It certainly sounds like a vitamin, but unfortunately, it is something else altogether. The Office of the Superintendent of Financial Institutions is the regulator for all federal mortgage lending institutions. They set the regulations for mortgage companies like banks to follow (or ignore).
The latest updates to the B20 mortgage regulations could bring some potentially very disrupting changes to the real estate market, especially if you are wanting to get a mortgage in Vancouver, or you are a mortgage broker in Vancouver. In summary: (more…)
Looking forward at housing by looking back at housing
If you think back ten years ago, did you find housing overpriced? Looking back, if you did not buy a home then or since, do you wish you had? If you did buy, aren’t you glad you did?
If you look at the market today, do you find housing overpriced? If you put yourself in your shoes 10 years in the future, do you think you would wish you had bought a home today? What do you think is going to change the trend of housing becoming more expensive?
Stop waiting for tomorrow. Get in today. If it’s a home that is less than ideal, it’s still a start towards your dream home. The longer you wait, the more difficult it will be.
If you own a home that is less than ideal, maybe you want to look at making a change. Expensive homes increase in price faster than less expensive homes do, so moving up is advantageous for you.
In order to buy a home, you will probably need a mortgage approval. We often make mortgage approvals happen where others have failed. If you don’t think you can qualify, a 5 minute phone
interview is all it takes for us to have an idea of whether it is possible for you to buy a home. Call us today.
If you have followed my blog for a while, I think you would understand me saying that I find it difficult
to come up with interesting original material to provide. I mean…I am selling getting into the biggest DEBT that most people will ever likely incur, and I talk about a local housing market that appears out of control but actually is NOT.
The product I offer is intangible, and is the “nasty” part of a transaction that people otherwise enjoy. No one goes out shopping to purchase that hot sexy mortgage, there is no Gucci or Prada branded mortgages I can put in the window that anyone will be interested in buying. There’s an idea to justify a higher interest rate! “Yeah, I paid double what everyone else is paying, but it’s so worth it, the paper that I signed was so soft and smooth, and the quality of the printer was amazing!”
Anyways, rather than just write my grievances with the current situation, I tried to think differently. (more…)
There is a video on the BNN website in which they interview an economist with Mortgage Brokers Canada. He talks about the hot housing market in Toronto (which is the second hottest home market in Canada to Vancouver) among other things. One of the primary aspects of the hot market that he talks about is that low interest rates are driving price increases. The foreign ownership issue is raised and he stated even 5% of buyers being foreign buyers would affect the market significantly also. (I suspect that the number is much higher, but no one has firm data on this.) (more…)
I was meeting with my business development manager for Canadian Home Income Plan (CHIP) about their reverse mortgage product today, and he shared with me an experience with a client of his bank that is at once shocking but also, unfortunately, not uncommon.
There is a private mortgage lender who advertises on the radio that did a mortgage for a client who was terminal with cancer. The mortgage amount was $500,000. Do you know how much the fees were? $65,000! That is insane! CHIP was able to take care of him in a way that he could enjoy his remaining days with his family in comfort, and provided a much more fair solution, but that is not really the point of the story. It is technically legal to charge those kinds of fees, but it does not make it fair, equitable or correct. (more…)
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…)
The Canadian Real Estate Association Recently provided updated statistics for the average MLS price in Vancouver, showing selling prices decreased from an average of $778,000 to $725,000 from August of 2011 to August 0f 2012. There is a general feeling that has been around that this is doom and gloom time and that there is a housing bubble that is bursting and soon there will be mass foreclosures and horror will spread across the land. The feeling that its a bad time to sell your house from people who own one, and for those who are considering buying, the feeling is fear of buying because prices might go down even more. (more…)