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Minister Morneau announces new benchmark rate for qualifying insured mortgages - From: Department of Finance Canada

News release

February 18, 2020 - Ottawa, Ontario - Department of Finance Canada

For many Canadians, their home is the most important investment they will make in their lifetime. That is why the Government of Canada has introduced measures to help more Canadians achieve their housing needs while also taking measured actions to contain risks in the housing market. A stable and healthy housing market is part of a strong economy, which is vital to building and supporting a strong middle class.

Today, Minister of Finance, Bill Morneau, announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test.” These changes will come into effect on April 6, 2020. The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%.

This follows a recent review by federal financial agencies which concluded that the minimum qualifying rate should be more dynamic to better reflect the evolution of market conditions. Overall, the review concluded that mortgage standards are working to ensure that home buyers are able to afford their homes even if interest rates rise, incomes change, or families are faced with unforeseen expenses. This adjustment to the stress test will allow it to be more representative of the mortgage rates offered by lenders and more responsive to market conditions.

The Office of the Superintendent of Financial Institutions (OSFI) also announced today that it is considering the same new benchmark rate to determine the minimum qualifying rate for uninsured mortgages. OSFI is seeking input from interested stakeholders on this proposal before March 17, 2020. 

Quotes

“For many middle class Canadians, their home is the most important investment they will make in their lifetime. Our government has a responsibility to ensure that investment is protected and to support a stable housing market. The government will continue to monitor the housing market and make changes as appropriate. Reviewing the stress test ensures it is responsive to market conditions.”

Bill Morneau, Minister of Finance

Quick facts

  • When a borrower has less than a 20% down payment, lenders are required to obtain government-backed mortgage insurance. The mortgages must comply with the insured mortgage rules set by the Minister of Finance, including the insured minimum qualifying rate. 

  • When the borrower has a down payment of 20%, or more, of the sale price, insurance is not required. The minimum qualifying rate for uninsured mortgages is set by OSFI, the independent banking regulator.

  • To help more Canadians access affordable housing that meets their needs, the Government of Canada launched the National Housing Strategy—a 10-year, $55+ billion plan that will build 125,000 new affordable housing units, repair 300,000 others, and reduce chronic homelessness by 50%.

  • In Budget 2019, the federal government took concrete steps to make homeownership more affordable for first-time buyers by implementing a First-Time Home Buyer Incentive and increasing the Registered Retirement Savings Plan withdrawal limit to $35,000 to buy a home.

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Thank you to all my family, friends and clients for helping me achieve the 

2018 Gold Master Medallion Club award! 

The Medallion Club represents the top 10% of all the Greater Vancouver Realtors® 

Gold Master is for Realtors® who achieve Medallion Club over 10 years.


My business depends on referrals from friends like you. 

If you know anyone who would like to Buy or Sell real estate, please contact me.


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The Vancouver Home + Design Show runs October 27-30, 2016 at the Vancouver Convention Centre - West. Buy tickets online and save $3 by clicking the button below.

DATES & HOURS

Thursday October 27, 2016  ​4 p.m. - 9:00 p.m.
Friday ​October 28, 2016  NOON - 9:00 p.m. 
Saturday ​October 29, 2016  10:00 a.m. - 9:00 p.m.
Sunday ​​October 30, 2016  10:00 a.m. - 6:00 p.m.

 

Expert advice for every home! Straight from the industry’s top home + design talent on the Urban Barn Main Stage, get a crash course in creating the ultimate pad from must-see presenters including Mia Parres & Rob Evans, stars of HGTV's The Expandables, Colin & Justin, stars of W Network’s Game of Homes and Cottage Life’s Cabin Pressure, Todd Talbot, star of W Network’s Love It or List It Vancouver, and regular CityTV Cityline guest expert Leigh-Ann Allaire Perrault, plus Vancouver’s very own top talent including Jamie Banfield and Kristina Hibbs. By the end of it all, you’re certain to have everything you need to live and entertain in equal style – design know-how included.

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I just received the following message from Tony Spagnuolo, Barrister & Solicitor regarding Property Transfer Tax Changes:


Good morning everyone. By now you should have heard about the changes in the latest budget regarding the PTT. Here is what we know.


1. There are no changes to the first time home buyer exemption limits;

 

2. All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00;


3. PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.


These are effective for purchases closing today and going forward. We had one client close on a new home yesterday, and we believe they are out of luck. We also had one client that was to close today on a $4,000,000.00 purchase, but we moved the completion to yesterday to save the client $20,000.00 in PTT.


We will soon update the calculators on our website, but for now they are out of date.


Tony Spagnuolo, Barrister & Solicitor
Spagnuolo & Company Lawyers
http://www.bcrealestatelawyers.com

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As you’re probably aware, the list price you set for your property has an impact on how quickly it sells — and how much you earn on the sale.


What you may not realize is just how significant an impact it has. Consider the following examples.


Example 1:

You price your property well above its current market value. As a result, many buyers don’t bother to see it because it’s outside of their price range. Those who do see it are confused by the high price tag, (and may even be suspicious.) They may wonder, “What’s going on?”


In this scenario, the home will likely languish on the market for weeks or even months. You might even have to lower the price dramatically to re-ignite interest.


Example 2:

You price your property just a couple of percentage points lower than what is necessary to gain the interest of qualified buyers. That might not seem like much of a problem. How much can a couple of percentage points matter?


Those points matter a lot.


On a $400,000 property, pricing your home just 2% lower than necessary could cost you $8,000 on the sale. That’s a serious amount of money!


So, as you can see, pricing your home right is serious business. Fortunately, a good REALTOR® knows how to set the right price.


Looking for a good REALTOR®? Call today.  I sell homes in the shortest time for the most amount of money and the least inconvienence.  


Here are a couple of my most recent sales, sold over asking!



 

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I'm excited to be up to date with technology, I provide a custom professional cinamatic movie tour and pictures of my listings adding DRONE footage. With innovative ways to capture not only a home but aerial views of the entire property and land, the drive home, kids' walk to school, the neighborhood, the home's proximity to amenities, property maps, and the list goes on! Drones are shaping up to be the next evolution in real estate marketing!




Quartz (http://qz.com/) says, "Welcome to the multimillion-dollar Drone Racing League. It feels like pod racing from Star Wars, but could very well become the first sport of the 21st century."

 

 

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Send Me Your Email Address And I Can

Send You The Step By Step Guide Explaining The Appeal Process Which Is Required Prior To The End Of January.

http://www.bcassessment.ca/news/Pages/BCAssessmentreleasesexamplessignificant2016valueincreases.aspx

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VANCOUVER, B.C. – January 5, 2016 –  In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.


The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.


Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent increase over the 28,524 residential sales in 2013.

The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years, while the MLS® Home Price Index (HPI) saw double-digit year-over-year price increases.


The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.


With sales-to-active-listings ratios above 25 per cent for 11 months in 2015, the Metro Vancouver market experienced seller’s market conditions for much of the year.


"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market," Darcy McLeod, REBGV president said. "Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year."


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 per cent increase compared to December 2014.


“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.”

page1image19144


December summary

Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 per cent from the 2,116 sales recorded in December 2014 and a 19.8 per cent decline compared to November 2015 when 3,524 home sales occurred.


New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,021 in December 2015. This represents a 7 per cent increase compared to the 1,888 units listed in December 2014 and a 40.4 per cent decline compared to November 2015 when 3,392 properties were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6 per cent decline compared to December 2014 and a 25.6 per cent decrease compared to November 2015.


Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 per cent from the 833 detached sales recorded in December 2014. The benchmark price for detached properties increased 24.3 per cent from December 2014 to $1,248,600.


Sales of apartment properties reached 1,225 in December 2015, an increase of 34.3 per cent compared to the 912 sales in December 2014.The benchmark price of an apartment property increased 14 per cent from December 2014 to $436,200.


Attached property sales in December 2015 totalled 466, an increase of 25.6 per cent compared to the 371 sales in December 2014. The benchmark price of an attached unit increased 13.6 per cent from December 2014 to $543,700.


*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.


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The real estate industry is a key economic driver in British Columbia. In 2014, 33,116 homes changed ownership in the Board’s area, generating $2.136 billion in economic spin-off activity and an estimated 16,227 jobs. The total dollar value of residential sales transacted through the MLS® system in Metro Vancouver totalled $27.3 billion in 2014. The Real Estate Board of Greater Vancouver is an association representing nearly 12,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.


Quoted from the Real Estate Board of Greater Vancouver

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Thank you to all my family, friends and clients that helped me achieve the Royal LePage Director's Platinum Award for 2015! My business depends on referrals. If you know anyone who would like to Buy or Sell real estate, please contact me 604.808.3882 mjordan@telus.net

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Categories:   BC | Listing | Weekly Mortgage Rates
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