YMS Your Mortgage Source


14 07, 2022

Prime Rate Increases

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The Bank of Canada raised its overnight lending rate yesterday by 1% in what looks like a big effort to try and get ahead of inflation. All of the major banks and lenders in turn followed by increasing their prime rates by 1% as well. For most borrowers on a variable rate mortgage this means

14 06, 2022

Where are Rates headed

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There seems to be lots of uncertainty lately in regards to interest rates and we are getting a lot of questions on where things are headed. Here is a brief summary of both fixed and variable rates to help you make an educated decision based on your own personal situation. First of all, it must

17 05, 2022

April Housing Stats

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The Fraser Valley Real Estate Board issues a monthly statistics paper that gives an overview and dissects real estate activity throughout the Lower Mainland. This includes a summary of MLS activity for the Fraser Valley area in addition to monthly and yearly correlations. A recent analysis of the Fraser Valley market reveals sales have dropped

25 04, 2022

Budget 2022 Housing Benefits

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Finance Minister Chrystia Freeland released the new 2022 Federal Budget in early April. Highlighting the Budget were several proposed measures to ease the troubles of housing access - particularly for first time home buyers, affordability, and foreign ownership. Freeland’s Budget proposes the Tax-Free First Home Savings Account (FHSA), which gives home buyers the ability to

22 03, 2022

BC Assessment

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Are you a homeowner in BC? If so, then you have received a BC Assessment in the mail. You are not alone if you have wondered what the process is for determining your homes’ value. BC Assessment is an “independent, provincial Crown corporation, governed by a Board of Directors and is accountable to the

15 02, 2022

Fixed vs Variable Rates

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The question most asked by clients in the last month has been do I go with a fixed rate or a variable rate for my new mortgage? Not only is this important to ask now in a changing interest rate environment but is a question to be asked throughout the life of a mortgage

19 01, 2022

Housing Supply Shortage

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In a recent study done by the Bank of Canada, evidence shows that fewer and fewer first time buyers are entering the market. The Bank of Canada’s study showed that first time home buyers made up 47% of home sales in June 2021, down from 53% in 2015. While there is no single answer

16 12, 2021

Interest Rate Recap

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I hope you are all doing well and everyone is ready for the upcoming holiday season. It has been a challenging year for buyers with a limited supply of housing to buy along with a lot of competing buyers. We are still seeing many pockets of the market across the country where buyers are forced

25 11, 2021

Fraser Valley Real Estate

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Fraser Valley real estate prices continued to rise this fall as the number of buyers continued to outpace the number of sellers. Although the reported 3.9% more sales in October than September, home sales decreased a staggering 18.2% year over year for the month of October. However, the catalyst behind the yearly decrease in listings

28 10, 2021

Home Renovation Questions Answered

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Fall is the perfect time of year to start home projects and renovations. For anyone wanting to increase the value of their home through basic updates or for those seeking to create a unique space specific to their individual needs and taste, renovating a home is an exciting endeavor.  Undertaking these projects, however large or