The Canadian government recently made a change that has now come into effect regarding the minimum down-payment required to purchase a home. Previously, 5% was the minimum down-payment required to buy a home under most normal circumstances. (more…)
Last month was the highest selling February on record for the Metro Vancouver* housing market.
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Home buyer activity remains at near record levels across the Metro Vancouver housing market.
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In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.
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More than 17,000 working poor and homeless people throughout the Lower Mainland will receive blankets and warm clothing this winter thanks to donations collected during the 21st annual REALTORS Care® Blanket Drive.
Home sales reached near record levels in November even as home listings began the traditional year-end decline.
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Mortgage rates have been generally going lower over the past few months, and we have this smoking hot deal from one of our lender partners – 2.64% for a 5 year fixed rate! We work hard to get you the best possible deal on your mortgage.
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Here is a good article on the CBC website that talks about breaking your mortgage to refinance with a better interest rate.
I would generally agree with the points made in the article, except that the last point regarding splitting up the mortgage into multiple components I would not necessarily agree with. One reason for this is that the mortgages are typically collateral charges and makes it more difficult to switch the mortgage at the end of a term.
It can be a good time to refinance your mortgage if your penalty is small. If you would like to discuss further your circumstances to determine if it would make sense for you, call me and I can better advise you on your individual needs.
There is a new article in the Globe and Mail regarding the newest mortgage regulation changes being implemented by OSFI. From the article:
One of the most notable changes is that the regulator is now spelling out criteria banks must meet to verify the income of borrowers, especially those who are self-employed.
OSFI has waded into the country’s mortgage market in recent years as part of a global effort to prevent another crisis like the one that occurred in the U.S. with subprime lending. Global bodies like the Financial Stability Board, which gets its mandate from the G20, recommended that all countries review their mortgage rules.
The good news is that there is no substantial changes to policies that would restrict borrowers in a way that they weren’t before. The significant difference from before appears to be that mortgage insurers will need to start vetting income confirmation documentation for insured mortgages, where previously they counted on the lender’s word exclusively.
I do not anticipate this change having a significant impact on the market., but may serve to even the playing field between lenders who do follow regulations and those who may not.