IMPORTANT: This could be your face if you were planning to buy or refinance in a couple of weeks. Impending mortgage rules are expected to be announced next month and they will impact 80% of the residential real estate market.   In July 2017, the Office of the Superintendent of Financial Institutions (OSFI) released draft changes to Guideline B-20 for public consultation. The B-20 Guideline establishes OSFI’s expectations for prudent residential mortgage underwriting and is applicable to all federally regulated financial institutions. Public concerns could be addressed up to August 17, 2017. Outlined below are the three points of initial concern from the Mortgage Professionals Canada Association: Mortgage ProfessionalsRead More →

This is what runs through my mind when I think of what’s happened since October 3, 2016: The federal and provincial governments decided to collect the current mortgage policies and without consultation of all the major players in the industry, bunch them together and crumple them up into a ball.  They then lite a few sticks of dynamite, stuffed them into the middle and ran.  Explosions occurred on repeat leaving pieces of scattered policies, a cloud of First-Time Homebuyer HOME partnership confusion and a thick layer of ash of mortgage programs and competition that has completely vanished.  Lenders, brokers and Realtors left to waft the fumesRead More →

B.C.’s premier has announced the province is lifting the 15 per cent foreign buyers tax for anyone living in Metro Vancouver with a work permit. The move is an effort to encourage people to come to the province. Those who live, work and pay B.C. taxes will now be exempt from the additional property transfer tax. “People who are seeking refuge around the world should be able to find safe haven here in our province. We believe the best and the brightest should be able to come to B.C.,” Clark said during a media scrum at the Chinese New Year parade in Vancouver Sunday…Read more &Read More →