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Vancouver Real Estate Affordability & March 18 2011 Mortgage Rule Changes

March 18, 2011, Department of Finance Mortgage Rule Changes and Real Estate Affordability in Vancouver We've been discussing mortgages a lot lately because they have such a huge impact on Vancouver Real Estate Market. In previous posts, we explained the March 18, 2011 Mortgage changes Canada's Department of Finance enacted. Today we're going to talk about how these changes to Canada's mortgage rules will affect the affordability of residential real estate here in Vancouver. Jessi Johnson a Vancouver Mortgage Broker did some calculations to give a better idea of the impact from these changes. Rising Rates & Shortened Amortizations Affect…

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March 18 Mortgage Changes & Vancouver Real Estate 2 of 3 Maximum Refinancing Reduced to 85% Loan To Value

March 18, 2011 Department of Finance Mortgage Changes Part 2 of 3 - Reduced Refinancing Maximum Loan to Value In January 2011, Canada's Department of Finance announced a series of changes to the lending rules for Mortgages that will come into effect in on March 18, 2011 and April 13, 2011. In part 1 of 3, Jessi Johnson and I discussed how the new rules shortened the maximum amortization from 35 years to 30 years for high ratio mortgages. In part 2 of this series Jessi Johnson will explain the changes to the refinancing rules. Call in Jessi Johnson, Mortgage…

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Vancouver Real Estate Winter Deals Jessi Johnson Interviews Me!

Getting Deals on Vancouver Real Estate in the Winter? Yes! The time of year matters! I recently had the pleasure of being interviewed by Jessi Johnson, a Vancouver mortgage broker, on buying Vancouver Real Estate in the Winter and whether or not you can get a better deal at that time of year. Buyers Deterred by Weather, Busy and Distracted with Holidays The winter, particularly the holiday season, tends to be a quiet time in the Vancouver Real Estate market. Buyers are less likely to want to venture out in the cold, stormy weather and are busy and distracted with…

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Variable Versus Fixed Rate Mortgages with Jessi Johnson Mortgage Broker!

Last week I had the pleasure of meeting up with Jessi Johnson of the Jessi Johnson Mortgage Team to discuss the merits of a Variable Rate Mortgage versus a Fixed Rate Mortgage. What is a variable rate mortgage? This is a mortgage that has an interest rate that changes in line with the Bank of Canada's prime rate.Variable rate mortgages tend to have a lower interest rate than a fixed rate mortgage, but the interest rate on a variable mortgage can change at any time. What is a fixed rate mortgage? A fixed rate mortgage has a set interest rate…

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