Vancouver Mortgage Blog Archives - Page 3 of 5

HST to GST: What it means for Homebuyers

October 27, 2021May 20, 2013 by Iain

Buying a property in B.C. just got a lot less expensive. Starting April 1, 2013, the 12 per cent Harmonized Sales Tax (HST) is being replaced by the 5 per cent federal GST and the 7 per cent B.C. PST. Although homebuyers of newly-constructed houses will save the most, even homebuyers of resale homes will save … Read more

Why You Shouldn’t Skip Your Home Inspection

October 27, 2021April 30, 2013 by Iain

In hot real estate markets like Vancouver, a recent trend has been for homebuyers to skip home inspections. If you’re been searching for a home for months and you find your dream home, you might consider ditching the home inspection, especially if you’re in a multiple offer situation. While a home inspection can lose you … Read more

Don’t Forget To Budget For Closing Costs

October 27, 2021April 27, 2013 by Iain

For many first-time homebuyers saving for a down payment can be challenging. You may have saved the minimum 5 per cent down payment, but have you set enough money aside for closing costs? First-time homebuyers often make the mistake of not budgeting for closing costs. Closings costs can easily amount to over $10,000 in Canada’s … Read more

Advantages of Using a Mortgage Broker

October 13, 2012 by Iain

There are a few really important reasons why should you use a broker instead of a bank. A good mortgage broker knows all the lenders in BC and their list of products to ensure that you get the best mortgage for your situation…

July 2012 Mortgage Rule Changes in BC

October 27, 2021August 7, 2012 by Iain

The new mortgage rules came into effect in early July. Basically the government is taking extra precautions on mortgage financing to make sure Canadian borrowers are not over extending. Now that the dust has settled, let’s take a look at some of the changes. They are fairly straight forward, but here are the main differences. … Read more

BC First Time Home Buyer $10,000 Tax Credit

March 19, 2012 by Iain

UPDATE: This credit is no longer available effective April 1 2013 The government is in the process of introducing a new incentive for first time home buyers. This is a major benefit that’s only available on new properties (or properties where HST is charged) . THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS Effective February 21, 2012, … Read more

Fixed Rate vs Variable Rate: Go Fixed

August 31, 2011 by Iain

One of the questions I get asked frequently is whether to choose a fixed product or a variable product. Which route to take ultimately depends on the borrower’s preferences. The widely quoted number is that 77% of the time, variable borrowers end up paying less. But that means that 23% of the time, they pay … Read more

Reasons to buy a place before March 18

October 27, 2021February 19, 2011 by Iain

On March 18, there are some new mortgage rules coming into effect that will have a direct impact on your buying power. You can afford more: Before March 18, you will be able to qualify for a mortgage 8% larger. As an example, if you qualified for a $500,000 mortgage before the new rules, you … Read more

Fixed Rates Going Up

February 7, 2011 by Iain

Get your applications in, because it looks like rates in BC are going up.

New Mortgage Rules: March 18

January 20, 2011 by Iain

I’ve received a lot of questions about the new mortgage rules that will be taking place on March 18th. Basically, there are three main things: 1. Maximum high-ratio mortgage amortization is reduced from 35 years to 30 years. Ok, Cool. What does this mean? A high-ratio mortgage is anything with less than 20% down … Read more

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