Monthly Archives: June 2012

July 2012 Canadian Mortgage Rules! 25 Year Amortizations for Insured Mortgages Only & CMHC Insurance for Homes over a Million Gone!

New Canadian Mortgage Rules Come Into Effect July 9 2012

Federal Finance Minister Jim Flaherty recently announced major changes to Canada mortgage lending rules.

This move continues the theme of the 2011 mortgage rule changes were the Federal Government does a focused cooling of the housing market without resorting to raising interest rates which would have a negative impact on the overall economy.

What are the Changes in Canada’s Mortgage Rules?

The four major changes effective July 9, 2012 are as follows:  Continue Reading…

An Answer to Florin’s Question: Can a Presale Bought High Ratio be Completed on Low Ratio?

Financial Leverage and Presale Condos in Vancouver

I LOVE Questions and Comments on my blog posts and appreciate them HUGELY!!

We recently had a great question (Thanks Again Florin!) in the comments section of Episode 2 of How to Buy a Presale Condo where we discussed the advantages of pre-construction condos for Owner/Occupiers.

This question was SOOOO GOOD, I decided to bring in a mortgage broker, Chad Watts and shoot an entire video on this topic!

Florins Question:

I asked my mortgage specialist about point 3 “Financial Leverage.” The one where you mentioned “buyer who previously was a high ratio borrower to become a low ratio borrower” if the property value goes up. She told me that this in not the case anymore. The bank will only base the financing on the purchase price of the home. Is this correct and if so is this true to all banks?

The mortgage specialist Florin spoke to is right.

There are rules restricting lenders from giving a mortgage on the actual market value of a presale condo if it has gone up in value from when it was purchased pre-construction to when it completes.

BUT, this does not mean the buyer of a presale condo in Vancouver cannot leverage the increase in value of the property between the time of purchase and the completion date.

Can a Presale Bought High Ratio be Completed on Low Ratio? Yes, in a Roundabout Way!

This only works when the presale  Continue Reading…

Bayswater Vancouver Presale Condo with Floor Plans and Pricing!

Bayswater by Mosaic, a new presale condo development in Vancouver’s Kitsilano Neighbourhood

Bayswater is a new presale condo in Vancouver with a collection of 31 boutique suites in a low-rise (four storey), white brick building at Bayswater Street and West Broadway in the thriving Kitsilano neighbourhood. Look for a mix of 1, 2, and 3-bedroom floorplans to choose from, all at the original site of the Mark James clothing boutique.

This new development along the rapidly expanding Broadway corridor will combine luxury living with the unmatched convenience this area of Vancouver offers – all at price points you might not expect.

Bayswater – Your chance to live in Kits


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The Bayswater development will be situated at the intersection of Bayswater and West Broadway (2468 Bayswater to be exact). All that means is fantastic restaurants, shopping, services and more are literally just out your door.

The 99 B-Line stops close by, too, making UBC and downtown easy to access. And with Translink’s long-term plan including rapid transit along this corridor, the future looks bright for anyone who gets in on this presale condo now.

Pricing for Suites at this Kitsilano Condo Development
  Continue Reading…

May 2012 REBGV Statistics Package

REBGV Stats Package May 2012 Mike Stewart Realtor

Spring activity remains balanced in the Greater Vancouver housing market

The number of properties listed for sale continued to increase in the Greater Vancouver housing market in May. The number of sales decreased year over year, but remained relatively constant compared to recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,853 on the Multiple Listing Service® (MLS®) in May 2012. This represents a 15.5 per cent decline compared to the 3,377 sales recorded in May 2011.

May sales were the lowest total for the month in the region since 2001 and 21.1 per cent below the 10-year May sales average of 3,617. However, sales have been  Continue Reading…

Granville at 70th Vancouver Presale Condo Pricing and Floor Plans!

Granville at 70th, a new Vancouver Presale Condo Developmen offering West Side Living in South Vancouver


Granville at 70th is an ambitious residential and commercial development that will breathe new life into the Marpole area of South Vancouver. The Granville at 70th development will be split into the West Tower, South Tower, and the Cornish Estates (townhomes), all surrounded by lush gardens, new parks, convenient shopping and some seriously cool amenities (unless you don’t think putting greens and steam rooms are cool).

Granville at 70th – Location, location, location

The aptly named Granville at 70th condo development will be situated at the intersection of Granville St and 70th Ave. (The site was a Safeway grocery store – with an updated store being part of the development.)


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The development brings all the advantages of ‘west side living’ to a whole new, affordable neighbourhood. Things like top schools, luxury shopping, entertainment, parks and beaches and vast west coast recreational opportunities are all close by.

Find Out About New Presales & Get Access to VIP Openings and Special Promotions!

Be A Presale Condo VIP!

Find Out About New Presales & Get Access to VIP Openings & Special Promotions!

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The developers of Granville at 70th like to say their new condo development will be “15 minutes to everything”. Residents will enjoy unrivalled access to YVR and Richmond, with the Downtown core a straight shot down Granville St. away. Plus, the Canada Line is a 15-minute walk from the Granville at 70th community.

Presale Pricing for Granville at 70th   Continue Reading…