Check out market updates
Thanks to last year’s heavy government interference in the real estate market, we hit all-time lows in August 2016. Foreign homebuyers tax provincially, the vacant home tax locally and the revised and more stringent loan regulations federally caused a significant drop in pricing in our market last year. In many cases as much as a…
What is this program? The government of British Columbia has introduced a program designed to help first-time homebuyer clients buying residences located in BC. Repayable down payment assistance loans will be made available between February 15, 2017 and March 31, 2020 to eligible first-time homebuyers requiring a high-ratio insured first mortgage. How does it work?…
CMHC/Genworth/Canada Guaranty Increases Their Premium AGAIN If you’re in the market for an insured mortgage, then you might want to get that mortgage before March 17. Canada Mortgage and Housing Corporation (CMHC) is raising premiums for insuring mortgages on Canadian homes for the third time in three years. Canadian homebuyers are required to have mortgage…
On November 30, 2016 the Federal Government implemented their last set of mortgage underwriting changes. The purpose for the changes was to make borrowing more difficult and to slow down real estate investment in Canada. These changes may have had a greater impact than what the Federal Government had intended and there could be revisions…