15 - Blog - The Westlake Team

The Westlake Team Sponsors Glen Abbey Member Guest

By Scott WestlakeJuly 25, 20220 comments

Golf is a great way to connect with others. This year, unlike the previous two, Glen Abbey is going back to their traditional two day member guest tournament format and The Westlake Team, Part of Dominion Lending Centres are happy to be one of the many local sponsors. This tournament ...Read more...

Canadian Inflation Surged to 8.1% in June

By Scott WestlakeJuly 22, 20220 comments

#inflation #economy #marketupdate #interestrates

Another bad inflation number was posted today. The rate of consumer inflation continued to rise, reaching 8.1% year over year (y/y) in June, following the 7.7% gain in May. The increase ...Read more...

House Price Decline Accelerated in June

By Scott WestlakeJuly 17, 20220 comments

#houseprices #homeprices #economy #recession #interestrates #SW #TWT

Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates has broadened. Home ...Read more...

A Super-Sized Rate Hike, Signalling More To Come

By Scott WestlakeJuly 15, 20220 comments

#economicupdate #sherrycooper #rateupdate #boc #variablerate #SW #TWT #DLC

The Governing Council of the Bank of Canada raised its target for the overnight policy rate by a full percentage point to 2-1/2%. The Bank is also continuing its policy of quantitative ...Read more...

Purchase Plus Improvements Mortgage.

By Scott WestlakeJuly 12, 20220 comments

#purchaseplusimprovement #homerenovation #renovation #upgrade

When it comes to shopping for your perfect home, it can be hard to find the exact one ready to go! If you are looking into a home that requires improvements, there is a mortgage product known as Purchase Plus Improvements (PPI). This type of mortgage is available to assist buyers ...Read more...

3 Advantages of a Pre-Approval.

By Scott WestlakeJuly 11, 20220 comments

#preapproval #prequalification #buyingahome #purchasingrealestate

While getting pre-qualified can give you a ballpark estimate on what you can afford, getting pre-approved is where the real magic happens. Mortgage pre-approval means that a lender has stated (in writing) that you do qualify for a mortgage and what amount, based on submitted ...Read more...

Using a Reverse Mortgage for In-Home Health Care

By Scott WestlakeJuly 4, 20220 comments

#reversemortgage

Here are 2 ways to use a reverse mortgage to pay for in-home health care: 1. Set-up an Income Advantage Line of Credit – Our reverse mortgage lender will deposit a fixed amount each month into the clients bank account (ex: $2000/month). Interest is only charged on ...Read more...

Insurance Products.

By Scott WestlakeJune 23, 20220 comments

#insurance #insuranceproducts #mortgageinsurance

People don’t always want to talk about home insurance, but when it comes to your house there is no better investment than insurance. But, with the number of insurance products available, it can be hard to know where to start! While it can seem overwhelming, it’s a good ...Read more...

Canadian Inflation Surged to 7.7% In May

By Scott WestlakeJune 23, 20220 comments

#inflation #economy #marketupdate #interestrates

Canada's consumer price index increased 7.7% in May from a year earlier, up from 6.8% in April, the fastest inflation pace since January 1983. The release confirms that ...Read more...

Housing Market Correction Gains Steam in May

By Scott WestlakeJune 15, 20220 comments

#interestrates #boc #canadianrates #rateincrease

Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates has broadened. In April, ...Read more...

Canadian Labour Market Is Much Too Tight--Adds To Inflation Pressure

By Scott WestlakeJune 15, 20220 comments

#labour #jobs #economy

Today's Labour Market Survey for May 2022 showed that hiring continued at a rapid pace last month in an increasingly tight labour market, driving the jobless rate to another record ...Read more...

How Bridge Financing Works.

By Scott WestlakeJune 10, 20220 comments

#bridgeloan #shorttermloan #privatelending

In life, things rarely go as planned. This is especially true when it comes to real estate! When it comes to buying a new home, in a perfect world, most of us would like to take possession of their new residence before having to move out of the old one. This makes moving a lot easier ...Read more...

Recently Funded - $2.4M Reverse Mortgage for High Net Worth Client.

By Scott WestlakeMy PortfolioJune 3, 20220 comments

#recentlyfunded #portfolio #reversemortgage #retirement

Would it surprise you if you learned that High-Net-Worth (HNW) clients use reverse mortgages as part of their overall financial planning strategy? HNW clients have a minimum of $1 million dollars in liquid assets. So why use a reverse mortgage? Why High-Net-Worth Clients Use ...Read more...

Monthly Mortgage Newsletter - August 2022