New Mortgage Rules
On Monday, Finance Minister Jim Flaherty announced some changes to mortgage rules in Canada. 1. The maximum amortization period is now 30 years (down from 35 years) for government-backed insured mortgages, when the down payment is less than 20 percent. This new amortization limit will come into force on March 18, 2011. 2. The maximum amount that can be borrowed when refinancing a mortgage is now 85 percent the value of the home, down from 90 percent. This new refinance limit will come into force on March 18, 2011. 3. The government will no longer provide insurance backing for home equity...
Read MoreRenewing Your Mortgage
Renewing Your Mortgage – A Valuable Opportunity Think of your mortgage renewal as a valuable opportunity. A chance not only to take advantage of today’s great rates, but also get a mortgage product that better fits your current needs. When you receive a renewal form from your current lender, don’t simply sign it without knowing all your options. If you do so, you could be paying a higher rate, and end up with a mortgage that might not be best suited to your needs. Instead, talk to a mortgage professional. He or she will discuss your interest rate options, and can arrange a rate...
Read MoreLow Mortgage Rates Boost August Home Sales
From BCREA Vancouver, BC – September 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 35 per cent to 5,590 units in August compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 7 per cent in August from July 2010. The average MLS® residential price climbed 4 per cent to $487,804 in August compared to the same month last year. “August home sales posted the first month-to-month increase since March of this...
Read MoreBank of Canada raises key rate to 1%
The Bank of Canada raised its target for the overnight rate by one quarter of one percentage point to one per cent on September 8th, 2010. It was the third consecutive quarter point hike. The Bank rate was raised to 1.25 per cent and the deposit rate is now 0.75 per cent. The Bank noted that, while the global economic recovery is proceeding, it remains uneven. The main downside risk cited in the Bank’s announcement was the recent weakness in the U.S. recovery, saying, “In the United States, the recovery in private demand is being held back by high unemployment and recent...
Read MoreHST Q&A Part 2
HST Application to Real Estate Transactions Here is part two of the two part HST questions and answers session. The information was updated in June of 2010, and has been supplied to the Vancouver Island Real Estate Board. I hope it helps make some sense of it all! Question 11 – What is the general impact of HST on real estate transactions? Answer The HST treatment of real estate transactions will generally follow the current GST treatment of real estate transactions. Sales of new residential housing will be subject to HST and will qualify for GST, HST, and transitional rebates...
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Owen has lived in the Comox Valley for over 30 years. He loves the Comox Valley, and the people who live here! His strong negotiating skills and great personality make him the right choice for your real estate needs. 