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Blog by Linda M Linfoot

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Bank of Canada Rate Announcement

April 18th, 2018
Overnight rate stands at 1.25%

It seems variable mortgage rates will be standing pat, for now, as the Bank of Canada announced today it will be keeping the target for the overnight rate as-is, at 1.25%.

The reason for the non-move, according to the Bank, is that inflation is still within the safe zone, sitting at 2%. Additionally, while the outlook for the global economy and, more specificall ...
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Posted in Mortgage Information

Be Stress-Test Ready

April 12th, 2018
With the new Office of the Superintendent of Financial Institutions stress test rules firmly in place since January, Canadian homebuyers have learned they need to arm themselves with practical information on how they can ensure they are “stress-test ready”.

The following is a guide and best practices tool kit for those about to embark on securing their new or next mortgage:

Make a financial p ...
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Posted in General

Why Do People want to Buy a Home

April 3rd, 2018
Why do people want to buy a home?
Most of us figure we know the answer. But Canada Mortgage and Housing Corporation decided it would try to find out for sure.
The housing agency did an online survey late last year. It culled out a modest 2507 responses which it broke into three categories: first time buyers; current owners; and previous owners (those who used to own, but do not right now). Al ...
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Posted in General

Bank Of Canada Benchmark Rate remains

December 8th, 2017
The Bank of Canada benchmark rate is used for qualifying High Ratio mortgages. Today, this rate is 4.99%.

The Bank of Canada has decided to keep its benchmark lending rate steady at one per cent, pausing after two small hikes earlier this year.
Canada's central bank said Wednesday it has decided to keep its target for the overnight rate right where it is, while rate hikes in July and in Septe ...
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Posted in Mortgage Information

Bank of Canada silence bolsters expectation of October rate hike

August 1st, 2017
OTTAWA -- With no public speeches scheduled before its September interest rate decision, the Bank of Canada has signalled it is comfortable with market expectations that a rate hike won't happen until October at the earliest, analysts said on Monday.

The central bank's July rate hike, the first in seven years, was preceded by a flurry of speeches and interviews by top officials that dramatica ...
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Posted in Mortgage Information

Residential Market Commentary

May 22nd, 2017
Moody’s credit rating service managed to get everyone’s attention last week when it downgraded all six of Canada’s big banks. The move triggered fresh fears that the country has a housing bubble and it is about to burst. But what does it amount to? For the banks, not much. For the rest of the economy, and in particular housing, it is being seen as a warning.

Many market watchers are calling t ...
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Posted in General

Residential Market Commentary

May 12th, 2017
The April sales numbers are out and it is clear government interventions are having an effect; exactly what effect, though, is not clear.

In Vancouver the 15% foreign buyers tax appears to have hit the detached single family segment the hardest, for now. Prices are down about 4% since the tax was implemented in August. The decline is led by the luxury end of this segment which has seen prices ...
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Posted in General

Why this housing tax break is so important

April 5th, 2017

Why this housing tax break is so important  - Canadians


(NC) For the 70 per cent of Canadians who own a home, it is a place to live, raise our family, and it connects us to our community.

Due to Canada's tax system's Principal Residence Exemption, when we sell our homes, any increased value or “capital gains” are not taxed.

This generous tax break matters to Canadian homeowners. Collect ...

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Posted in General

Tax Notice Information

January 12th, 2017

Tax Notice

Your property tax notice is a bill for some services that are available.

The amount you pay depends on the:
 - property location
 - property classification
 - property assessed
 - value cost of services

Your taxes are calculated using tax rates that are set for each available service. Tax rates are adjusted every year to make sure the funds needed to provide services are raised. Y ...

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Posted in General

BC Gov't Announces New Program

December 15th, 2016
Today, the BC Government announced a new program designed to assist and support first-time homebuyers in the province.

The BC Home Owner Mortgage and Equity (HOME Partnership Program) is helping first-time homebuyers by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first five years.

Today's announcement is extr ...
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Posted in Mortgage Information

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