We at ROYAL LEPAGE are committed to making your real estate experience whether buying or selling, a pleasant one. Our REALTORS® experience, knowledge and professionalism will help make each step of the process easy.
Our main office is located at 750 Comox Rd. in Courtenay with one display centre in the Driftwood Mall in Courtenay, and one display centre at Comox Centre Mall. Please drop by to see how we showcase our properties.
Whether you’re looking for an executive home on the water or ski chalet on the mountain, our professionals are there to help you. We are the longest established Real Estate company in the Valley with the most recognized Canadian name in real estate, ROYAL LEPAGE.
Latest Real Estate News and Trends
How many people are over their head in mortgage debt? The Canadian Association of Accredited Mortgage Professionals asked that question of two thousand and eighteen Canadians across Canada, weighted to representative proportions in terms of home ownership and mortgage status within each region. The results show stark contrast, while 83% of Canadian mortgage holders are comfortable with the loan to value ratio of their mortgage; 89% think their neighbour has too much debt. The average Canadian homeowner holds a 70% equity stake in their home compared with just 45% among American homeowners.
There is a general nervousness around the housing market that our historically low rates may lead to a default risk should rates climb, yet when asked, 80% said they could handle an increase in their monthly mortgage of at least $200 per month. 74% said they didn’t regret taking on the size of mortgage they did.
Over the past year nearly one third of mortgage holders (32%) tell us they paid more into their mortgage than they required. While 55+ mortgage holders appear to be slightly more comfortable paying their mortgage on schedule (just 23% accelerated payments last year), both young and middle aged look to be more aggressive in shortening the life of their mortgage (33% accelerated pay down among 18-34 year old mortgage holders, 34% among 35-54).
Canadians are being prudent with their mortgage, 70% say they could weather a downturn in the housing market. Data suggests that Canadians may choose a longer amortization in order to maintain a current lifestyle and provide them with a buffer should their financial situation change, but they have very real intentions of paying their mortgages off more quickly.
The data provided in this survey shows that most Canadians are in very good shape on their mortgages, but all the negative predictions make them wonder how their neighbour is doing.