BC Assessment has now refreshed their database to reflect this year’s assessed values for property taxes. According to BC Assessment, most homeowners around the province can expect about a 5 to 15% rise in assessment values, as assessments are based on July 1st, 2022 valuations.
Today, the Bank of Canada increased their overnight rate by .50% from 3.25% to 3.75% This will mean that lenders will increase their prime rates by .50% as well to 5.95%. What does this mean for those in variable rate mortgages and those looking to purchase a new home? This rate increase is slightly smaller … Continued
A quick reminder for those that missed it; effective January 2023, foreign nationals will no longer be able to buy real estate in Canada for 2 years.
Here is a quick rundown of a few things Americans (or Canadians living as residents in America) should know about buying real estate in Canada: Minimum Down Payment 20% is the minimum. Some lenders may have more stringent requirements such as 35% down payment or even 50% down payment Taxes Apply Different provinces have different … Continued
First time home buyer? Here is a quick summary of how a first time home buyer can take advantage of their RRSP’s to buy their first home!
8 times a year, the Bank of Canada has their meeting. With this meeting, usually comes announcements related to interest rates. Each time one of these announcments happen, we like to provide our clients with a rate update, summarized below. However, with this particular update, I wanted to put some information out in more layman’s terms. … Continued
Lenders often require a home appraisal on both purchase and refinance transactions. If you are refinancing your mortgage or thinking about selling your home it is important to know some of the things that the lender will be looking at.
The Bank of Canada had their rate update today (June 1st) and announced another much anticipated rate increase to the overnight rate. It was risen by 0.50% to 1.5%. This is still lower than pre-pandemic levels. The Bank of Canada overnight rate was 1.75% pre-pandemic. For the full update from the Bank of Canada: https://www.bankofcanada.ca/2022/06/fad-press-release-2022-06-01/ … Continued
While No-Frills mortgage products (also known by lenders as “Smart”, “Low rate”, etc) typically offer a lower or more discounted interest rate when compared with many other available products, the lower rate is really their only perk. This type of product will only seem ideal for you if you have no plans to take advantage … Continued
In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a year ago.