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… Read more »
Category: real estate news
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… Read 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.
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… Read more »
What changes were announced today? Insured mortgages will be qualified at 5-year benchmark rate of 4.64% You will now need to be qualified for a 5 year fixed mortgage as if you were getting a rate of 4.64%. Talk about pulling out a jackhammer where a chisel was needed! If you are currently buying a… Read more »