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New mortgage rules Vancouver july 9th 2012

June 21, 2012

Filed under: Mortgage Financing,Vancouver — Richard Morrison @ 11:10 am

The Federal Government has announced four new clamp downs on mortgage financing effective Monday, July 9th, 2012. These changes include:   1. Reducing the maximum amortization period to 25 years from 30 years 2. Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85% 3. Limiting the availability of government-backed mortgages to homes with a purchase price of less than $1 million 4. Fixing the maximum gross debt service […]

The New Vancouver HST Tax in 2012 – HST transitional rules

May 20, 2012

Filed under: Mortgage Financing,North Vancouver,Real Estate Market,Surrey,Vancouver — Richard Morrison @ 4:09 pm

DISCLAIMER: I am not a tax lawyer, so please consult a tax lawyer that can give you legal advice. If you rely on the advice given below, I am not to be held responsible and you take full responsibility for your actions. Now moving on to our article:     HST (Harmonized Sales Tax) was introduced in Canada in 2010 as a way of combining the regional provincial Sales Tax (PST) and federal GST (Goods and Services Tax). When introduced […]

Tighter mortgage rules in Canada in 2012

April 26, 2012

Filed under: Burnaby,Mortgage Financing,North Vancouver,Richmond,Surrey,Vancouver — Richard Morrison @ 12:24 am

A new poll suggests economists are increasingly convinced the government will move to ratchet down mortgage rules in 2012 – that even as the broker channel ramps up lobbying efforts to block the move. Some 10 of 14 economists and strategists surveyed for Reuter’s first poll on the Canadian housing sector last week said Ottawa does, indeed, seem poised to tighten mortgage rules within the next 12 months. Moreover, they believe that intervention is likely to come as early as the busy […]

Think about your alternatives before you refinance your Vancouver home

February 15, 2012

Filed under: Mortgage Financing,Vancouver — Richard Morrison @ 1:00 pm

You have a mortgage debt and you are mulling over refinancing it with the help of a mortgage provider. Well, in that case, before you venture to seriously refinancing your mortgage, there are certain aspects that you must think about. Refinancing your vancouver east real estate mortgage simply to receive a different interest cost should not be your reason to get into this process. Read on to find out more about the options you must consider prior to taking a […]

Bank of Canada rate hike on hold for now…

May 24, 2011

Filed under: Burnaby,Mortgage Financing,North Vancouver,Richmond,Surrey,Vancouver — Richard Morrison @ 12:00 pm

The Bank of Canada’s plan to raise interest rates and exit its stimulus program has been delayed to September due to renewed uncertainty about the fiscal crunch in Europe and its potential spillover effects into Canada, the team at RBC Economics said Tuesday. Dawn Desjardins, assistant chief economist with RBC, expects the BoC to maintain its 1.00% rate until September, and has cut the forecast rate to 1.75% by the end of 2011 from 2.00%. RBC maintains expectations for the […]

New Mortgage Rules now effective for Canada – March 18, 2011 – Vancouver real estate

January 17, 2011

Filed under: Mortgage Financing,Vancouver — Richard Morrison @ 2:07 pm

Hello all! Hope you’re having a great start to the week! Just in case you know someone thinking of purchasing or refinancing your Vancouver home, I thought you might be interested in knowing about today’s announcement regarding changes to mortgage qualifications. Effective March 18, 2011: 1.A 30-year maximum amortization on insured mortgages (down payment of less than 20% ) 2.An 85% Loan to Value limit on insured refinances 3.Elimination of government insurance on secured lines of credit (aka., HELOCs) Flaherty […]

Lowest Interest Rates Ever – Bank of Canada – Vancouver real estate

March 3, 2009

Filed under: Mortgage Financing,Real Estate Market,Vancouver — Richard Morrison @ 12:53 pm

The Globe & Mail, March 3rd, 2009 The Bank of Canada cut its benchmark lending rate to within spitting distance of zero, and signalled that it is prepared to increase the money supply to spark a rebound that policy makers acknowledged could be farther off than they first thought. As most economists expected, the central bank cut its overnight lending rate by half a percentage point to 0.5 per cent, the lowest ever, prompting the country’s biggest lenders to quickly […]

First Time Buyers Property Purchase Tax Exemption is increased in Canada today

February 20, 2008

Filed under: Mortgage Financing,Vancouver — Richard Morrison @ 4:38 pm

Good Morning first time buyers!, You have something else to celebrate now! The Government has issued amended First Time Home Buyers requirements.The qualifications for the exemption of first times buyers have changed. A first time home buyer can now qualify for a full exemption with a purchase price of less than $425,000.00 (previously $375,000.00). A first time buyer partial exemption is available if the purchase price is more than $425,000.00 but less than $450,000.00. Also, there is no longer a […]