On June 21st Finance Minister Jim Flaherty unveiled the new Mortgage rules that took effect this past Monday July 9th. The LTV (Loan to Value) percentage has dropped from 85% to 80% and the maximum amortization has been decreased from 30 years to 25 years. That means in the past 6 years the government has cut amortization (pay back period) almost in half from 40 years (2006) to 35 (2008) to 30 (2011) to this past Monday’s change to 25 years (2012). The GDS (Gross Debt Service or amount of monthly income spent on mortgage, heating, and property taxes) Ratio has also been changed to 39% and the TDS (Total Debt Service or amount spent on all debt incl. mortgage) is now 44%. Also government-insured homes now must be $1 million or less and homes priced at $1 million or more must have a 20% down payment paid. We’ve compiled some of the most informative articles for you to take a look at and if you have any additional questions call your local Mortgage Specialist. Real Estate Board of Greater Vancouver Maclean’s Canada The Globe and Mail CBC The National Post
I’m proud to present this excellent home on a nice and quiet street . This very well kept 5 bedroom home (3 Bed up, 2bed down) features hardwood floors on the main living/dining/halls/stairs, Laminate in bedrooms, large updated kitchen with beautiful wood cabinets and tile flooring, montgage helper down, HUGE 280sq ft balcony over looking large backyard with grape vines, pear, plum & fig trees. Great space for entertaining guests! Brand new high efficiency furnace, newer hot water tank (2yrs) Centrally located close to schools, public transportation, shops and restaurants.
VICTORIA HILL! OUTSTANDING Spacious 1110 sqft 2 bed/2 bath + den condo in New Westminister’s 2007 Award Winning built by Onni & still under remainder of warranty. Outstanding finishing including granite counters, floor to ceiling windows, wood floors, stainless appliances. Spa like master bath ensuite with large sonker tub, separate shower stall and 2 sinks, 2 PARKING SPACES, 1 locker & pet friendly. Enjoy the fantastic amenities including: exercise room, swimming pool & more. Relax on your private balcony surrounded by lush greenery. Walk to Douglas College, close to Safeway, shops, Starbucks, Schools, public transit, Canada Games Pool and steps to Queen’s Park. Call today to view.
Impressively updated TOP floor CORNER, suite in the New Westminster Uptown Area, Enjoy the large wrap-around balcony overlooking 7th St, but privately surrounded by trees. this suite features new hardwood, tile & carpet flooring throughout,updated gas fireplace in the living room, granite counters in the kitchen,completely updated bathroom with new tub, vanity tile flooring, fixtures & faucets. Located on the Southeast corner of the building, lots of natural light, open and spacious living/dining room area. 1Parking & Storage locker included. NEW ROOF (2010) NEW BOILER to be installed (paid by Seller) MAINTENANCE FEE INCLUDES HEAT & GAS! Pets allowed with some restrictions. Call for your private viewing today!!
CHARMING CHARACTER HOME very cozy & well kept! Main floor features: 2 bdrms, new laminate floors, updated bathroom with new vanity, new front load washer & dryer, updated kitchen & stainless steel appliances and a nice spacious living room great for entertaining. Upstairs features: 2 bdrms, 1 kitchenette, 1 bath (could be used as separate suite). Other updates: newer roof (2006), new hot water tank (2008). This home has an excellent layout & lots of character. The backyard is fully fenced, spacious & peaceful. Central location, close to: Douglas College, skytrain, shopping & restaurants. Great home for investors & first time buyers. Must see!
VANCOUVER, B.C. – April 6, 2010 – A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region. The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®). At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 percent in March compared to last month, but remains 7.6 per cent below this time last year. “The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said. Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010. “With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411. Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796. Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899. FOR THE COMPLETE STATS PACKAGE CLICK ON THE LINK BELOW: rebgv_stats_package2c_march_2010_pdf *Source: REBGV Stats Package April 6, 2010