Ban on Property Purchases for Foreign Buyers
Legislation regarding the ban on property purchases for foreign buyers was introduced into law last June. It was designed to mitigate the rising home prices in desirable areas and discourage foreign investors from buying prime real estate in major metropolises, as has happened within the
Homes still selling relatively quickly
The hot sales and price trend that has been the hallmark of the Fraser Valley for the past five years continues to show signs of a cooling off period. November 2022 ended with sales down almost 7% from October 2022 and new listings slowing by
Higher Rates Lower Prices
With the buying frenzy from last year now over buyers are contemplating whether or not to buy a home with the higher interest rates, higher payments and lower prices. Last year was the opposite of where we are today so you need to take
B Lenders can qualify you for higher mortgages
With the rise in interest rates this year it has become more difficult to qualify for a mortgage as the stress test rates for mortgages are now over 7%. Given this we have seen an increase in clients using B lenders to qualify for
Real Estate Market Changes
According to the Canadian Real Estate Association’s (CREA) newest statistics, August has seen a softening of sales for the 6th month in a row across the country. Although the MLS Home Price Index dipped down 1.6% since July 2022, it is still elevated 7.1% compared
Real Estate Sales Fall as Fixed Rates Stabilize
Real estate in the Fraser Valley has once again seen sales, and subsequently prices, fall for the fourth straight month. In the government’s effort to hamper inflation’s rapid growth and the harm it would bring to the real estate market they have continued to
Prime Rate Increases
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.
Where are Rates headed
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
As your Mortgage Advisor we are here to serve you throughout the term and life of your mortgage and not just in obtaining your initial mortgage.
If you currently have a mortgage or are looking for a new one we can help you with the following:
- Change your payment date or frequency
- Increase an existing mortgage
- Make additional payments to your mortgage
- Renew your mortgage
- Add on another mortgage or line of credit to a property
- Borrow unsecured loans or lines of credit
- Purchase another property
- Obtain life or disability insurance
- Obtain term insurance
- Any type of mortgage including purchases, refinances, construction, lines of credit, private mortgages, etc
- Anything else you may need in regards to financing!
In almost ALL cases we are able to obtain the same or BETTER RATES than if you go directly to your lender yourself. This is the power of dealing with us as your mortgage advisor.
Regardless of what you need we are here to help you.
Please CONTACT US RATHER THAN CONTACTING YOUR LENDER. We will help you or direct you to the right person who can take care of your needs.
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