Kitty van der Meer, REALTOR  604-760-5392  kvandermeer@sutton.com

    Sutton Group -Sutton WestCoast Realty - #102 - 403 North Road, Coquitlam, BC V3K 3V9

    Kitty van der Meer is not affiliated with developers and is not liable for any errors and omissions. Not intended to cause or induce a breach of an existing agency relationship. Kitty van der Meer's intention is to help you find the right home and to give you unbiased advise about your home purchase. 

    The information on this website is from a variety of sources which may include the developers website, advertisements, sales centre, MLS or other sources and is not guaranteed and is subject to change. You are advised to read the Developers Contract and Property Disclosure Statement carefully and have your lawyer review it.  

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      October 2, 2019

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      Housing Market Update (March 2017): February Home Sales Reflect Typical Consumer Demand

      March 16, 2017

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      Government adds new qualifying requirements for uninsured mortgages

      October 18, 2017

       

      Effective January 1, 2018, home buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate

       

      This new stress test won’t apply to people renewing their uninsured mortgage.

       

      Canada’s Office of the Superintendent of Financial Institutions (OSFI) announced these rule changes today. Draft changes were released in the summer for public feedback. (The Canadian Real Estate Association submitted this response to the draft rules in August on behalf of REALTORS® across the country.)

       

      Under the new rules, the minimum qualifying rate for uninsured mortgages will be the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus two per cent.

       

      OSFI will also require lenders to enhance their loan-to-value (LTV) limits and restrict certain lending arrangements designed to circumvent LTV limits.

       

      These changes apply to all federally regulated financial institutions.

       

      This is the seventh time since 2008 that the federal government has made mortgage policy changes.

       

      Read the government’s full announcement at: http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx

       

      Economic analysis from the BC Real Estate Association (BCREA):

      “The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 per cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we’ve seen home sales decline in the three to nine months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year. However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past,” said Cameron Muir, BCREA chief economist

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