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New Mortgage Rules Coming January 2018

October 20th, 2017

New Mortgage Rules Coming January 2018

The government of Canada will be introducing new mortgage rules January 2018. The rules change the minimum qualifying rate for mortgages to the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus 2%.

If you already have a mortgage your renewal is NOT affected but here is the kicker – if you try to refinance yo ...

Kelowna ranked #1 job market in Canada

October 18th, 2017

Kelowna ranked #1 job market in Canada

The City of Kelowna has seen an amazing turnaround from last year when it was ranked one of the worst job markets in Canada.

According to BMO’S new Labour Market Report Card, released in October 2017, Kelowna has gone from ranking the second worst job market in the country to ranking the best.

With an increase of jobs of 14.3% over the past year and a ...

Vancouver’s middle-aged exodus raises concerns about city’s economic future

October 18th, 2017
Vancouver’s middle-aged exodus raises concerns about city’s economic future
 
While a lot of fuss has been made about Millennials leaving the Lower Mainland, the bigger exodus may be the group that is either nearing middle age or well into it. Generation Xers, or people from 35 to 55, could start bailing at a rate that could turn into a crisis, says Chris Fair, president of Resona ...

Downtown Kelowna Townhouses

October 17th, 2017
Mortgage rules will be changing January 1, 2018 which will reduce your buying power by approximately 20%. If you have a tight budget and are looking to get into the hot Kelowna market now is the time to do it! We have only 7 townhouses left at Boynton Place. Completion Date is April 2018. If you write your offer now you can get pre-approved now and will not be subject to the new mortgage rule ...

Boynton Place, Kelowna - Brochure

October 17th, 2017
Beautiful corner unit, features 3 bedrooms, 3.5 bathrooms, brand new build townhouse with fully finished basement. 2,355 sq ft spacious and open concept design with a cozy feel. Single car garage with additional parking in driveway.The fully equipped kitchen includes granite counter tops and energy saving stainless steel appliances; including a gas stove and a pantry. The Kitchen, living and ...

Apres Ski - Nov. 7, 2017

October 17th, 2017

Après SKI is coming to you early this year! Support the Big White Ski Club (BWSC) as you have fun at Doc Willoughby’s with great food, beverages, prizes, silent auction and great people!

  • $25 gets you a burger and a beer with a portion of the proceeds going to the BWSC.
  • Where: Doc Willoughby’s,353 Bernard Ave, Kelowna BC
  • When: Tuesday, November 7th from 7-9pm

Tickets available at https ...

New Mortage Rules Will DRASTICALLY Reduce Buying Power Starting January 1, 2018

October 17th, 2017
New Government Regulations will reduce your ability to access the equity in your home and also those looking to purchase - buying power will be reduced by 20% ... For Example:
 
500k today = 400k Jan 1, 2018
600k today = 480k Jan 1, 2018
700k today = 560k Jan 1, 2018
 
If you are looking to buy and are on a tight budget, you need to buy before January 1st.
...

Mortgage Stress Test - October 16, 2017

October 16th, 2017

Mortgage Stress Test - October 16, 2017

 

The Canadian Government is discussing adding new qualification standards which all borrowers will have to meet, not just Buyers with less than 20% down. There is a good chance in the New Year you will have to qualify at an interest rate roughly 2% higher than your contract rate and with a 25 year amortization even though your monthly payment will be ...

Canada Debt-Service Ratio Increases - Report

October 12th, 2017

The International Monetary Fund (IMF - international organization of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth) has warned in its latest Global Financial Stability report about Canada's high levels of debt (debt-service ratio) and our higher-than-average press ...

CRA Going After Non-Declaring Flippers

October 12th, 2017

FYI - CRA is going after real estate flippers who did NOT declare the profit they made when they assigned their contract. CRA has been taking developers to court to obtain court orders requiring the developers to release information identifying pre-sale condo buyers who assigned their purchase contracts before completion. So far CRA has obtained court orders against Marine Gateway and the Res ...

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