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Mortgage Products
It's a good thing that Reliant has use of the SMART platform because the company might soon receive a flood of applications for its unique line of mortgage products. One such product is North America's first 50-Year amortization program for non-prime high-ratio mortgages. The diminishing affordability of the Canadian housing market could soon force consumers to take advantage of longer loans such as Reliant's 50 year amortization product. According to recent Canadian statistics, the housing affordability index has declined in most parts of the country as well as the provinces of Alberta, British Colombia, Ontario, and Quebec. Furthermore, it does not appear that relief is in sight as it is anticipated that Canadian housing prices will augment by nearly 10% over the next 2 years. Regardless of the fact that affordable housing is declining in Canada, the Canadian real estate market remains strong. According to recently published reports, almost 4,700 new homes and condominiums sold in the greater Toronto area in April 2006, a 2% increase over April 2005. Of these sales, a whopping
44% were attributable to high rise condominium/apartment sales. From first hand experience, we can tell you that downtown Toronto is booming. We recently took our family on vacation to Niagara Falls and Toronto. While in Toronto, we stayed in a hotel in the heart of the city and we must say that there were high rise condos going up all over the place. It was incredible! Over the years, we have lived in major cities such as Houston, Washington D.C., and Honolulu and we can honestly say that while we were in Toronto, we saw more new residential construction than we have ever seen in any of these other cities.
44% were attributable to high rise condominium/apartment sales. From first hand experience, we can tell you that downtown Toronto is booming. We recently took our family on vacation to Niagara Falls and Toronto. While in Toronto, we stayed in a hotel in the heart of the city and we must say that there were high rise condos going up all over the place. It was incredible! Over the years, we have lived in major cities such as Houston, Washington D.C., and Honolulu and we can honestly say that while we were in Toronto, we saw more new residential construction than we have ever seen in any of these other cities.
According to numerous Canadian housing reports, it seems to be that Toronto is not the only Canadian city experiencing incredible growth. The Winnipeg housing market, for example, experienced double digit year-over-year price increases in the first quarter of 2006 while the Vancouver and Montreal housing markets also posted significant gains. One of the biggest Canadian housing booms might soon happen in the province of Alberta. Do you remember the story of Birch Mountain in section 10? The vast reserves of Alberta tar sand may soon fuel amazing economic growth in the province. As companies start to mine and process the tar sands, they will need employees. These employees, in turn, will need homes in which to live. Perceptive speculators have already anticipated growth in Alberta evidenced by the explosive gains recently posted by housing markets in Edmonton and Calgary.