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Posted by: Adam Sale
Did you know many non-residents are actually exempt from the foreign buyers’ tax? That’s right! Non-residents who’ve applied for their permanent residency through the BC Provincial Nominee Program and have received confirmation, are exempt from paying the foreign buyers tax. This is a one-time exemption, and the property must be used as a principal residence. The BC Provincial Nominee […]
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Reduced Stress-Test As you may have heard, CMHC has reduced the stress-test today from 5.04% to 4.94%. This reduction of 0.10% will help to increase your client’s purchasing power. For example, if a client is earning 100k (factoring in average condo fees, property taxes and heat costs) they will now qualify for a place roughly […]
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Mortgage Deferral Strategy Deferring your mortgage is not an easy choice to make. The thought of pausing mortgage payments can feel like your finances are going in reverse. What does deferring your mortgage payments really mean? Does the interest stop accruing? No. Each lender has their own definition of what deferring a mortgage payment means. […]
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Last week we saw several changes in the mortgage industry that will directly affect our Real Estate industry. Here are some need to knows: Stress-Test The stress-test changes slated for April 6th are suspended. The posted mortgage rate, published weekly by the Bank of Canada, will remain the qualifying mortgage rate. It is currently 5.19%, […]
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Fixed Rate or Variable Rate? We are approaching interesting times. The world economy is slowing down due to heightened tensions with the coronavirus, oil prices, blockades etc etc, the list goes on. One positive spin on this whole fiasco is cheaper mortgage rates, Yay! When an economy is contracting like this the government steps in […]
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Canada cuts interest rate by ½ a point, bond rates keep falling and Mortgages keep getting cheaper!! It has been a rough couple of weeks in the stock market, but this is great news for the real estate industry. As bond rates keep dropping, we are seeing ridiculously cheap mortgage rates. Right now rates are […]
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Do you want the Lowest Interest Rate? Or the Cheapest Mortgage? If you’re searching for the perfect mortgage, the questions you should be asking yourself are: “Do I want the lowest interest rate? Or do I want the cheapest mortgage?” You’re probably thinking, doesn’t the lowest interest rate mean I’m getting the cheapest mortgage? Not […]
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Mortgage rates are dropping! In case you aren’t aware, there is an unprecedented amount of doom & gloom in the news, but amidst all this chaos is mortgage rates are getting cheaper. As you may know, the stock market has been declining since Monday. While this may not be good for our investments (ugh!), this […]
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New changes to the Stress-Test! Yesterday the Department of Finance unveiled they are changing the stress test rules April 6th. The changes will affect “insured mortgages,” which are characterized by their low-downpayment requirements and under $1 million purchase price. Currently, Bank of Canada restricts our qualifying mortgage rate to 5.19% or the contract rate + […]
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3-Types of Mortgages to Finance Your Home Renovation Project Are you interested in turning your home into your dream home? This piece is all about the 3-financing options available to homeowners and future homeowners to fund their renovation projects. The 3 types of products offered by prime lenders are: Home Equity Line of Credit […]
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