Genworth and Canada Guaranty Mortgage Insurance stay the course

June 15th, 2020
Two private company's have release press releases regarding insuring mortgages for Buyers that are under 20% downpayment:

Announcement:  TORONTO, June 8, 2020 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements. One of the Company's com ...

July 1, 2020 - New CMHC rule changes

June 15th, 2020

Effective July 1, 2020, CMHC will be implementing the following rule changes for mortgage insurance and Buyers under 20% downpayment:

Income to debt ratios will be REDUCED from the following:

  • Gross debt servicing from 39% to 35%
  • Total debt servicing ratio from 44% to 42%

 

The reduction in debt ratios (maximum you can spend of your income on a home) has the potential to lower your affo ...

2020 Home Renovations in our new normal?

June 8th, 2020
Now that we are in Phase 2 of Covid-19 restrictions, some families are considering renovations to their homes.  Renovating your space is a big project and here are 5 great tips to get you started, Good Luck:
1) know our end goal - are you renovating for re-sale or to improve your environment?
2) Set a Budget - and Stick to it!!!!  Be sure to add a contingency fund for any unexpected costs
3) Obt ...

Home Prices Stay Stable in Metro Vancouver

June 2nd, 2020

Metro Vancouver home prices remain stead and sales are up!

The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.

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