Here's
What Quebec Seniors Should Know
About Utilizing a Reverse Mortgage...
Real
Estate in Quebec at a Glance:
Currently
Quebec's housing market is on an incline, which is being fueled
by a recovering economy, migratory inflow and favorable borrowing
conditions. Prices are up from 2009 across the Province and
should continue to climb well into 2011, eventually settling
to match inflation as a result of decreasing demand (once
the "peak" and high inventory run their course).
Note:
For more information, and for up-to-date real estate and economic
news & data, we suggest visiting CMHC's
Housing Market Info Center for new reports each
quarter.
Average
House Values in Quebec and the Major Cities:
|
Location
|
AVH*
2009
|
AVH
2010
|
|
QC
(province-wide)
|
$238,462
|
$252,280
|
|
Montreal
|
$288,002
|
$303,409
|
|
Quebec
City
|
$231,718
|
$247,735
|
*
AVH = Average House Value
What's
the Outlook for Quebec Seniors?
Quebec's
long-term outlook is quite bright, actually - though not in
the sense of "exploding" value, but rather a dependable
trend of prices increasing to match inflation.
For
starters, the impact of positive global & national economic
environments have been visible from mid-2009 until now by
way of Quebec's own economic growth of 3.1% in 2010 (and a
predicted 2.6% in 2011). This, combined with low interest
rates has opened up the housing market to new first-time buyers
which contributes to housing demand and dropping vacancy rates.
Economically
speaking, private investment and housing market growth coupled
with increasing exports are laying a foundation for a strong
foregoing economy.
CMHC
estimates that Quebec's housing markets (and economy) will
be strong and sustain their current growth levels well into
the coming years due to demographic factors such as higher-than-average
migratory influx. In particular, there will be a lot of movement
in the housing sector due to a large ageing demographic and
a recent increase in birth rates - which will be cause for
an adjustment of housing needs among a significant percentage
of QC households.
This
will inevitably result in high real estate sales volume in
the coming years.
But,
as with any financial planning decision - particularly wealth
strategies in retirement - it's very important to obtain as
much qualified, professional advice as possible before making
any kind of decision. It's also crucial that when you consider
utilizing strategies such as a reverse mortgage that you get
a realistic, conservative picture of what your home is really
worth in terms of equity - both currently, and what the reasonable,
professional estimations of its worth will be in the future.
Currently,
the average senior in Quebec can get up to $100,912
(40% of the avg. QC house value) in tax-free cash/income
through a reverse mortgage against existing equity.
A
word of caution...
As
the "baby-boomer" population matures into retirement
age amidst a trailing recession, there are bound to be some
desparate people looking for relief. This creates an environment
ripe for scam-artists.
Quebec
seniors should be aware that though there are many legitimate
retirement strategies (such as CHIP™, which is also registered
bank in Canada), unfortunately there are also scams and unscrupulous
tactics that are harmful in the long-run. We suggest consulting
the Quebec
Securities Commission to research a company or program
before betting your retirement on it.
Where
do I go from here?
If
you would simply like more information - or if you'd like
to discuss it further with us directly, please fill out our
quick inquiry request form at the top of the page, and we'd
be delighted to help you and answer any questions you may
have.
In
fact - if you'd like to speak to a reverse mortgage professional
who can provide you with answers and information so as to
assist you in making a decisions that's best for you, why
not call us right now?
It's
toll-free, and we'd be delighted to hear from you!
Call
Right Now:
1-877-686-4246
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