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July 2020, Record Breaking Housing Market Canada

September 3rd, 2020
With COVID-19 restrictions being lifted across Canada, home buyers and sellers have been busy! National home sales and new listings have continued to increase since June, with July seeing more home sales across Canada than any other month in the history of the Canadian Real Estate Association’s (CREA) database–which dates back more than 40 years! 
The average price increase in BC was 12.5% in ...

Post Covid housing recovery strong in BC

August 28th, 2020

Vancouver, BC - August 25, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 6.5 per cent to 82,380 units this year, after recording 77,351 residential sales in 2019. MLS® residential sales are forecast to increase 17.6 per cent to 96 ...

Strata Insurance - Updates to Strata Properties Act

August 28th, 2020

August 27, 2020 - The Province of BC has changed the Strata Property Act and the Financial Institutions Act in response to the recent escalation of insurance premiums and deductibles. In a communication to Strata Managers, the Real Estate Council of BC (RECBC) highlighted that now:

  • Strata corporations are required to inform owners as soon as it is feasible of any material change in the str ...

10 Home Safety Tips for Summer Holidays

July 27th, 2020
Are you ready for a well deserved break?  Even if you are only heading out for a long weekend, consider some of these safety tips for your home:
1) Put lights on a timer and put your motion sensor outdoor lights to motion-activated setting
2) Check batteries in your smoke alaram - be pro-active and change your alarm batteries to match the bi-annual time change
3) Remove any valuables - use a saf ...

July 2020 - New CMHC mortgage insurance rules

July 24th, 2020
On July 1, 2020, The Canada Mortgage and Housing Insurance Corporation (CMHC) has made changes the mortgage insurance the provide to qualifying Buyers with less than 20% down payment:
Income to Debt ratios have been reduced as noted below, and these amounts may now affect your qualifiying levels:
a) Gross Dept Servicing from 39% to 35%
b) Total Dept servicing ratio from 44% to 42%
and 
c) the Mini ...

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.

...

How to optimize mortgage rates

May 28th, 2020

Mortgages should be reviewed at least once a year to see if there are any market changes you can take advantage of or life stage/style changes we can plan for to ensure your mortgage is structured in the best way possible. This will ensure you have the right payment structure for success. This can mean increasing or decreasing payments (when the time is right to do so to protect your wealth) ...

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