The recent tighter mortgage qualification rules reducing purchasing power by 20% combined with the higher prices of real estate, particularly in Victoria and Vancouver, can make it difficult for a person, or even a couple, to qualify for a mortgage on their own. But with home prices rising and inflation looming, in some housing markets […]
Mortgage Co-Signer vs Guarantor Read More »
OFSI confirmed that all Conventional Mortgages with 20% down or more will as of June 1st be stress tested at 5.25%. The Deputy Prime Minister and Minister of Finance, Chrystia Freeland also issued a statement of her own, announcing the alignment of the insured stress test with the uninsured stress test, also effective June 1st.
New June 1 Stress-Test Mortgage Rules Confirmed Read More »
It doesn’t matter if you’re buying a new home or your first one, home buyers are always looking for the best deal! But it can be easy to focus on the rate before you even know if you’ll qualify. Online calculators never show the whole story. Even if you’ve been through the home buying process
A Very Basic Overview of Mortgage Qualification in BC Read More »
According to the Canadian Mortgage Brokers Association BC, the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of the mortgage contract rate plus
OSFI to Re-Examine Stress-Test Policy Read More »
Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing. The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank
Bank of Canada Policy Rate Announcement – March 2021 Read More »
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
Bank of Canada to maintain current level rate policy Read More »
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.
2020 Thoughts on Fixed vs Variable Read More »
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
Affordability and Alternative Lending Options Part 1 Read More »
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
Mortgage Stress Test Rate Drops to 4.79% Read More »
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
Canada Mortgage Qualifying Rate Lowered to 5.19% Read More »
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
NDP Government Changes BC Housing Landscape Read More »
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
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
Breaking News: BC Mortgage First Time Buyer Down Payment Loan Read More »
Hi everyone. Not sure if you have heard but on December 15th the BC Premier announced a new program to help first time home buyers. We are still working out the details but the basics are as follows. The government will lend the buyer funds equal to the down payment up to $37,500, or 5%
Help for First Time Home Buyers in BC Read More »
Yes, new mortgage rules have made it harder to qualify for a mortgage, whether you are a first-time buyer or looking to renew or refinance your mortgage with a new lender. That’s why you should get yourself mortgage ready well in advance. Here are 5 tips to help you do just that: Get your credit
5 Ways to Improve Mortgage Qualifying Success Read More »
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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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
What About Housing? [The Millennial Generation] Read More »
This past June, Mortgage Professionals Canada published their survey results on the Next Generation of Homebuyers; adults under the age of 40 who don’t currently own a home but expect to own in the future. If you are planning on buying, or help a child get into homeownership, these results can be an interesting comparison
This is the Home Buyer of the Future Read More »
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
Millennials are moving out of their parents’ basements – and driving up rents Read More »
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
8 Surprise Expenses For New Home Buyers in BC Read More »
