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30 07, 2021

What are the New Mortgage Stress Test Rules?

By |2021-07-30T16:36:48-07:00July 30th, 2021|Governments, Real Estate|

The New Mortgage Stress Test Rules As of June 1, 2021, Canadian homebuyers are facing tougher mortgage stress test rules. These new rules will decrease the buying power of most borrowers. Who is affected by the new rules? The new mortgage stress tests will affect Canadian “uninsured buyers” applying for or renewing a mortgage. Before [...]

14 07, 2021

What is Lender Title Insurance and why do I need it?

By |2021-07-14T17:24:31-07:00July 14th, 2021|Real Estate|

What is Lender Title Insurance? If you are purchasing residential real estate, your Lender will require your lawyer or notary to order Lender Title Insurance for your new mortgage. Lender Title Insurance insures the Lender’s interest in the property that you are purchasing for as long as the insured mortgage remains on the property. It [...]

9 07, 2021

What are the new Land Transparency Rules?

By |2021-07-09T17:06:22-07:00July 9th, 2021|Real Estate|

Posted July 9, 2021 On May 16, 2019, the Land Owner Transparency Act (LOTA) came into effect, and on November 30, 2020, the BC Government implemented the Land Owner Transparency Registry (LOTR). The purpose of LOTR is to “end hidden ownership”, thereby creating a larger pool of affordable housing. Implication for purchases on or after [...]

9 07, 2021

What’s happening in the Real Estate market?

By |2021-07-09T16:51:15-07:00July 9th, 2021|Real Estate|

Updated July 1, 2021 Demand stays strong while supply is dwindling After peaking in March, the provincial housing market is starting to calm, according to the BC Real Estate Association. Residential listings are down 17 percent year-on-year in May and flattening out across housing types. In the Lower Mainland, listings are rising to meet supply, [...]

15 05, 2019

Are you a First Time Home Buyer?

By |2019-05-15T16:15:05-07:00May 15th, 2019|Financial, Real Estate|

Are you buying your first home? Good news! You may be exempt from paying Property Transfer Tax (PTT) on your purchase. The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a [...]

17 10, 2016

How Does the New “Stress Test” for Mortgages affect me?

By |2019-05-15T16:29:00-07:00October 17th, 2016|Real Estate|

What is the "stress test"? At the beginning of the month, Ottawa released the news that they would be introducing some new measures to make it harder for Canadians to take on a mortgage they can’t afford. On October 17th, 2016, the federal government’s new rules for first-time homebuyers take effect. Now all insured mortgage [...]

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