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As some of you may know, there have been some imposed changes that will decrease our borrowing power when it comes to purchasing a home.  As of January 1, 2018, you will need to qualify under more stringent rules in order to get the mortgage you desire.

Assuming all other factors remain unchanged, once the new changes are in effect you would qualify for an amount 18% less than you would under the current mortgage rules.   Read more

In the competitive market we face today, purchasing a home can be a daunting task. There are a few things to be aware of that can help make it a little less daunting.  The First Time Home Buyers Plan and some new advantages that were recently introduced by the Provincial Government help soften the blow.

To help make this overwhelming transaction a little less arduous, the federal government allows first time home buyers to withdraw $25,000 from their hard earned RRSPs, tax free.  These funds do need to repaid back into the RRSP over a 15 year period or the portion due could become taxable.  An eligible couple could potentially withdraw a total of $50,000 between the two of them towards the purchase of a First Time Home.  For more information on HBP eligibility and repayment schedules click here.

Due to increased home prices in BC (specifically Lower Mainland), the Provincial Government has responded and provided a few additional advantages to those wishing to purchase a home for the first time.   These additional advantages are: Read more

If you have ever purchased a home or applied for a loan, you may be familiar with Mortgage Insurance. This is the insurance the bank is obligated to encourage you to take in the event you die or become disabled. It is intended to protect your loved ones from being stuck with the mortgage in the event life takes a wrong turn ie. death.   Sounds like a no brainer right? Wrong! There are MANY pitfalls with Mortgage Insurance that put the bank’s best interest ahead of yours for a price that’s not worth it. Read more

First Time Home Buyers

If you’re a first-time home buyer in this province (BC), there are few things that you should be aware of as you may be able to take advantage at this time. Nowadays there are two areas to first time home buyers: RRSP limitations and property purchase advantages. The first revolves around tax-free allowable withdrawals of up to $25K per person towards the purchase of a new home. This one isn’t so new anymore, as it’s been around for years.

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