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15 09, 2017

Biggest Mortgage Rule Change

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Since the market crash of 2008 the government has introduced many mortgage rule changes to tighten up lending and to contain home prices. During this time period they have failed to address the ease with which consumers can obtain unsecured debt which is the real problem that ultimately hurts consumers. This fall they are

14 08, 2017

Mortgage Refinance Opportunities

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Home prices have continued to rise in 2017 in the lower mainland of BC much the same as they did in 2016. However, in the last couple of months we have seen prices flatten a little. Inventory is still low however, we are seeing more buyers sitting on the sidelines waiting to see what

18 07, 2017

What does the Rate increase mean

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Last week the Bank of Canada announced a rate increase of .25% to their lending rate and the Banks quickly followed and increased their rates to match the .25% increase. With the rate increase most banks now have a prime rate of 2.95%. What is interesting to note is that last year when the Prime

19 06, 2017

Household Debt drops a little

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You may have heard the phrase household debt constantly in the news over the last two years. Repeatedly, we have heard warnings that household debt is at all-time highs and is unsustainable. However, this quarter there was a slight reversal as the amount Canadians owe compared with their income dropped in the first quarter

11 05, 2017

Money Saving Tips on Mortgages

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In this infoletter we have share our top four money saving tips on mortgages. These tips can shave years off of your mortgage and potentially save you tens of thousands of dollars in interest. Biweekly versus monthly payments Making your monthly payments as stated on your mortgage contract will pay off your mortgage in the

25 04, 2017

Real Estate Update

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In this infoletter we share the latest real estate update with you as we head into the 2017 spring market. Specifically, we are looking at the Fraser Valley market in BC. The market in 2016 produced sales and increases in pricing like never seen before. There was a strong demand for housing and limited supply

21 03, 2017

Impact of government mortgage rule change

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The biggest government mortgage rule change that happened in the fall was forcing anyone who had less than 20% down to qualify for their mortgage at an arbitrary rate called the 5 year benchmark or posted mortgage rate. Currently this rate sits at 4.64% and has relatively little to do with what customers have paid.

28 02, 2017

Mortgage Rates Drop a Little

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When the government changed the mortgage rules back in the fall of 2016 it became more expensive for lenders to fund mortgages and so mortgage rates went up by almost ½% across the board. In particular mortgage rates for conventional mortgages (20% down or more) went up the most as they became more costly to

18 01, 2017

CMHC Insurance Premiums Increasing

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Consumers buying homes with less than 20% down will now have to pay higher CMHC insurance premiums. CMHC just announced that it will increase premiums for the 3rd time in the last 4 years for people buying homes with less than 20% down. The changes apply only to new insured mortgages and come into effect

21 12, 2016

BC Government Down Payment Program

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Last week the BC Government announced the Home Owner Mortgage and Equity (HOME) Partnership. This program will provide down payment assistance to home buyers with less than 20% down. Through the B.C. HOME Partnership program, the Province is helping first-time home buyers by contributing to the amount they have already saved for a down payment