Vancouver and BC Real Estate Updates, And More!

 

Home sales in Vancouver are once again up year over year as well as for the ten year mark. The real estate board of greater Vancouver has given the data below and we have put it together so you can see how healthy the market is for yourself.

There were 2,795 home sales in Greater Vancouver last month, up 26.2% increase from the 2,214 sales of November 2016, according to statistics released by the Real Estate Board of Greater Vancouver (REBGV) December 4.

It’s a 7.5% fall from the spike of activity seen in October this year, as the market cools for the winter season.  

The sales total is high for any November, at 17% higher than the 10-year average for the month. In the last five years, last month was the second highest total.

There were

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There have been a number of changes to mortgage rules by governments recently that affect the buying and selling power of individuals when it comes to real estate. Below, we have created a guide to help you through all the steps you need to know about getting a mortgage and buying your first home in Canada in 2017.

Securing your mortgage

Buying a home is expensive. Rarely does a person actually have enough money to buy one outright. This is where lenders come in, giving you the chance to take out a loan that will be secured by the value of your home. That’s known as a mortgage. 

Mortgage Terms Explained

Mortgage terms range from six months to ten years. Typically at the end of a term, you sit down to refinance your mortgage — at which point,

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The Royal Bank of Canada had seen an increase in demand for mortgages ahead of tougher tests for borrowers being introduced in January.

Canada’s banking regulator last month finalized tougher new rules on mortgage lending aimed at safeguarding lenders and borrowers. The new regulations will go into effect on January 1st and mean that borrowers taking out uninsured mortgages must be stress-tested to determine their ability to make repayments at a rate 200 basis points above their contracted mortgage.

Their pending introduction has led to borrowers rushing to get a mortgage before the stricter tests take effect. The Bank of Nova Scotia said on Tuesday that about 5 per cent of new mortgages would be affected by the rules.

RBC, Canada’s biggest bank

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The Real Estate Investment Network released its top-10 ranking of British Columbia cities this week.

REIN, an independent research and analysis firm, used an equation that measured gross domestic product, employment and population growth, followed by increased rental demand, decreased vacancies, and finally increased rents to determine which cities possessed the most real estate investment potential.

Surrey, B.C.’s second-largest — and fastest growing — city, had the strongest performance, according to REIN’s equation.

The report also gives investment strategies for each city. Noting specifically that Surrey is in the beginning of a boom. Flipping properties in the city is noted as the optimal tactic due to where the city is in its real estate life

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Good news for prospective buyers as home sale prices continue to dip.

Canadian home resale prices in September staged their biggest fall in seven years, while new home prices were flat in August in the once red-hot markets of Toronto and Vancouver, adding to evidence that the country’s housing boom is continuing to cool off.

Prices dropped 0.8 percent in September from August, the first monthly decline since 2016 and the biggest since September 2010, according to the Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes.

National price gains also slowed on an annual basis, with prices up 11.4 percent from last year, compared to an annual increase of 13.1 percent in August.

Two recent

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Wondering how the new mortgage rules will impact you? Find a summary of the new regulations and how they could affect you below:

Ottawa plans to move forward with regulations that would make it tougher for Canadians to qualify for uninsured loans, affecting consumers with down payments of 20 per cent or more.

Uninsured borrowers can currently qualify for a mortgage at rates as low as 2.97% on a 5-year fixed under the regulations in place. However in a few months that hurdle will jump to almost 5%. This will have a huge impact on Canadian markets and will potentially affect 1 in every 5 Canadians with 20 per cent equity. 

It will impact you if:
1. You are putting 20% or more down
2. You were planning on purchasing to the max of your borrowing power.

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