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First Time Home Buyer BC

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Bank of Canada to maintain current level rate policy

Bank of Canada will keep present level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program The Bank of Canada today maintained the target of its for the overnight price on the highly effective lower bound of ¼ %, with the Bank Rate at ½ % along with the deposit rate …

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2020 Thoughts on Fixed vs Variable

Fixed or adjustable – it is the ongoing mortgage product decision many mortgage buyers are faced with. And it has only been made more complex since the beginning of the pandemic. Towards the second half of 2019, variable rates have been the most obvious and popular choice. But a great deal has changed since then. …

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Affordability and Alternative Lending Options Part 1

Motions within the rental market are excellent signs of the state of housing affordability. When folks cannot find the money to purchase, they rent, and also when there is an influx of renters in a field with constrained housing supply, landlords are in a position to demand more. In Victoria we’re seeing increasingly low residential …

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Mortgage Stress Test Rate Drops to 4.79%

The Canadian national mortgage benchmark qualifying rate, or stress-test rate, has dropped for the second time in the past three months after 5-year fixed posted rate cuts by Canada’s major banks. The qualifying rate is now 4.79%, down from 4.94%. The current benchmark rate of 4.79% is just 0.15% above the all-time 2017 low of …

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Canada Mortgage Qualifying Rate Lowered to 5.19%

Bloomberg Canada – July 19, 2019 The Bank of Canada has lowered the rate used by mortgage stress tests, used to qualify homeowners for mortgage borrowing limits, for the first time in three years. The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. It’s the first decrease …

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NDP Government Changes BC Housing Landscape

The NDP provincial government has released its new budget. From a housing perspective here are the highlights (or lowlights depending on your perspective). 1. Speculation Tax This new, annual property tax will apply to foreign and domestic homeowners who do not pay income tax in BC, including those who leave their properties vacant. The new …

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BC Budget Announcement: First Time Home Buyer Property Transfer Tax Full Exemption Raised to $500,000

BC Budget Announcement: First Time Home Buyer Property Transfer Tax Full Exemption Raised to $500,000 FIRST TIME HOME BUYERS PROPERTY TRANSFER TAX EXEMPTION Property Transfer Tax should not be confused with Property Tax. The Property Transfer Tax is a one time tax paid to the Provincial Government by purchasers of real estate. The Property Tax …

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Breaking News: BC Mortgage First Time Buyer Down Payment Loan

Do you qualify for the BC Down Payment Loan Program? You can find all the eligibility details – CLICK here. VICTORIA — The B.C. government will loan first-time home buyers some of the cash they need to afford their down payment, Premier Christy Clark announced Thursday. The program will provide a government-backed loan of up …

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10 Great Reasons to Use a Mortgage Professional

Get independent, objective advice on your financial options. Mortgage Professionals are not restricted to any one bank or range of products. They work for you and can make objective recommendations on financing solutions through hundreds of lenders. Save time with convenient one-stop-shopping. Mortgage Professionals do the research and shopping for you so there’s no need …

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What About Housing? [The Millennial Generation]

The world has changed dramatically over the past eight years since the Global Recession hit in 2008. The biggest change and one that will have the biggest impact to future economies is the changing demographics of the world’s population. Millennials (ages 18-34) have now surpassed the Baby Boomer generation (ages 51-69) and Gen Xers (ages …

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Millennials are moving out of their parents’ basements – and driving up rents

By Lawrence Lewitinn | Yahoo Finance6 Homebuyers are becoming more optimistic, and millennials are finally moving out of their parents’ homes, according to one of the most important institutions in the housing market. From our sources in the USA. Fannie Mae’s (FNMA) Home Purchase Sentiment Index (HPSI) increased in February to 82.7 from 81.5 in …

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8 Surprise Expenses For New Home Buyers in BC

By April Dykman Over a year ago, I bought my first home. And while I’d been warned about the extra expenses that come with homeownership, there were still some surprises. I don’t mean the “unexpected” costs of property taxes and repairs — expenses that are often covered in articles about new homeownership. “Surprise! There’s no landlord to …

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Canadian millennials buying houses at younger age than their parents: report

CBC – Wed, 27 Jan, 2016 Canadian millennials aged 25 to 34 are better off than their American counterparts — and are entering the housing market at a younger age than their parents did, suggests a new report from TD Economics. “In Canada, millennials … have found good jobs, higher incomes — particularly females,” said …

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House over $500,000? New downpayment rules in February.

On February 15, 2016, minimum downpayment rules are changing in Canada – for homes worth more than $500,000. The change is straightforward: for any portion of the house price over $500,000, buyers will need to provide 10% downpayment for an insured mortgage. The minimum downpayment for the first $500,000 will remain unchanged at 5%. How …

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Ten Great Reasons to Use a Mortgage Broker

For many Canadians, mortgage payments are their single biggest expense. Yet most don’t comparison shop to ensure they’re getting the best mortgage rate and terms available, which can cost tens of thousands of dollars over their mortgage years. Don’t make the same mistake! Here are 10 reasons why you need a mortgage broker working for …

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Snapd Victoria | First Time Buyer Q&A Series Part 1: RRSP Home Buyers’ Plan Simplified

First Time Buyer Q&A Series Part 1: RRSP Home Buyers’ Plan Simplified The Canadian government’s Home Buyers’ Plan (HBP) allows you as a first time home buyer to borrow up to $25,000 from your RRSP for a down payment, tax-free. If you’re purchasing with someone who is also a first time homebuyer, you can both …

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