Spring Market in Nanaimo and Victoria
Hello all! It has been a while since we have posted on our blog. For those that have been coming back to our site to read up on the things we like to write about, we apologize for the break. We won’t leave you hanging again! The timing is right to write about our current market - SPRING MARKET!
The arrival of spring is often accompanied by a surge in real estate activity on Vancouver Island. This is generally because the warmer weather and longer daylight hours make it easier for people to get out and view homes. As a result, the spring market is typically one of the busiest times of the year for Nanaimo mortgage brokers and other mortgage and real estate professionals up and down the island!
One of the reasons for the…
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Buying a Home During a Pandemic – What You Need to Know!
This past year our news and media has been flooded with COVID-19 facts and fears. The pandemic has brought many challenges to the Canadian economy and with that came record-breaking lows for mortgage rates. As 2021 approaches, we are seeing shifts in the industry once again. Rates are beginning to stabilize and restrictions to curb the spread of this virus are being increased and extended. So, what does all this mean for you, a home buyer? We have broken down the most important tips to make buying a home in today’s crazy world that much easier for you!
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Mortgage FAQ During Covid-19
Let me begin with my heartfelt hope that this letter finds you and your loved ones in good health. I wanted to reach out with some words of reassurance. In short…I’m here. We are in uncharted territory, and the mortgage marketplace is continually shifting to keep pace with economic realities and the needs of Canadian homeowners. Several announcements have been released in quick succession: by the government, lenders, and mortgage insurers. Here is a quick summary of some of the most common questions to help you make sense of it all.
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5 Questions You're Asking About the Recent Rate Drop
So, you've heard that the Bank of Canada dropped the overnight rate by .50%. “WHOA! Um, WOW, that’s nuts. Crazy! 'Bill, did you hear!? I knew it!........Soooo, what does that mean, exactly?”
For the layman, we’ll give you some basic info to impress your colleagues around the water cooler so you look like a pretty big deal. Let’s get at it.
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Bank of Canada maintains overnight rate - One full year of unchanged rates.
The Bank of Canada announced it is maintaining the key interest rate at 1.75. This marks one full year of unchanged rates for Canada’s central bank. The Canadian economy is still operating close to its full potential, particularly outside the energy sector, and that the small output gap that remains will inch closed over the next two years.
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Canadian Housing Market Trends – September 2019
The housing market is becoming increasingly tough for prospective buyers, who are competing with more buyers for fewer properties. This can lead to price increases, bidding wars and pressure to leave out conditions in offers.
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The Impact of Mortgage Stress Tests on Young Buyers
Recent data indicates that the youngest buyers in the country are affected most by the government’s mortgage stress test. According to recent industry insight reports from TransUnion, mortgage originations were down nearly 8.9% in Q2. As compared to last year, originations from buyers between ages 18 and 25 are down 13.4%. This is the fourth consecutive quarter that balances and mortgage originations were down on an annualized basis.
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Fed Rate Cut Decision and What it means for Canadian Mortgages
One of the main factors that Canadian Mortgages take their cues from is the U.S. monetary policy. This in one of the reasons why the Fed rate cut would not be helpful to borrowers. Fed decisions usually move the rates in some respect; however, few questions remain.
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Bank of Canada lowers rate to 5.19% used in mortgage stress test, making it easier to qualify!
The Bank of Canada has lowered the rate used by mortgage stress tests which is used to determine whether would-be homeowners can qualify. This marks the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. This is the first decrease in the five – year fixed mortgage rates since September 2016 when it dropped to 4.64% from 4.74% and increased steadily since.
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Things First Time Home Buyers worry about when applying for a Mortgage.
Applying for a mortgage for your home can be stressful. Buying a new home is one of the largest purchases you will make especially if you’re a first-time home buyer. We have made a list of the things that first – time home buyers worry about when getting a mortgage.
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Latest Impacts of the Stress Test
Here’s a quick summary of the latest findings which look at the impact of the stress test on home sales and the price of homes over the past year as well as the current state of awareness among customers.
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Bank of Canada holds key interest rate at 1.75%
On Wednesday, The Bank of Canada kept its key interest rate unchanged as it downgraded it 2019 growth forecast based on its prediction the economy nearly ground to a halt at the start of the year. The central bank also appeared to be in no hurry to move the interest rate any time soon because, unlike its recent statements, the latest announcement made no mention of a need for future increases.
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Study finds that Stress test responsible for drop of as much as $15-billion in new mortgages.
The federal government’s new mortgage stress test was responsible for a drop of approximately $15-billion in residential mortgage borrowing last year according to a report released recently. The rule change in 2018 was the biggest factor in the 8% drop in new mortgage originations in Canada.
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Hot take on new budget!
At first glance, I would say “decent” at best. At second glance, I’d actually say it is vastly underwhelming. The feds have announced 2 main policies around home ownership:
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Fall in Home Sales from January 2019
The Canadian Real Estate Association (CREA) reported this month that national home sales fell by nearly 9% from January to February. 75% of local markets, including major cities, recorded fewer transactions. This is not the first time a steep month on month decline has been reported. In January 2018, home sales dropped when the mortgage stress test came into effect.
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10 Tips before getting a mortgage
Whether you are a first time home buyer looking for a mortgage or are looking to refinance/renew your current mortgages, here are some tips which can help you better understand the mortgage process and perhaps help you save money!
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January 2019 Vancouver Island Real Estate Statistics
Read more about the housing market on Vancouver Island and the effect the new mortgage stress tests have had on property prices. sales and inventory.
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Construction Mortgages: Things you need to know while building your home.
Buying your dream home can be one of the biggest decisions of your life. However, what makes the experience even better is when you decide to build your dream home. Nothing quite defines you more than your home built your way. However, this does come with a lot of capital commitments and that’s where a construction mortgage can be a great option! So, let’s look into what a construction mortgage is, what do you need to consider for qualification reasons, and how your payment schedule could look like.
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BC Housing Market Report - Q3 2018
Read about the latest news, predictions and stats regarding the BC Housing Market. Learn more about trends in the Resale Market, employment and interest rates!
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Bank Vs Mortgage Broker
While considering looking for a mortgage for your home, it is important to understand the differences between banks and mortgage brokers and what each can uniquely offer. While the majority home owners still use traditional banks for their mortgage needs, the use of brokers has been increasing.
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