Blog › July 2012

Recently Sold Listing # C1 1845 W 10TH AV, Vancouver, BC


V942143 - # C1 1845 W 10TH AV, Vancouver, British Columbia, CANADAI have just recently sold this listing at # C1 1845 W 10TH AV, Vancouver.

Federal Government Changes to Mortgage Lending


For the fourth time in as many years, the Federal Government has announced action to restrict mortgage credit. The new measures include:

■The maximum amortization on a prime mortgage will be reduced from 30 to 25 years.

■Mortgage insurance will not be provided for properties valued over $1 million.

■Refinancing has been lowered from a maximum of 85% loan-to-value to a maximum of 80% loan-to-value.

■The maximum gross debt service (GDS) and total debt service (TDS) will be limited to a maximum of 39% and 44% respectively. Currently, GDS does not apply to qualified borrowers with credit scores over 680.

These measures will take effect July 9, 2012. Here’s a key question members are already asking today:

Q. I have a written mortgage pre-approval from a lender, dated before July 9, 2012 with a 30-year amortization. Will I still be eligible for a 30-year amortization if I don’t sign an agreement of purchase and sale until July 9, 2012 or later?

A. No, a mortgage pre-approval without an agreement of purchase and sale is not sufficient to qualify for a 30-year amortization. You may have a 30-year amortization only if your agreement of purchase and sale is dated before July 9, 2012 and you have made a mortgage insurance application before July 9, 2012. You may wish to discuss with your lender to revise your mortgage pre-approval using the new parameters announced today.

For more information, here’s the government’s Q and A document:

www.fin.gc.ca/n12/data/12-070_2-eng.asp

Source: Real Estate Board of Greater Vancouver

 

Interest rates to remain low into 2014


The CIBC says Canadians may enjoy historically low interest rates into 2014.

The bank released its new outlook for the global and Canadian economies, and all indicators point to weakening conditions and rising risks. It says Canada’s economy will barely keep its head above water with growth rates of 2.1 per cent this year and next year, after growing 2.4 in 2011 and over three per cent in 2010.

The main reason, the bank says, is that the global economy will continue to slow, down to three per cent this year, the slowest pace of expansion since the recession. As well, Canadian consumers are tapped out and governments are spending less. With this backdrop the Bank of Canada will find it difficult to raise interest rates, says the CIBC, predicting it may wait until U.S. growth picks up sometime in 2014. Source:

 

The Canadian Press



Vancouver homes up 10.5% since last year


Average home price rises 6.5% to $352,600

Higher sales in a number of major markets, most notably Toronto, helped push the average price of a Canadian home up 6.5 per cent in September compared with a year earlier.

The Canadian Real Estate Association said Monday the average price for a Canadian home sold in September was $352,600. In June, the average was $372,700.

 



Recently Sold Listing # 1110 161 W GEORGIA ST, Vancouver, BC


V947510 - # 1110 161 W GEORGIA ST, Vancouver, British Columbia, CANADAI have just recently sold this listing at # 1110 161 W GEORGIA ST, Vancouver.

Recently Sold Listing # 414 1435 NELSON ST, Vancouver, BC


V947715 - # 414 1435 NELSON ST, Vancouver, British Columbia, CANADAI have just recently sold this listing at # 414 1435 NELSON ST, Vancouver.

Recently Sold Listing 3287 POINT GREY RD, Vancouver, BC


V924196 - 3287 POINT GREY RD, Vancouver, British Columbia, CANADAI have just recently sold this listing at 3287 POINT GREY RD, Vancouver.

Recently Sold Listing # 605 33 SMITHE ST, Vancouver, BC


V924422 - # 605 33 SMITHE ST, Vancouver, British Columbia, CANADAI have just recently sold this listing at # 605 33 SMITHE ST, Vancouver.