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Blog by Linda M Linfoot

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Market Commentary - Feb 29, 2016

February 29th, 2016
Market Commentary For the second time in a month a piece of unexceptional Vancouver real estate has sold for a stunning amount of money. Last week a three bedroom home on a, so called, standard lot in Kitsilano sold for a record-breaking $4.23 million, $735,000 over asking. About 10 days earlier a shabby, little tear-down in Grey Point sold for nearly $2.5 million, some $800,000 over asking. ...
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Posted in General

Market Commentary - Feb 17, 2016

February 17th, 2016
Market Commentary New federal mortgage rules are now officially in effect, but most market watchers don't expect to see much change. Just to recap: Ottawa has boosted the minimum down payment on insured mortgages valued at $500,000 to $999,000. In order to get mortgage insurance the down payment on the value above $500,000 is now 10%. The down payment on the value below $500,000 remains at 5% ...
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Today's PTT Annoucement

February 16th, 2016
Today PTT announcement - the Tax increases to 3% for the fair market value over $2 million. Please be advised the Finance Minister today announced changes to the Property Transfer Tax as outlined below. The following is the information we have at the moment. As more information becomes available I will get it to you. Newly built homes priced up to $750,000 will be fully exempt from the proper ...
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Market Commentary - Feb 11, 2016

February 12th, 2016
Market Commentary Concerns about housing affordability are coming to a head across the country. Last week 20 of Canada's big city mayors were in Ottawa for pre-budget meetings with the Prime Minister and federal cabinet ministers. Affordable housing was a key item on the agenda. The mayors are linking affordable housing – meaning social housing – to the Liberal government's promised infrastru ...
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What's coming for Canada's Economy

February 10th, 2016
What’s coming for Canada’s economy This month, VERICO economist Michael Campbell gave us an overview into the current state of the Canadian economy and what you should be aware of. Below is an except from Michael’s report. ~ After continually underestimating the impact of falling resource prices – especially oil, the Bank of Canada has come to realize that this is a major restructuring of the ...

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Market Commentary - Feb 3, 2016

February 3rd, 2016
Market Commentary Canada's priciest real estate market has found its way onto another top-10 list. Vancouver ranks as the third least-affordable city in the world according to Demographia. (www.demographia.com) Hong Kong and Sydney came in at one and two. Toronto did not make it into the top-10, although it ranks as the third least-affordable market in Canada. (The study uses a comparison of ...
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Market Commentary - Jan 26, 2016

January 26th, 2016
Market Commentary While market watchers focused on the housing frenzies in Toronto and Vancouver, or waited for the collapse in Alberta, Montreal real estate quietly had its best year since 2010. Montreal saw housing sales climb 5% in 2015 with prices rising an average of 3%, according to the Quebec Federation of Real Estate Boards. The average price of a home now stands at $295,000 in Cana ...
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Market Commentary - Jan 18, 2016

January 18th, 2016
Market Commentary To cut, or not to cut? That is the big question for the Bank of Canada this week. More and more market watchers are expecting another drop when the central bank sets its policy rate this week. Right now a little more than half believe we will see the overnight rate trimmed by a quarter point to 0.25%. It sounds like good news for those with variable-rate or hybrid mortgages, ...
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Market Commentary - Jan 4, 2016

January 4th, 2016
Market Commentary Knocking down debt leads the list of 2016 goals for maxed-out Canadians. It is high-minded and laudable. But this is also the 6th year in row it has topped the list of financial priorities (26%) in an annual survey by Angus Reid. Canadian household debt to disposable income now stands just short of 164% – a new record high. For every after-tax dollar they have to spend, they ...
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Minimum Down Payment Policy Changes for CMHC and Genworth Applications

December 30th, 2015
I wanted to provide you with some additional information about the recently announced down payment changes. As a reminder, on December 11th, 2015, the Government of Canada announced the minimum down payment requirement will be increased from 5% to 10% on the portion of a purchase price for a property that is above $500K but less than $1,000,000. Please refer to the following chart to determin ...

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Posted in Mortgage Information

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