I am just sending a quick note out to let you know about today’s announcement by the Bank of Canada to increase the prime lending rate. The increase is .25% and is applicable to variable and adjustable rate mortgages.
If you are one of the people on a fixed rate mortgage, then this will not affect you at this time. If you are on a variable rate, most lenders adjust the payment to reflect the interest rate change. A couple lenders will keep your payment the same but you will be paying less principal and more interest with each payment. (more…)
The Greater Vancouver real estate market is getting hit from all angles at the moment. There is the foreign buyers tax, the empty home property tax and the most recent draconian mortgage lending rule changes. The foreign buyers tax has been scaled back somewhat to make it more reasonable for those with work permits, but it is still a major deterrent to property speculators looking to park their money. (more…)
The newest program initiative offered by the BC government has been officially launched as of Jan. 16th. The program is called the BC Home Partnership Program, and under the terms of the program, eligible first-time homebuyers will be able to receive 5% of the value of your home purchase up to a maximum of $37,500 on a maximum property value of $750,000. The program matches, dollar for dollar, the down-payment of the home buyer. The program provides the funds secured by a second mortgage behind your regular mortgage. (more…)
First of all, I want to wish everyone out there a Happy New Year. 2016 was an interesting year, with many twists and turns for the real estate market in the Greater Vancouver Area. Mortgage brokers like myself are still trying to get our bearings after being spun in so many circles. (more…)
The BC government today announced a program to help first-time home buyers to get into the market and purchase a home. The program matches the downpayment of the borrower dollar for dollar in the form of a second mortgage to a limit of $37,500. The mortgage provided will be a 25 year amortized mortgage with a 0% interest rate, and payments would not need to be made on the mortgage for the first 5 years of the term. To be eligible for this program, borrowers have to meet the following criteria: (more…)