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BANK OF CANADA HOLDS RATE

(October 27, 2017)

Good Afternoon,

The Bank of Canada met yesterday and decided not to increase the overnight rate - which influences our Prime rate. So Prime is still at 3.2% currently. The link below is an article on the decision.

Maybe the government feels that it has done enough for now to cool off the over-heated Vancouver and Toronto markets, with 2 recent rate hikes and aggressive "stress testing" to be introdu... read more.

MORTGAGE RULE CHANGES

(October 18, 2017)

Good Afternoon,

Well, unfortunately the changes we were all hoping would not happen have materialized. OSFI (the federal bank regulator) has confirmed that as of January 1, 2018 ALL uninsured mortgages (that is all mortgages with a loan to value of 1-80%) will now undergo a 'stress test' of qualifying at 2% OVER contract rate (that is the mortgage rate they are currently receiving) An article follo... read more.

REVERSE MORTGAGE INFO

(July 07, 2017)

Jennie Shandley from Dreyer Group  sent me this article on Reverse Mortgages For more infor you can contact Jennie at 604-836-3317   


ROB CARRICKTime to get over our squeamishness about reverse mortgages
ROB CARRICK
The Globe and Mail
Published Tuesday, Jun. 27, 2017 3:43PM EDTLast updated Wednesday, Jun. 28, 2017 10:52AM EDT
There’s still one notable example of the old Cana... read more.

Beware the big tax hit that could be lurking in your basement if you decide to rent it out

(June 26, 2017)

Article in the Vancouver Sun that I decided to put on my blog. This article was written by Jamie Golombrek (Tax Expert)Renting out your basement is a great way to help with mortgage payments, but it may limit your principal residence exemption if you go on to sell your homeWayne Cuddington/PostmediaJamie Golombek
Jamie GolombekMay 19, 2017
4:16 PM EDTFiled under·         Personal FinanceCommentFacebookTwitterEmailMoreIf... read more.

Mortgage Changes Impacting Mobile Homes

(June 15, 2017)

I am enclosing an article emailed to me from Jennie Shandley, Mortgage Specialist from the Dreyer Group Mortgages Inc. The article written by Steve Huebl on June 12, 2017 makes for interesting reading


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One of the seemingly unintended groups to fall victim to the government’s latest mortgage... read more.

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