The Canadian mortgage landscape is about to be shaken up by some significant changes aiming to make home ownership more accessible to a wider range of buyers. Coming into effect on December 15, 2024, these new regulations will allow: While each of these changes impacts homebuyers differently, they collectively offer new opportunities for buyers to enter or move within the… Read More »
Prime Rate Expected to Increase Next Week
The next BOC meeting is next Wednesday, Sept 7th, 2022. We anticipate that they will increase the Prime lending rate by something between 0.50% to 1.00%. In terms of mortgages, this increase only impacts variable/adjustable-rate mortgage holders since the banks and mortgage lenders typically increase their consumer Prime rates in step with the central bank’s Prime rate. If you have a… Read More »
Great News for First Time Home Buyers!
The BC Liberal Government announced today that it is implementing a program to provide down payment assistance to qualifying first time home buyers. The new program is called the B.C. Home Owner Mortgage and Equity (B.C. HOME) Partnership program, and will provide a loan to a qualified first time buyer to assist with the down payment on the purchase of… Read More »
