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Higher CMHC Mortgage Insurance Premiums on the Way

03

Apr 2015

Higher CMHC Mortgage Insurance Premiums on the Way

If you’re currently in the market for a home, June 1, 2015 is a day you’ll want to circle on your calendar. On this dubious date, CMHC is set to increase mortgage insurance premiums; not surprisingly, first-time homebuyers are expected to be hit the hardest. How much more will you pay in mortgage insurance? Let’s take a closer look. What Mortgage Insurance and Why Do…

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BC First Time Home Buyer Grant Increased

27

Feb 2014

BC First Time Home Buyer Grant Increased

Good news for first time home buyers in British Colombia. The BC provincial budget increased the maximum eligible purchase for the property transfer tax exemption from 425k to 475k. Property transfer tax (PTT) is a one time cost paid on any purchase of real estate in BC. It’s an often overlooked cost of purchasing real estate in Vancouver.  Here’s how to calculate property transfer tax:…

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Home Insurance on the Rise – Easy Ways to Save on Your Premiums

05

Feb 2014

Home Insurance on the Rise – Easy Ways to Save on Your Premiums

Owning a home just became a bit less affordable – home insurance rates are expected to rise sharply this year across Canada. After the year that was 2013, this shouldn’t come as any surprise. Insurance companies paid out a record $3.2 billion in claims to policy holders last year, according to the Insurance Bureau of Canada. This is well above the typical claim amount of…

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Great News for Homebuyers: The Big Banks Lower Their Mortgage Rates

29

Jan 2014

Great News for Homebuyers: The Big Banks Lower Their Mortgage Rates

Winter is traditionally a slow time in the housing market. A lot of buyers and sellers decide to wait until the spring housing market when the weather is nicer and there’s typically a better selection of homes on the market.   With most of Canada in a deepfreeze, Canada’s biggest banks are trying to inject some much-needed warmth into the housing market. Four of Canada’s…

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What You Need to Know When Buying a Condo

22

Jan 2014

What You Need to Know When Buying a Condo

Whether you’re a baby boomer looking to downsize or a first-time homebuyer, condos are a popular option, especially in pricey markets like Vancouver. What’s not to love about a condo? Not only are condos usually more affordable than houses, they don’t come with all the headaches and hard work of owning a house.   Are you worried about major expenses like repairing a leaky roof…

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Affordable Housing Options in Vancouver

13

Jan 2014

Affordable Housing Options in Vancouver

With residents in Vancouver spending so much on housing, how’s a family supposed to make ends met? It should come as no surprise that many families are struggling to find affordable housing in Vancouver. Although it’s tough, that doesn’t mean you should throw your hands up in the air and give up – let’s take a look at some affordable housing options that still exist…

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Home Insurance – Am I Covered?

07

Jan 2014

Home Insurance – Am I Covered?

2013 was a year full of extreme weather. In June, we saw the floods in Alberta that no one could have prepared for. The floods devastated Calgary and surrounding areas, leaving thousands homeless and billions of dollars in damage. Severe weather wasn’t limited to the Prairies – Canada’s largest city, Toronto, received a torrential downpour of its own when it received over a month’s worth…

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Types of Mortgages Available In Vancouver

16

Dec 2013

Types of Mortgages Available In Vancouver

If you are planning to purchase a house with a mortgage in Vancouver, you should have a basic understanding of the different types of plans available to you. We will discuss each one in detail in future posts. Conventional Mortgages These mortgage plans are also known as Low Ratio Mortgages and require a down payment of 20% or more of the total purchase price or…

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Adjustable Rate Mortgage (ARM) in Canada

09

Dec 2013

Adjustable Rate Mortgage (ARM) in Canada

An Adjustable Rate Mortgage is a long-term home mortgage that features an adjustable interest rate.  Its counterpart, the fixed rate mortgage, has a predetermined mortgage rate that spans the life of the mortgage repayment time. These mortgages are often referred to as Variable Rate Mortgage or as Renegotiable Rate Mortgage. An ARM in Canada will be set up like a regular bank loan but the…

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3 Tips to Know When to Refinance Mortgage

02

Dec 2013

3 Tips to Know When to Refinance Mortgage

If you feel you are paying too much on your mortgage, you always have the option to refinance your mortgage. The problem many homeowners fall into is when they should refinance. The interest rates go up and down with no signs of stopping. Always remember the mortgage you have for your home is your key to owning your property for the rest of your life….

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