Omni Real Estate Team

Cell: 604-773-7207 |

New Mortgage news

Economic Update: Rule Changes in the Other Direction;

What has been considered/rumoured and looks to be the most viable is bringing back 30-year Amortization mortgages for purchasers with less than 20% down payment.

Many see it as only “fair” to help the market like first time buyers trying to get in and buy a home with the same rule who have been pushed out of the market in cities like Vancouver and Toronto. We are hearing some sort of rule change may be announced as early as this Spring.

The Stress Test also seems to have hit harder than anticipated prompting banks and builders to bang on the door of the Bank of Canada to lower the qualifying from 2% above contract rate to ideally 1%. When rates were at 2.50% a 4.50% qualifying rate made sense. When rates rose to near 4% just this last summer a 6% qualifying rate became overkill and inevitably did aid in killing a market that was already feeling taxed. We saw a slow down happen from summer last year to present and no rosy economic forecasts being posted in major market sectors.

Note that any changes in making mortgages easier to qualify for will be very large drivers in real estate activity.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.