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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 expert…

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Amortization by Jessi Johnson Vancouver Mortgage Specialist and Mike Stewart Realtor

 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 in the Vancouver Real Estate Market start out with a 25 year amortization which will take 25 years to pay off. At the start of the…

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First Time Home Buyers Guide Vancouver – Episode 3 How to Hire a Realtor!

 Updated May 3, 2019 by Mike Stewart PREC Hiring a First Time Home Buyer Specialist in Vancouver In Episode 2 of the Vancouver First Time Home Buyers Guide we talked about how to figure out where to buy. Once you have decided on neighbourhood, it’s time to select a Realtor. How Much Does it Cost to Hire a Buyers Agent Realtor? Nothing!? Yes, 99 times out of 100, a Buyers Agent is paid a finders fee commission by the Sellers Agent if the Buyer that is working with the Buyers Agent purchases the Sellers Agents listed property! Furthermore, the…

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Vancouver Real Estate Prediction for the 2010 Winter Olympics

The Olympics Won’t Matter That Much. I stand by what I said in a previous prediction on the Olympics and Vancouver Real Estate that there will be minimal transactions in Downtown Vancouver and surrounding areas because of Olympic security measures. Right after the Olympics there will be a spike in activity from demand caused by all the Buyers who were unable to buy during the time the Olympics are on. What are your thoughts? Please feel free to leave a comment, question, or suggestion below! Thanks!

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Harmonized Sales Tax (HST) and Vancouver Real Estate

 Hi All, I have been getting A LOT of questions about The British Columbia Government's new Harmonized Sales Tax and how it will affect Vancouver Real Estate. 4 Quick Facts on BC's proposed new 12% HST effective July 1, 2010: It only applies to BRAND NEW properties and is paid when the property completes at the Land Titles Office.  The HST is NOT PAYABLE on re-sale properties or used properties. Increase in the maximum threshold for rebates on HST from $400,000 to $525,000; The maximum rebate will be increased to $26,250; Transitional rules will apply - if you enter…

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