* New Stress test Rules As expected, the Office of the Superintendent of Financial Institutions (OFSI) confirmed that it will move ahead with the proposed new stress test which was announced in April. This will affect any uninsured mortgages which would affect anyone buying a property with more than 20% down payment, or anyone refinancing their mortgage. However, it was not expected that the Department of Finance is following OFSI’s lead and applying the new stress test to in

We hope you are doing well! We wanted to remind you to apply for the BC Homeowners Grant if you are eligible. To apply for the grant, you have to complete the application sent with your tax bill and return to local municipality. In most municipalities, you are able to apply for the Homeowner Grant online. It is as simple as visiting your municipality’s website and look for the link to apply for your Homeowner Grant. You will need your Folio number and access code that can be

What is All the Policy Hysteria About? Today the Canadian Real Estate Association (CREA) released statistics showing national existing home sales hit another all-time high in March. What was arguably more noteworthy was that new listings hit their highest level on record in seasonally adjusted terms in March. Prices continued to rise as sales dwarfed the new supply. The number of homes sold across the country rose 5.2% on a seasonally adjusted basis. The actual (not seasonall

With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn’t take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued today, OSFI proposed an increase in uninsured mortgages’ qualifying rate to the higher of the mortgage contract rate plus 200 basis points or 5.25% as a minimum floor. Based on posted rates of t

by Alisa Aragon-Lloyd, as seen in “New Condo + Condo Guide” Most people believe that being mortgage-free is their plan for retirement. That means paying off your mortgage as fast as possible becomes the priority and having other forms of investments are considered only after your property is paid off. It is important to decide what option will give you the balanced diversification and protect you from the real estate market and economic fluctuations. One strategy is to be mor

The Canadian Real Estate Association (CREA) released statistics showing national home sales hit another all-time high in January 2021. Canadian home sales increased 2.0% month-on-month (m-o-m) building on December’s 7.0% gain. On a year-over-year (y-o-y) basis, existing home sales surged 35.2%. As the chart below shows, January activity blew out all previous records for the month. The seasonally adjusted activity was running at an annualized pace of 736,452 units in January,

Traditionally, each spring, mortgage rates start to move, followed by a spring buying rush, with a lag in the summer, and then a second rush in the fall. This past year we saw everything upended. The spring buying season started with a positive outlook and abruptly came to a complete stall as the world figured out how to cope and live through a pandemic. This pause resulted in a fall season with strong home buyer demand eclipsing numbers seen in past years, trickling over int

By Alisa Aragon 2020 has been an unprecedented year, with so many changes and unknowns. COVID-19 has had a huge impact on our national economy, with the government having to step in, unemployment at a record high, lenders’ helping with mortgage payment deferrals and historically low interest rates. The continuous growth of the housing market is what is helping our economy recover. The economic recovery will depend on the development of the pandemic and the vaccine. Economists

Vancouver has always been a challenging city to get a foot in the door. Add on a pandemic, and it gets even more complicated. HAVAN’s Home Buying Forum, typically held in-person each spring, but cancelled due to COVID-19, led to HAVAN producing a series of information videos to ensure first-time buyers have access to the knowledge they need to buy smarter. HAVAN has captured the industry experts who typically present at the forum, in a series of nine 10-20 minute Home Buying

Guest Blogger: HAVAN Member Alisa Aragon, Bridgestone Financing Pros Home renovation shows are one of our favorite TV programs to watch. They are entertaining and showcase the latest design trends, but they also tend to lead viewers to believe home renovations are easy and quick. It is important for homeowners to understand the realities when planning a home renovation. 1. The budget: Plan for all the costs On television, the designer may have an $80,000 budget to renovate an

By Alisa Aragon While COVID-19 has had a huge impact on the Canadian economy in the first half of this year, after businesses started reopening, the housing market began picking up. Many home buyers resumed their home searches, and homeowners looking at upsizing to a larger home started listing their homes for sale. With interest rates at historical lows, this is a good time for buyers to get into the market. The Bank of Canada reviews its benchmark rate about eight times a y

Today’s release of August housing data by the Canadian Real Estate Association (CREA) showed a blockbuster August with both sales and new listings hitting their highest levels in 40 years of data–exceeding the record July activity levels. This continues the rebound in housing that began four months ago. National home sales rose a further 6.2% on a month-over-month (m-o-m) basis in August, raising them to another new all-time monthly record (see chart below). Unlike the previ

How awesome does it feel to have a positive impact on the lives of others – especially those who need it most. I’m taking the leap! This is for charity, so I am sending this email to you, to personally ask for your support to help me raise funds to support Easter Seals and their programs. Covid-19 has had a devastating impact on charities’ ability to fund much needed community programs to support people in our communities who need support the most. Charitable fundraisers like

The Bank of Canada under the new governor, Tiff Macklem, wants to be “unusually clear” that interest rates will remain low for a very long time. To do that, they are using “forward guidance”–indicating that they will not raise rates until capacity is absorbed and inflation hits its 2% target on a sustainable basis, which they estimate will take at least two years. As well, they indicate that the risks to their “central” outlook are to the downside, which would extend the peri

Raising a down payment can be the trickiest part of buying in Vancouver’s hot market – but some programs may help. As seen in REW.ca Q: I really want to put in an offer on a condo, but I haven’t raised the full down payment amount yet? Do I have any options? A: The minimum down payment required is 5 per cent of the purchase price of the home you are buying – if you are employed. For those who are self-employed, it will depend if you are qualifying based on what you are declar