The short answer – no one knows yet. Why? Because during his campaign Trump has said so many different things and no one knows whether his boasts and promises are meant as policy statements or just rhetoric to fire up his crowds. For example, at different points in the last few months he has said he’ll implement a 10%, a… Read More »
2024 Reader’s Choice Awards
Thank you so much for your support! The 2024 Comox Valley Record Reader’s Choice Awards have been announced, and we’re thrilled to announce that this year we won in 2 categories and came in as second place finalists in 2 others: Thank you to everyone who took the time to vote! We look forward to serving the Comox Valley for… Read More »
Rate Update and Analysis – October 2024
On Wednesday October 23th at its regular policy meeting, the Bank of Canada (BoC) reduced the policy rate by 0.50 per cent, bringing it down to 3.75 per cent. This is the fourth rate drop in a row from the BoC (all happening since June), and as usual the rate reduction will quickly be passed through by banks and mortgage… Read More »
New Mortgage Refinance Program for Renovations to Add Secondary Suites
Starting January 15, 2025, the federal government has announced that existing homeowners will be able to refinance and borrow up to 90% of their property value through an insured mortgage, so long as the additional funds are used towards building out additional housing such as a carriage house or a secondary suite. Insured mortgages are those where a mortgage borrower… Read More »
No More Stress Testing for Uninsured Mortgage Switches
As of November 21, 2024, mortgage borrowers with uninsured mortgages will be allowed to switch their mortgage from one lender to another without having to qualify using the stress test higher interest rate (determined as the higher of the Bank of Canada’s five-year benchmark rate or their mortgage rate plus 2%). This change will make it easier for borrowers to… Read More »
Liberals Announce More CMHC Mortgage Insurance Changes Aimed to Help Buyers
In the first day of the fall session of parliament, Deputy Prime Minister Chrystia Freeland announced the Liberals are planning to make further changes to CMHC high ratio mortgage insurance, effective December 15th. First, they will increase the maximum purchase price allowed for insured purchases from $1 million to $1.5 million. Second, they will allow First Time Home Buyers to… Read More »
Rate Update and Analysis – September 2024
On Wednesday September 4th at its regular policy meeting, the Bank of Canada (BoC) reduced the policy rate by 0.25 per cent, bringing it down to 4.25 per cent. This is the third rate drop in a row from the BoC (all happening since June), and as before the rate reduction will quickly be passed through by banks and mortgage… Read More »
Notice to Vacate Period Rolled Back from 4 to 3 Months
After some significant advocacy efforts by the BC Real Estate Association (BCREA) and the Canadian Mortgage Brokers Association (CMBA), the Notice to Vacate period is going to be reduced from 4 to 3 months effective August 21, 2024 for sellers of a rental property who are giving the notice to vacate on behalf of the buyers. For many years, the… Read More »
30 Year Amortizations for First Time Buyers Purchasing Newly Built Properties
Effective today (August 1, 2024), first time buyers of newly built homes can now choose a 30 year amortization on their high-ratio insured mortgages. Before, buyers were limited to a maximum amortization of 25 years. Choosing the longer amortization period reduces the mortgage’s minimum required monthly payments, and therefore allows borrowers to qualify for a higher mortgage amount under the… Read More »
Rate Update and Analysis – July 2024
On Wednesday July 24th at their regular policy meeting, the Bank of Canada (BoC) announced another 0.25 per cent cut to the policy rate, bringing it down to 4.5 per cent. Banks and lenders will quickly pass this rate reduction through to their customers with variable rate mortgages and lines of credit. This is the second rate drop in a… Read More »