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Mortgage Broker Victoria BC Trends

Blog Image- Mortgage Broker Victoria BC - Co-signer vs Guarantor June 2021

Mortgage Co-Signer vs Guarantor

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 …

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New June 1 Stress-Test Mortgage Rules Confirmed

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. …

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Bank of Canada Policy Rate Announcement – March 2021

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 …

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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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Canadian & U.S. Central Banks Respond to Covid-19

On Friday afternoon March 13, 2020, Canadian policymakers from the Department of Finance, the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) announced a coordinated response to alleviate economic stress caused by the COVID-19 pandemic. The emergency measures, which are intended to ensure that the Canadian financial system has sufficient …

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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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May 2017 – Victoria Real Estate Market Update

Victoria Real Estate Board – Basic Stats from APRIL 2018 vs APRIL 2017 Net Unconditional Sales APR 2018: 775 Net Unconditional Sales APR 2017: 885 Active Listings End of APR 2018: 2.002 Active Listings End of APR 2017: 1,690 In most price ranges throughout the greater Victoria Real Estate Board it continues to be a …

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Victoria makes it easier and cheaper for homeowners to build garden suites

The Canadian Press Posted: Apr 15, 2017 10:10 PM PT Victoria makes it easier and cheaper for homeowners to build garden suites: Previously garden suite applications were evaluated by council on case-by-case basis Victoria city councilors have voted to allow garden suites in all single-family homes in a move to increase rental housing options. The …

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Residential Market Commentary – week of February 6, 2017

Residential Market Commentary – week of February 6, 2017 Feb 6, 2017, 11:25 AM by Maria Broekhof – First National Real estate boards across the country are releasing their January numbers and they seem to be telling a story of pain and gain. Government efforts to cool the market appear to be working in the …

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Buying a fixer upper? Looking to renovate?

So you’re one of those buyers who absolutely loves older homes: the character, the unique architecture, the settled neighbourhood… and maybe the great value.  Maybe its James Bay, or Fairfield or Oak Bay.  Sometimes older homes with “great bones” sometimes need a little renovation to turn them into the home of your dreams. The Victoria …

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Residential Mortgage Market in Canada

From amortization periods to how happy Canadians are with being homeowners, in a recent survey by the Mortgage Professionals of Canada they took a look at the numbers: For homes purchased between 2014 and 2016, the average contracted amortization period is 22.4 years. For homes purchased between 2014 and 2016, 84% have amortization periods of …

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BC Housing and Mortgage Activity During 2016

If you are like me, then you are going to enjoy quickly reading the state of mortgage industry in Canada.  In the Annual State of the Residential Mortgage Market in Canada they combined various data from the consumer survey and  estimated that: By year-end, about 690,000 households will live in homes that they purchased during …

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Victoria, BC: Interesting Mortgage Stats!

In the “Annual State of the Residential Mortgage Market in Canada” some very interesting mortgage stats were released…see how your mortgage stacks up: The average homeowner mortgage interest rate is 3.02%, a small drop from the average of 3.07% recorded a year ago. For mortgages on homes purchased during 2016, the average rate is 2.76%. …

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Understanding the “Collateral Charge” Mortgage

What is a collateral charge mortgage?  Here’s how it works: the bank registers the mortgage for more than the value of the home at closing.  So if you have a $400,000 mortgage and a $700,000 home, the bank will register a charge up to $875,000.  This has several side-effects, including locking you in to the …

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