We have all been on one wild ride whether you know it or not. Perhaps even hitting unchartered territory now. You have likely heard about the rate changes. We have experienced some sizable increases. Mostly for the fixed rates, but also with the variable. In the matter of two weeks we have seen fixed rates make two leaps upwards, each lender landing at a slightly different interval, but overall consumers rates have increased 20 to 50 points higher than the end of June 2017. This was mainly due to the sudden jump in the Canadian Bond rates. Consumers securing mortgages with today’s rates can expectRead 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 →

CMHC to Increase Mortgage Insurance Premiums OTTAWA, January 17, 2017 — CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. For the average CMHC-insured homebuyer, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.” Capital requirements are an important factor in determining mortgage insurance premiums. The changes reflect OSFI’s new capitalRead More →

  Good Morning and Happy Thanksgiving!! This is a time to give thanks and I hope that you are getting to do that surrounded by loved ones, young and old.  From my house to yours, may the thankful list be boundless. Not that I want to intrude on your long weekend festivities, but this may be as good of a time as any to provide you with some important reading on the mortgage market, and thus the real estate market. As you may have heard, there was an announcement last Monday regarding mortgage regulation changes from the Ministry of Finance.  This is following previous changesRead More →