Hamilton mortgage brokers have been enjoying a blockbuster June, as that city has led Ontario in new housing with an impressive 65 per cent rise in starts.
“June was fantastic!” says Trevor Daly, principal broker of Dominion Lending Centres
Capital Solutions in Hamilton. “We have a lot of people coming from Toronto to Hamilton and the Niagara region. They come here because they can still get what they want in a house, but for a couple of $100,000 less.”
The numbers released by Canada Mortgage and Housing Corporation show June housing starts nationwide were stable, with new numbers hovering around the average mark.
Daly – who also sat in on the recent CMHC round table that discussed the recent numbers – says that the excellent working relationship with local lenders and builders is fuelling this brokering bonanza.
“The lenders have been working with the mortgage brokers, so that we can offer a package to the builders guaranteeing a 5-year-fixed rate for 12 months,” Daly told MortgageBrokerNews.ca. “It has been a good partnership, and I would estimate that about 80 per cent are taking the 5-year-fixed mortgage.”
Other big gainers included Winnipeg, which had a 90 per cent jump in starts compared to June 2012, and Edmonton with an increase of 67 per cent.