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What First Time Buyers Should Know Before Starting Their Search - Tag: Mortgages

Posted by Jack Barker

Buying a house or condo for the first time is exciting, but as with anything you do for the first time, there can be a few unknown elements along the way. It can be a complex process and there is a lot to consider.

First thing is to make sure that the time is right. Do some soul searching and make sure you want to buy a home because you genuinely want a home — not because you need an investment or simply think it’s “time” to settle down.

Homes require a great deal of time, money, and energy to purchase and maintain. You want to love your home. If the timing isn’t right, you may regret the decision. If it is the right decision, then great! You can move onto the next step. 

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3 Reasons You Should Consider Buying a House With a Friend - Tag: Mortgages

Posted by Jack Barker

Purchasing property in this day and age seems like an impossible goal when you’re a single person. Buying a house with a friend can open you up to a lot more possibilities, including specialty loans created just for these situations.

A co-owner doubles your buying power because you’ll be combining your income and savings with someone else. There’s also the added bonus of building a closer relationship with your friend as you own your home together. 

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Record House Prices in Victoria - New Mortgage Rules Come into Effect - Tag: Mortgages

Posted by Jack Barker

On July 1st the Canada Mortgage and Housing Corporation (CMHC) new mortgage rules came into effect. These changes are meant to reduce the risk of taxpayers footing the bill for bad loans, as well as protecting homebuyers who would be likely to take on too much risk in an economic downturn. 

These rules include: 

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New Surveys Shed Light On The Concerns Of Young Homebuyers - Tag: Mortgages

Posted by Jack Barker

With home ownership having undergone a volatile transition phase in terms of both volume and demographics, there are now emerging trends that explain what the new generation of homeowners are worried about when it comes to their property decisions.

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Stress Test Policy Leading To A Bottleneck Of Housing Demand - Tag: Mortgages

Posted by Jack Barker

As was expected by many market forecasters, the B20 Stress Test implemented as a part of Federal level mortgage policy has had negative repercussions throughout the housing market.

This is especially true here in British Columbia, with the BCREA observing that residential unit sales figures in March saw a decline of 23% from the same point last year. These figures, coupled with a decline of 5.4% in residential house prices in BC in the same period, painting a stark picture of the current housing market in the province.

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