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
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
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
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
Below is a recap of our latest best mortgage rates. Please note that rates will change depending on situation (purchase vs refinance, amortization, % down, etc). It is best to call our office and run through your situation to get an exact quote on what we can offer you. If you need more information regarding mortgages
Property insurance costs varied widely for the first part of 2021. Insurance rates for condo owners continued to rise with costs for single family homes falling. Year-over-year, home insurance rates for houses were down 12% in BC. There is worry though that the rising costs of material like lumber, the increased demand for renovations
The Canada Mortgage and Housing Corporation (CMHC) provides mortgage insurance to lenders where people want to purchase a home with less than 20% down. Just recently, they reversed their tighter qualifying ratios due to losing a great deal of the mortgage default insurance market share. In the summer of 2020 CMHC decreased the maximum
As of June 1st, the mortgage stress test rate has increased to 5.25% from the previous 4.79%. In order to qualify for a mortgage the lender uses the greater of the stress rate OR the proposed interest rate plus two percent. So regardless of the rate you pay on the mortgage the higher stress
Here is our latest BC Housing Update. March became the 11th month for employment gains for the province of British Columbia, gaining an additional 35,000 jobs. In addition, the unemployment rate of 6.9% remained unchanged for the month, this is due to the participation rate increasing at the same rate as the number of
Canada's top banking regulator, OSFI, is proposing to raise the mortgage stress test rate to 5.25% or 2% above the market rate whichever is higher. That's an increase from 4.79% which is the current average posted rate at Canada's biggest lenders. Thursday's change by the Office of the Superintendent of Financial Institutions (OSFI) means borrowers will
