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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      Cooling housing market dents CMHC's third-quarter profit

      CMHC earned $387 million profit in Q3 amid cooling conditions in housing market.

       

       

       

       

      OTTAWA — Canada Mortgage and Housing Corp. saw its third-quarter profit drop compared with a year ago as the housing market showed signs of cooling off.

       

      The country’s largest mortgage insurer says it earned $387 million for the three months ending on Sept. 30, down from $467 million in the same period a year earlier.

       

      Revenue totalled $1.05 billion in the third quarter, compared with $1.26 billion last year.

       

       

      CMHC offers mortgage default insurance for homebuyers as well as loans for multi-unit residential projects and portfolios of loans secured by residential properties.

       

      It says it anticipates tighter mortgage rules, rising interest rates and a slowing economy to reduce demand for housing and continue to impact its earnings over the near term.

       

      The agency says for the first three quarters of 2018, the average CMHC-insured homebuyer bought a home for nearly $276,000 with down payment of 7.7 per cent.

       

      Nearly all CMHC-insured homebuyers chose a 25-year amortization period. Thirty-one per cent opted for a variable-rate mortgage over a fixed-rate loan.

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