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Posted in: Mortgage
The new B-20 rules is in full effect, let's take a look at what has changed in the lending landscape for 2018!
The break-down (in laymen's terms) is as follows:
1) Your mortgage will be underwritten at either the Canadian Benchmark (currently 5.14%), or your contract rate +2%. That means your borrowing ability will be evaluated with a higher rate than you are actually paying, reducing the overall loan you qualify for.
2) There will be more risk-based restrictions when underwriting mortgages, and new LTV limits may be imposed on certain clients/areas that are deemed higher risk.
3) Federally regulated lenders can no longer bundle mortgages with other lenders to circumvent insurance premiums and insurer guidelines, when clients borrow over 80% LTV (or less, depending on the type of mortgage). This, again, is to ensure clients and lenders are not over-exposed with mortgage debt and the process is regulated at every level.
If you have further questions, contact your mortgage professional today to learn more about how OSFI's updated B-20 affects you!
For more information, you can click on below link.
The Provincial NDP government is vowing to make life more affordable in BC, announcing a number of initiatives to achieve that goal in their 2018 budget. The financial plan is the first full budget for the minority NDP government since it came to power last summer.
The foreign buyers tax jumps from 15 to 20 percent tomorrow and will be expanded beyond Metro Vancouver to include Victoria, Nanaimo, the central Okanagan and the Fraser Valley.
If the property is located in the Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, or Nanaimo Regional District, and the property transfer is registered on or after February 21, 2018, there are transitional rules available here.
“BC’s real estate market should not be used as a stock market,” she says. “We will introduce a new annual speculation tax starting in BC’s urban areas. It’s going to tax foreign and domestic speculators. This tax will apply to property owners who don’t pay income tax here, including those who leave their units vacant.”
The speculation tax will come into effect later this year for in Metro Vancouver, the Fraser Valley, the Victoria-area, Nanaimo Regional District, Kelowna and West Kelowna.
The province will implement a new speculation tax on residential properties, targeting foreign and domestic homeowners who don’t pay income tax in BC. This includes those who leave homes vacant.
The tax will apply to the Metro Vancouver, Fraser Valley, Capital, and Nanaimo Regional districts and in the municipalities of Kelowna and West Kelowna. In 2018, the tax rate will be $5 per $1,000 of assessed value. In 2019, the tax rate will rise to $20 per $1,000 of assessed value.
The province will administer the tax and will collect data to enforce it including, social insurance numbers, household information, and world-wide income information.
Effective Feb. 21, 2018, the Property Transfer Tax on residential properties above $3 million will increase to five percent from three percent.
For detailed info, please click on below link.
Spring is the perfect season to buy a home. Traditionally, the spring real estate market offers more choice and selection than any other season, so if you have been thinking about getting into the Vancouver real estate market, now is your chance. As the premier real estate agent for UBC homes, I would like to offer you these helpful tips for buying a home this spring.
Choosing the Right Agent
When it comes to finding and buying your dream home, the right real estate agent is the key. Make sure that the agent is familiar with the community and neighbourhoods in which you are looking to buy. Other qualities to look for when choosing your agent include:
Before you begin looking for your home, it is a good idea to go and get a pre-approved mortgage from your bank or lender. There is nothing more time consuming and frustrating than finding your dream home only to find out that you cannot afford it, so see what you will be pre-approved for and look for homes in that price range.
The initial cost of a home is only part of the true cost. In addition to monthly mortgage payments, you will have property taxes, maintenance fees as well as utilities and miscellaneous expenses. Make sure that you can afford these additional monthly costs.
Preparation is Key
More selection and choice in terms of homes for sale also brings more potential buyers and thus more competition to the housing market. Be prepared to move quickly and put in an offer if you find a home that you like. You should also be prepared to pay full market value for your home because of the increased competition and the red hot Vancouver housing market.
Here’s the Deal:
If you do find your dream home at a price you can afford, do not get too hung up on the final price. A few thousand dollars will mean very little over the course of a 25 year mortgage.
When entering the housing market, focus on the factors that are important to you such as the location and neighbourhood of your new home or certain amenities such as an open concept kitchen. This should prevent you from worrying about less important details such as:
These are all insignificant details and should not affect your purchasing decision.
If you have been thinking about buying a home, now is the time. The spring real estate season will provide you with a large selection of potential homes and motivated sellers looking to make a deal.
If you would like to see some of the new and exciting homes that are listed in the UBC area or are interested in real estate options in the surrounding neighbourhoods, please contact me today.
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