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Real Estate Terms Canada - Real Estate Terminology Canada - The Realtor Jargon Explained! Housing Terms

Real Estate Terms Canada & Real Estate Terminology Canada

Real Estate Terminology Canada - Glossary of Realtor Jargon Explained! Written by Mike Stewart Realtor and updated December 5, 2023 Jargon in the real estate industry in Canada is filled with specific language and terms that can often be very confusing to those not familiar with this field. This is especially true in Canada with Realtor jargon, where certain terms and practices may differ from those in other countries. Furthermore, government regulatory bodies for real estate have a distinct fondness for very obscure language regarding quite common things in the field The following is a comprehensive list of real estate…

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2011 Mortgage Rule Changes | Real Estate in Vancouver 3 of 3 Home Equity Lines of Credit HELOCS

From April 18, 2011 The Government of Canada Will No Longer Guarantee Home Equity Lines of Credit (HELOC) In January 2011, Canada's Department of Finance announced a series of changes to mortgage and property financing rules. These new mortgage rule changes are intended to cool Canada's real estate market and slow Canadians per capita debt growth in the short term and support the long-term stability of the Canadian property market. Jessi Johnson a Mortgage Broker in Vancouver was kind enough to come and explain the changes. In part 1 of 3, we talked about how the Department of Finance rule…

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New 2011 Mortgage Rules and Real Estate in Vancouver with Mike Stewart & Jessi Johnson Part 1 of 3 Amortization!

 The New 2011 Department of Finance Mortgage Rule Changes and Real Estate in Vancouver Canada's Department of Finance, which oversees and regulates Canada's mortgage market which has a huge impact on Real Estate in Vancouver has enacted a new series of measures to cool the property market across Canada. The changes announced on January 17, 2011 are designed to allow the government to cool the Real Estate Market without affecting the overall economy by raising the Bank of Canada's Prime Rate. Call in the Expert! As I am Realtor and not a Mortgage Broker, so I called in the…

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Amortization by Jessi Johnson Vancouver Mortgage Specialist and Mike Stewart Realtor

 Updated by Mike Stewart PREC on March 2, 2023 I recently had the pleasure of interviewing Jessi Johnson of the Jessi Johnson Mortgage Team and he was kind enough to explain a term that I hear regularly as a Vancouver Realtor and that is Amortization. Amortization - What is it? Investopedia defines Amortization as follows: "The paying off of debt in regular installments over a period of time." Basically amortization is how long a mortgage loan takes to pay off. Most buyers, especially first time home buyers in the Vancouver real estate market start out with a 25 year…

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First Time Home Buyers Guide Vancouver BC – Episode 1 – Getting Started!

 This is the First Video in a Series of Videos with Tips for First Time Home Buyers in Vancouver's Property Market. So you're thinking of taking the plunge and buying your first home in beautiful Vancouver! How Much Can I Spend? What to Know Exactly? Get Pre-Approved! If you have several hundred thousand dollars in your bank account, great! If not, you should speak to your bank or a mortgage broker to find out how large of a mortgage you can get. The bank or broker will give you a mortgage pre-approval which is a rough estimation of what…

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A Mortgage Pre-Approval is NOT a Guarantee of a Mortgage!

 Mortgage Pre-Approvals are NOT Guarantees of a Mortgage! I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about mortgage pre-approvals. He brought up a very important point for Buyers, particularly First Time Home Buyers. And that is a mortgage pre-approval is NOT a guarantee that you will get a mortgage at the amount the Lender originally mentions or get a mortgage at all. What is a Mortage Pre-Approval? This is a preliminary estimation by a Lender of how much the Lender will loan you based on very basic information. This number is subject to change…

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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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Mortgage Penalties and Selling Real Estate – Check with your Lender before Selling or be Prepared to Pay!

 Don't Let Mortgage Penalties Bite you in the Backside - Check with your Lender Before you List!   A lot of people assume that when they sell a property they can pay off the principal of their mortgage with the sale proceeds and be done with their lender. This is not the case. A mortgage is a legally binding contract between you and your lender for you to pay them a stream of principal and interest payments for the term of the mortgage. The lender will have something in the small print of the mortgage they can get either…

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