Office: 604-530-4141 |

MORE GREAT NEWS FROM MORTGAGE BROKER CHAD DREYER


Hello,


Hope you had a great weekend!


It looks like we may see some great upcoming changes to Insured mortgages in Canada!


There are plans to increase the maximum purchase price for insured mortgages (less than 20% down) mortgages from 1 million to 1.25 million which is great new for Markets like Vancouver where prices are hight and in situations where buyers may be able for a to qualify but could be short on downpayment needed for a purchase would have the option to look at an insured mortgage with a higher price point.


As this develops I will be sure to keep to keep you updated.


Bond yields have hit new highs that we have not seen since Feb 2020 and this is certainly going to put pressure on fixed rates to increase shortly, I have heard some lenders will be announcing rate increases overnight or over the coming days unless bond yields go back down shortly.


Given where bond yields are now, I suggest any clients you are currently working with who may not have a pre approval/rate hold currently that they do so ASAP!


Have a great week.


Thanks,

Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565
604.614.9239
chad@chaddreyer.ca
www.chaddreyer.ca


INTERESTING UPDATE FROM MORTGAGE BROKER CHAD DREYER ON PROMISES TO HELP HOME BUYERS.


Well as we all saw nothing much changed with last months Federal election, however the Liberals now have a fresh slate of policies for housing with hopes of sustainability and assisting first time buyers.


Here is a summary of their key housing promises:


Housing Supply


The Liberals plan to build, preserve or repair 1.4 million new homes if the next 4 years, they plan to do so through the following initiatives:


  • Housing accelerator fund
    • Invest $4 billion in a housing accelerator fund to build 100,000 new middle-class homes by 2024/2025
  • $2.7 billion for the National Housing Co-Investment Fund
  • $600 million for office and retail space conversion to housing
  • A temporary ban on foreign ownership
    • Foreign citizens would be barred from purchasing Canadian housing for the next 2 years, unless its proven to be for future employment or immigration within the proceeding 2 years
  • Anti-Flipping Tax
    • Applicable to properties sold within 12 months of purchase 


Mortgage Qualification Policies 


  • Changes to the First-Times Home Buyers Incentive 
    • Under the new plan participants could choose between the previous shared equity arrangement or now opt instead for a loan that is repayable only at time of sale 
  • Increase mortgage insurance eligibility cap to $1.25 million 
    • This is an increase from the current $1 million
  • Reduce CMHC insurance premiums for new buyers by 25%


Financial Assistance 


  • Tax-Free Home Savings Account
    • This allows Canadians under 40 to save up to $40,000 towards their first purchase, the money can withdrawn tax-free with no repayment requirement
  • $1 billion for rent to own projects 
  • Multi-generational home renovations tax credit 
    • Provide a 15% tax credit of up to $50,000 for homeowners who add a secondary unit to their home for the use of immediate or extended family
  • Double the First-Time Buyer Tax Credit from $10,000 from $5,000


There is definitely a lot of work here with everything the Liberals have proposed above and as we know by the time these come to law they could look much different that proposed above.


I will continue to monitor these and update you if any policy changes are announced.


If you have any questions please feel free to reach out!


Thanks

Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565
604.614.9239
chad@chaddreyer.ca
www.chaddreyer.ca


COVID-19 COMPARISON APRIL- MAY 2020

2.5 Million cases of COVID-19 WORLD WIDE APRIL 21, 2020

 

CORONAVIRUS PANDEMIC                       MAY 21, 2020

APRIL 21, 2020                                     BC ACTIVE CASE 307

BC TOTAL CASES 1699                       BC TOTAL CASES  2479

BC TOTAL DEATHS 86                         BC TOTAL DEATHS 152

                                                                                         BC 12 NEW CASES

 APRIL 21,2020                                                                             MAY 22,2020

CANADA TOTAL CASES 37,000              CANADA TOTAL CASES 81,324

CANADA 1600 + DEATHS                        CANADA TOTAL DEATHS 6,152

   

APRIL 21,2020                                                                          MAY 23, 2020

TOTAL CASES GLOBALLY 2,499,723 TOTAL CASES GLOBALLY 5,244,728   DEATHS  GLOBALLY 171,718


 APRIL 21,2020                                                   MAY 23, 2020                               

UNITED STATES TOTAL CASES 788,110  USA TOTAL CASES 1,604,189

UNITED STATES DEATHS 42,374               USA DEATHS 96,082


COMPARISON TO MAY 21, 2020 CASES IN CANADA 

 
 
 
 
 
 
 
 
 
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.