON

Amanda

20:08 25 Aug 22

I first heard of Sean from my boyfriend when he was looking at a property for himself. He was super impressed with Sean, so naturally when my mortgage came up for renewal, he was the first person I went to. He is very very knowledgeable. This year is a tough year to renew with interest rising and his knowledge of the industry landed me a very competitive rate and I could not be happier with the outcome. He responded to any inquiries quickly and thoroughly. He has even responded to us on weekends and after hours. He is excellent at explaining things. He had my best interests in mind throughout the entire experience. I will be recommending Sean to family and friends and trust him to provide the same service I have received.

JENN M

20:34 29 Jul 22

I had the pleasure of working with Sean on a time sensitive deal.First off, he executed with extreme professionalism, while displaying much dedication and empathy.When I felt like giving up, Sean's assurance that it would all work out helped in leaps.Throughout the entire process, from aligning the right people along the way, made for a rather smooth deal. Full transparency was always at the forefront and my questions were answered in a timely fashion.I would definitely recommend and continuing working with Sean, as I have full confidence and trust in what he does, as his clients' needs are met.SEAN, I THANK YOU.JENN

Dan Vidic

17:50 28 Jun 22

My wife and I just purchased our first home, and we used Sean Howard as our Mortgage broker after hearing about the great experience our close friends had with him.From our initial conversation, to getting us pre-approved right away (to lock in the rate before the hike), to the actual approval process, our experience with Sean could not have been better. He made sure we both fully understood all the parameters of the complicated mortgage process and made it easy for us to make an informed decision on our home. When we were putting in offers (often after hours to meet deadlines) Sean was responsive right away to work with us to provide our best offer. Once we found the house, he provided all the options available and his advice on what he thought was best for us. This was during the start of all the interest rate hikes which made things more difficult, but we were happy with the decision we ultimately ended up making with Sean's help. He seemed genuinely interested in helping us find our ideal home suited to our income and needs, not just to get our business.If you are in the market for a new home and need a mortgage broker, don't look any further than Sean Howard. You will not be disappointed with his exceptional customer service, professionalism and expertise in finding the right mortgage for you.Thanks so much Sean for all your work!

Chris Oswin

19:00 24 Feb 22

Robert Floris helped my partner and I get our first mortgage. He helped us learn about our options and explained all the different terminologies or packages available. He made the process easy, fun, and stress free and was very helpful if we had any questions at any point in the process. Robert is extremely welcoming but also completely honest with us on what was affordable and realistic for our incomes. He managed to get us a very competitive interest rate on our variable mortgage and we could not be more pleased. Thank you Robert!

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Fixed Rate

Adjustable-Rate

Refinancing/Renovations

Mortgage Education and Advice in a Stress-Free Environment

Proudly serving Southern Ontario including Woodstock, Brantford, Ancaster, Hamilton, Burlington, Mississauga, Stoney Creek, Grimsby, St. Catharines, Welland and the Niagara Region

Address

Brokerage Information

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