Prime Falls To 4.95% and New Insured 30 Year Amortizations

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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Our March 2023 Foreclosure List

Abbotsford attached
Abbottsford Detached
Burnaby Attached
Burnaby Detached
Langley Attached
Langley Detached
Maple Ridge, Pitt Meadows Attached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
New Westminster Attached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Port Coquitlam, Coquitlam, Port Moody Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Richmond Attached
Surrey, North Delta, Cloverdale Attached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached
Richmond Detached
Surrey Delta Cloverdale Detached

Comments

Bank of Canada cuts interest rate to 2.75% as country faces 'new crisis' from tariffs

by Jenna Benchetrit · CBC News · Posted: Mar 12, 2025 6:47 AM PDT

The Bank of Canada has cut its overnight lending rate by 25 basis points to 2.75 per cent, it announced on Wednesday, as an ongoing trade war with the U.S. begins to strain the Canadian economy.

Explaining the decision in his opening remarks, Bank of Canada governor Tiff Macklem said the economy started the year strong, with solid GDP growth and inflation within its two per cent target.

But tariff uncertainty caused by the on-again, off-again trade war between Canada and the U.S. has weighed on business spending and hiring, and shaken consumer confidence, he said. Manufacturing businesses in particular have lowered their sales outlooks.

It's "against this backdrop" that the central bank decided to cut the rate by a quarter point, according to Macklem, though he added that a surge in exports ahead of the tariffs might offset a slowdown in growth.

"While it is still too early to see much impact of new tariffs on economic activity, our surveys suggest that threats of new tariffs and uncertainty about the Canada-U.S. trade relationship are already having a big impact on business and consumer intentions," he said during his Wednesday news conference.

It's the seventh consecutive cut the Bank has made since it started bringing rates down in June 2024.

Continue reading here....

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Insured Mortgages Up To $1.5 Million and 30 Year Amortizations

Did you know that the government recently changed mortgage lending guidelines to allow first time home buyers as well as all applicants buying newly built homes to qualify for home purchases using a 30 year amortization?

This measure will apply to applicants requiring high-ratio mortgage insurance (required when purchasing with a down payment less than 20 per cent and loan-to-value greater than 80%), that are either:

*All first-time homebuyers OR

*All other buyers purchasing a newly constructed home.

A First Time Homebuyer is defined by meeting one of the following criteria:

*The borrower has never purchased a home before; OR

* In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common-law partner owned; OR

* The borrower recently experienced the breakdown of a marriage or common-law partnership.

The price cap of $1 million for insured mortgages has risen to $1.5 million.

This measure will apply to all applicants requiring high-ratio mortgage insurance (required when purchasing with a down payment less than 20 per cent and loan-to-value greater than 80%), and must satisfy the following requirements:

The value of the eligible residential property against which the loan is secured must be less than $1.5 million; and, the down payment requirements for the loan are as follows:

*5 per cent on the portion of a purchase price up to $500,000.

*10 per cent on the portion of a purchase price between $500,000 and under $1.5 million.

Call us today for more information!

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Where Has 14 Years Gone?

Last month we celebrated our 14th anniversary leaving us both wondering where all the time has gone. We had a lovely lunch at The Offy in Chilliwack located in the District 1881 area. A marvelous restaurant with a fabulous menu. Check them out https://www.theoffybistro.com/

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New Neighbours!

About a week ago we had some new neighbours move in next door, a couple of Canadian geese. These massive birds are not to be trifled with and we have enjoyed watching them as they graze. Equally enjoyable is watching the lady next door going out and having to pick up buckets of goose poop. We expect that the geese have nested on the bank of the river so hopefully we will have little ones to watch out for soon!

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The First Fire of 2025

Some beautiful late February weather allowed us the chance to get out and have a fire in the back yard. Can't beat the view!

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Prime Drops to 5.20%, Featured Listing, Small Dogs, & Big Eagles

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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January Foreclosure List

Abbottsford Detached
Burnaby Detached
Maple Ridge, Pitt Meadows Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Surrey, North Delta, Cloverdale Attached
Abbottsford Attached
Burnaby Attached
Langley Attached
Langley Detached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Richmond Attached
Richmond Detached
Surrey Delta Cloverdale Detached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached
Westminster Attached

Comments

BoC cuts key interest rate to 3% as tariff threats loom

By Mike Le Couteur

Updated: January 29, 2025 at 11:19AM EST

Canada’s central bank has cut interest rates for a sixth consecutive time as inflation remains around two per cent and the threat of U.S. tariffs looms.

The 25-basis point cut comes as the Bank of Canada forecasts GDP growth will strengthen in 2025 if there is no trade war with the United States.

In his speech to reporters, Bank of Canada Governor Tiff Macklem said while tariffs are top of mind, they were not factors in the rate cut and the monetary policy report (MPR) released today.

“Since scope and duration of a possible trade conflict are impossible to predict, the MPR projection we published today provides a baseline forecast in the absence of tariffs,” said Macklem.

While the threat of tariffs remains a major source of uncertainty, Bank of Canada officials say there are a number of possible scenarios which makes it difficult to assess the economic impacts.

Macklem says a protracted and broad-based trade war would hurt economic activity in Canada with the higher cost of imported goods putting direct upward pressure on inflation.

“Unfortunately, tariffs mean economies simply work less efficiently – we produce and earn less than without tariffs,” Macklem told reporters. “Monetary policy cannot offset this. What we can do is help the economy adjust.”

With inflation back around the two per cent target, Macklem says the central bank is in a better position to be a source of economic stability.

Continue reading here...

Comments

Featured Listing - 1 Bedroom in South Surrey - Elgin $525,000

Southaven offers this new, move in ready 1 bedroom,1 bathroom ground level condo in Elgin, a fantastic area of South Surrey. This walk up ground floor unit that can be conveniently accessed from the street/sidewalk!

With a thoughtful floor plan and 9" ceilings this unit feels so spacious. The kitchen boasts Samsung appliances including gas, quartz counters, flat panel cabinetry & island. Many high quality finishes, and windows feature 2" blinds which let in tons of light.

Step out to your outdoor space, which is roughed in for gas BBQ & includes a small yard! Includes one parking space roughed in for EV & tons of visitor parking for guests.

Fantastic amenities! Guest suite, bike room, gym, playground & more! Steps away from Choices Market, Starbucks & convenient proximity to restaurants, shops at Morgan Crossing & Grandview Corners. Quick access to park & ride, Hwy 99. (30745948)

Check out the full listing here...

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Tiny Puppy Sleepover Party

Next month we get to host our pup niece, Penny, for 2 weeks while her family is away on holidays. The only thing better than 2 little dogs in sweaters is 3 little dogs in sweaters!

Samson, Lila and Penny all agree that custom meals should be served on time, snackies should be offered hourly, and that walkies, both in the yard and around the neighbourhood, should be available upon demand. We will try not to disappoint.

Should you need to speak to us on the phone during this time, we request that you ignore the barking in the background. These tiny dogs take their protection duties very seriously and they cannot be deterred until the perceived threat, i.e. anything that moves outside, has passed. Wish us luck!

Comments

Samson Says, "Not on My Watch, Bird Face!"

January has been absolutely beautiful out here on the Chilliwack River! There has been much bald eagle activity for last several weeks, as they rest in the treetops, bask in the sunshine, and feed on the shores of the river.

They may be an apex predator, but Samson will not stand for them coming too close to his yard. The other morning, as a massive eagle was gliding down to the bank, Samson caught wind of it, chased it along the fence and scared it off with his ferocious barking. He is thirteen pounds of pure fury! Pretty brave for a little man who looks like a teddy bear and needs a sweater to keep warm from October to June.

Alas, even the most ferocious of pups, in the thickest of sweaters, must come in from the cold at some point, and we were able to capture this pic of the magnificent bird just outside the fence.

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BC Home Flipping Tax

The BC Home Flipping Tax, introduced under the Residential Property (Short-Term Holding) Profit Tax Act, came into effect on January 1, 2025. This tax applies to profits made from the sale of properties owned for less than 730 days and is designed to discourage speculative property sales, supporting long-term housing stability in British Columbia.

This tax is distinct from federal property flipping rules and is administered independently of income tax regulations.

Who is Subject to the Tax?

Any individual, corporation, partnership, or trust that sells a property in British Columbia within 730 days of purchase may be subject to this tax. This applies to:
• Residential properties (e.g., single-family homes, condos).
• Presale contracts (e.g., pre-build condos).
• Zoned residential properties.

The tax applies regardless of whether the seller is a resident of B.C. or resides elsewhere in the world.

Examples:
If you purchased a property on May 1, 2023 and sold it on January 31, 2025 (642 days of ownership), the profit is taxable.
If the same property is sold on or after June 1, 2025 (762 days of ownership), the tax no longer applies.

Click here to continue reading about Key Highlights of the tax....

Comments

Bank of Canada Decrease - Prime Is Now 5.45%, Lila Turns 9, Christmas Pie and Elvis'

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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December List of Foreclosures

Abbottsford Detached
Burnaby Detached
Maple Ridge, Pitt Meadows Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Surrey, North Delta, Cloverdale Attached
Abbotsford Attached
Burnaby Attached
Langley Attached
Langley Detached
Langley Detached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Richmond Attached
Richmond Detached
Surrey Delta Cloverdale Detached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached
Westminster Attached

Comments

The Surge In Canadian Unemployment Keeps Another Jumbo Rate Cut In Play In December

by Dr Sherry Cooper, Chief Economist for Dominion Lending Centres

published Dec 11, 2024

The BoC slashed the overnight rate by 50 bps this morning, bringing the policy rate down to 3.25%. The market had priced in nearly 90% odds of a 50 bp move, where consensus coalesced. The combined slower-than-expected GDP growth and a sharp rise in the Canadian unemployment rate to 6.8% triggered the Bank’s second consecutive jumbo rate cut. Today’s move will take the prime rate down 50 bps to 5.45% effective tomorrow, reducing floating rate mortgage loan rates by a half point, easing the cost of borrowing and reducing the monthly payment increase for renewals. This should spark housing activity, which accelerated in October and November.

The policy rate is now at the top of the estimated neutral rate range, 2.25% to 3.25%, with more moderate rate cuts continuing into next year. However, monetary policy remains restrictive, as the 3.25% policy rate is still 125 basis points above inflation, which has declined to roughly 2%, the Bank’s inflation target.

Economists have suggested that the tone of the central bank’s press release is more hawkish than before, unsurprising following two consecutive jumbo rate cuts. The Bank continues to say that its future decisions are data-dependent and will be impacted by policy measures taken by the government. In particular, the Bank highlighted the coming GST cuts, dispersal of bonus checks and the significant reduction in immigration. These developments have offsetting implications for inflation.

Continue reading here...

Comments

The Other King of Christmas

Elvis is in the building, so it must be Christmas!

Wishing you all a very Merry Christmas, an exceptional Holiday Season, and a spectacular New Year!

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Happy 9th Birthday, Lila Lou!

Our precious little Lila turned 9 years young this month!

When we got her, we were told she was a "brat" and was very verbal. Boy, is that true! She has no problem telling us exactly what she wants and is unlikely to stop until she gets it. She teaches us the value of persistence every single day. Despite that, or maybe because of it, we think she's just perfect.

Happy Birthday, Lila Lou!

Comments

Mortgage Renewal Challenge

Over the next two years, more than 4 million mortgages—around 60% of all outstanding mortgages—are set to renew. A large share of these mortgages haven't come up for renewal since interest rates began rising in 2022. Even with recent rate declines, most borrowers will likely face noticeably higher payments.

Higher payments could lead households to cut back on spending more than anticipated, potentially slowing the economy. They could also create financial stress for borrowers and result in losses for lenders and mortgage insurers.

If your mortgage is coming up for renewal, don’t wait until the last minute to explore your options. Starting early gives you a better chance of securing a favourable outcome. Reach out to us, and we will help you review and compare the available options. We are always here to help!

Comments

The Best Apple Pie

We always have an apple pie on our holiday table. Michelle makes it just like her Grandma Lou taught her, with no measurements, and it might be the best apple pie ever.

Her secret is no secret, the best crust is made from lard and the recipe is right on the Tenderflake box. Fill with a bunch of thinly sliced apples, (we are lucky enough to have an apple tree in our yard, but any good baking apples will do), add about a cup of sugar, around a teaspoon of cinnamon, a whole bunch of little butter nubbins all over the top and a couple heaping tablespoons of flour, pop on the top and don't forget to add lots of vent holes. Bake for about an hour until golden brown. Delish!

Comments

Bank of Canada Rate Drop by 0.5%, LOTS of New Mortgage Rules and The Aurora

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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Foreclosures List in BC

Here is a list of the latest foreclosures in BC.

Comments

Bank of Canada cuts key interest rate by half point for first time since COVID-19 pandemic

Jenna Benchetrit · CBC News · Posted: Oct 23, 2024 6:50 AM

The Bank of Canada has lowered its key interest rate to 3.75 per cent, making a 50 basis-point cut for the first time since the COVID-19 pandemic.

Before Wednesday, the rate stood at 4.25 per cent. Economists were expecting the central bank to go with a larger-than-usual cut, compared to the 25-basis-point downgrades made in June, July and September.

The last time the bank made a cut this size was on March 27, 2020.

As concerns over inflation have subsided — out-of-control price growth, the catalyst for the central bank's initial rate-hike campaign, is now back within the target range — the bank has focused on cutting to keep inflation stable and support economic growth, which has been sluggish under the pressure of high rates.

"We need to stick the landing," Bank of Canada governor Tiff Macklem told a news conference Wednesday morning.

"With inflation back to two per cent, we want to see growth strengthen. Today's interest rate decision should contribute to a pickup in demand."

Continue reading here...

Comments

New Mortgage Rules

There are a few BIG changes coming to the mortgage market and, for a change, they are actually good news!

No More Stress Test For Transferring A Mortgage To A New Lender

Effective December 15, 2024, current mortgage holders will no longer need to qualify using the Stress Test if they wish to transfer their mortgage to a new lender. Borrowers will still need to income qualify to move their mortgage, and maintain their current balance and amortization. Qualifying will be based on the contract rate rather than the Stress Test.

Increasing the cap for insured mortgages to $1.5 million

Effective December 15, 2024, applicants requiring an insured mortgage can purchase a home up to $1.5 million, which is up from $1 million. This applies to those purchasing a home with less than 20%. The down payment requirement is 5% of the first $500,000 of the purchase price and 10% of the remainder of the price up to $1.5 million.

30 Year Amortizations for First Time Home Buyers and New Construction Properties

First time home buyers who have less than 20% down payment and therefore require an insured mortgage, will now be eligible to get an amortization up to 30 years. Also, all buyers of new construction properties who require an insured mortgage can also request a 30 year amortization.

New Federal Program for Home Owners Adding a Rental Suite

Starting in January 2025, home owners wishing to use their home equity to create up to three suites in their home will be permitted to refinance their mortgage up to 90% of their property's improved value up to $2 million. The home owner must already live in the home and be creating a separate suite(s). This program is for the creation of self-contained suites, such as basement suites or laneway homes. Short term rentals are not permitted. Insured mortgages with 30 year amortizations will be permitted under this program.

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Jamie Finally Sees the Northern Lights!

We have found that there are several perks, (and a fair amount of challenges), of living in the middle of nowhere. Being able to see the Aurora last week was a pretty big perk!

Normally, Jamie is never awake late enough to catch any of the majesty offered by the rural night sky, and she was quite jealous to have missed the Aurora last time. Fortunately, this vibrant and mesmerizing light show peaked around 10pm, so she actually got to see it.

From our top deck we had a spectacular view of the aurora. We both had very sore necks after about an hour of standing outside looking up... Totally worth it!

Comments

Samson Turned 12!!!

This past weekend we celebrated Samson's 12th birthday!

Michelle made beef and cheddar pup cakes, topped with sweet potato whipped "frosting", and boy were they a hit!. Sam's doggy BFF, Penny, came for a visit to help him enjoy his day and made sure he didn't forget to eat any of his cake. His mom's and auntie sang him "Happy Birthday" with the help of a full a three dog accompaniment. It was hilarious!

Overall. a very successful birthday weekend, despite the atmospheric river, which created an interesting halo around his candles.

Happy Birthday, Sammy!

Comments

What Became of the Corn Hedge, You Ask?

Although we grew a rather bountiful crop of corn in the front yard this year, the results were mildly less than stellar. We did get a couple of good feeds but many of the cobs were not the nicest flavour or texture. We did manage to use up all the decent cobs in a big batch of succotash, thereby learning that everything is better with bacon fat.

Now we have to decide if we will plant corn in the front yard again next year, or some other crop, or actually try to plant some kind of hedge. Suggestions are welcome! What tall growing crop/hedge do you think we should grow in our front yard? Email us at team@westcoastmortgages.ca.

Comments

Rate Drops, Standing Stones, Putting and a Corn Hedge

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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Foreclosures List in BC

Abbotsford Houses
BC Northern Houses Single Family
BC Northern Houses with Acreage
BC Northern Condos and Townhouses
Chilliwack Houses
Chilliwack Condos and Townhouses
Cloverdale Houses
Cloverdale Condos and Townhouses
Coquitlam Houses
Ladner Houses
Langley Houses
Maple Ridge Houses
Mission Houses
Mission Condos and Townhouses
N. Delta Houses
N. Delta Condos and Townhouses
New Westminster Condos and Townhouses
North Surrey Houses
North Surrey Condos and Townhouses
North Vancouver Houses
North Vancouver Condos and Townhouses
Richmond Houses
Richmond Condos and Townhouses
South Surrey White Rock Houses
Sunshine Coast Houses
Surrey Houses
Surrey Condos and Townhouses
Tsawwassen Condos and Townhouses
Vancouver East Houses
Vancouver East Condos and Townhouses
Vancouver West Houses
Vancouver West Condos and Townhouses
West Vancouver Houses
Whistler Houses

Comments

Bank of Canada cuts key interest rate for third consecutive time

By Mike Le Couteur Senior Political Correspondent, CTV National News

The Bank of Canada has lowered its key interest rate by 25 basis points to 4.25 per cent.

It’s the third cut since June, and the first time the central bank has posted three consecutive reductions since the global financial crisis in 2009. Governor Tiff Macklem says if the economy continues to improve, Canadians can expect more rate cuts later this year. The next rate update is scheduled for Oct. 23.

In remarks to reporters, Macklem said the Canadian economy grew by 2.1 per cent in the second quarter of this year. The gain, led by government spending and business investment, was slightly higher than the central bank’s July forecast.

Comments

Residential Tenancy Regulation Update

This summer we told you about changes to the Residential Tenancy Act which would require a landlord to give tenants 4 months of notice to end tenancy on behalf of a new purchaser. There was a lot of industry pushback and, after some reconsideration, the rules have changed again. Effective August 21, 2024, landlords will need to offer 3 months of notice to end tenancy when the home is being sold and the dispute period is shorted to 21 days from 30 days.

Having said this, should a landlord wish to take over the property themselves, 4 months of notice will still be required. Additionally, tenants who receive such notice will be entitled to 3 months of free rent.

Comments

The Standing Stones of Chilliwack

Each Summer we have a wonderful time inviting friends and family out to our Chilliwack home for some relaxing time on the river. The clear, shallow water is a fabulous place to spend an afternoon watching ducks, catching minnows or stacking rocks.

We have one particularly talented friend who always leaves us with many gravity defying standing rocks, pictured is his work this year. Sometimes they last well into the fall, but they went down early with all of the rain this August.

Fortunately, we were able to capture a few pics before they fell!

Comments

Tap Ins Putting Course With Mom and Dad

The summer is always busy at the river, and this year was no exception. Jamie's parents came from Saskatchewan for a visit in August and we had a marvelous time cooking big meals, sitting by the river and visiting with family.

We also spent a morning at Tap-Ins Putting Course at Cultus Lake. If you have never been, this expansive 18 hole putting course is perfect for all ages and the scenery is gorgeous!

Check them out at https://tapins.ca/

Comments

When You Lose Your Cedar Hedges You...Plant Corn!

This Spring we were very sad to have to make the decision to remove the dying, 35 year old cedar hedges across the front of our property. Not only did we lose privacy, but we are now torn about whether to plant new hedges in the fall or put up a fence.

After the cedars were removed the front yard looked naked, so Michelle came up with a hilarious idea: Let's plant corn! And so we did, much to our neighbour's chagrin, and here are the results.

Michelle then suggested that we open a corn stand called "The Hedge Fund" and sell the surplus from our garden. She's just full of ideas... :)

Corn, the most delicious (temporary) hedge! Maybe next year we'll go all out and build a corn maze in our front yard! Ok, probably not, but we are still looking for the ideal hedge option. Ideas are welcome!

Comments

Bank Of Canada Cuts Rate Another 0.25% and We Had A Baby (Bird)!

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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Your Foreclosure List

Abbotsford attached
Abbottsford Detached
Burnaby Attached
Burnaby Detached
Langley Attached
Langley Detached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
New Westminster Attached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Port Coquitlam, Coquitlam, Port Moody Detached
Richmond Attached
Richmond Detached
Surrey Delta Cloverdale Detached
Surrey Detached
Surrey, North Delta, Cloverdale Attached
Tsawwassen, Ladner Attached
Vancouver East Attached
Vancouver East Detached
Vancouver West Detached
Vancouver West Attached

Comments

Bank of Canada cuts interest rate, signals more to come if inflation keeps dropping

By CTV

The Bank of Canada has decreased its policy interest rate for the second consecutive time and signalled more cuts are coming if inflation continues to ease.

The 25 basis points reduction brings the overnight rate to 4.5 per cent, returning to levels not seen since June 2023. Last month’s cut from 5 per cent to 4.75 per cent was the first in more than four years.

The Bank of Canada has decreased its policy interest rate for the second consecutive time and signalled more cuts are coming if inflation continues to ease.

Bank of Canada Governor Tiff Macklem said the decision was based on economic data showing slack in the labour market, excess supply in the economy and inflation continuing to drop.

'Stars are aligning' for Bank of Canada rate cut: economistsTwo-thirds of Canadians polled say they 'desperately' need interest rates to go downSupply in Canada's property market surges as mortgage renewals loom

“We are increasingly confident that the ingredients to bring inflation back to target are in place,” Macklem said in his opening remarks.

New Tenancy Rules Could Impact Mortgage Financing

By Jamie Moi

Effective July 18, 2024, the notice required to evict a tenant from a property that a landlord wishes to occupy has increased, and the conditions to end the tenancy have become far more expensive for landlords. Currently, a landlord can evict a tenant for the purpose of occupying the property themselves, or having a close family member occupy the property. The notice required was previously 2 months, and has now been extended to 4 months. Additionally, the tenant will be entitled to 2 months of free rent and, should the owner not fulfill their intent to occupy the home within a reasonable time and the property is not used by the landlord for a full year, the landlord will owe the tenant the equivalent of 12 months of rent.

From a mortgage perspective, there are several concerns about these new rules. Firstly, mortgage lenders can do rates holds, but they are usually for a maximum of 120 days. This could mean that mortgage approvals cannot be guaranteed beyond the tenant notice period. Also, if a buyer is looking to purchase a currently tenanted home and the seller runs into challenges evicting the tenant, the sale could collapse. From a lender perspective, the presence of a tenant could mean trouble for the buyer who is trying to qualify to purchase an owner occupied home, rather than buying a rental property which has very different lending criteria.

Make sure you educate yourself on the tenancy rules on the BC Government’s website HERE.

Comments

Welcome to our Backyard Oasis!

Summers are always a blast for us in the 'Wack, with lots of friends and family coming out to visit.

This July has already been mighty warm, which means that we break out the inflatable pool and awnings to get some relief from the heat. While it may not be the most attractive of setups, our little Backyard Oasis is just perfect for our needs.

Now, you may ask, why not go into the river to beat the heat? Well, friends, there is cooling down, and then their is glacial melt.... However, if we experience another dreaded heat dome, the river is the only answer!

Comments

It's a Girl! or a Boy... but definitely a Bird!

One of the most magical things about our property is all of the nature that surrounds us. Living here, we expect deer and maybe bears, probably cougars... but, surprisingly, the birdlife is a highlight!

This year, our swallow house has been occupied by a busy family raising 2, maybe 3, babies. The babies just began chirping last week, and soon after were brave enough to stick their heads out of the little house and watch us timidly. They were so darn cute!

Just 2 days ago the babies began leaving the nest. Jamie captured this excellent shot of the second baby calling after her sister to fly back and get her. Over the course of 2 days they all moved out, some a little braver than others. Yesterday we watched them learning to catch bugs over the river, their very white chests standing out from the older birds. Hopefully they will come back next year and do it all again!

Comments

Dolmades, the Obvious, and Most Delicious Solution!

Once again, our garden is providing more produce than we can handle. The first harvest of our chard and beet leaves proved to be enough to make a full recipe of dolmades.

Although these are not lookers, they are absolutely delicious and made even better by Michelle's amazing avgolemono sauce. Could there be a better summer meal???

This is just the beginning, we decided to grow a bunch of new stuff this year, including 3 approximately 30 foot rows of corn where we lost our cedar hedge this spring. Michelle has been joking about opening a garden market in our front yard and calling it "The Hedge Fund". At least we hope she's joking...

If anyone sees her selling produce on the side of the road, will they please let us know?

Comments

Bank Of Canada Finally Cuts Rate & Jamie Celebrates 20 Years of Brokering!

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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Your June Foreclosure List

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Congratulating Jamie Moi on 20 Years as a Mortgage Broker!

June 2024 marks Jamie's 20th anniversary as a Mortgage Broker! Jamie has helped literally thousands of clients with their financing, and has mentored many, many new brokers along the way.

You can help her celebrate by posting a 5 star review for her on Google and telling us about how she has helped you reach your mortgage or home ownership goals.

Give Jamie a 5 star review now by clicking here...

Comments

Bank of Canada cuts key interest rate to 4.75%

Jenna Benchetrit · CBC News · Posted: Jun 05, 2024 7:11 AM PDT

The Bank of Canada has lowered its key interest rate to 4.75 per cent, marking the bank's first rate cut since March 2020.

Bank governor Tiff Macklem said in opening remarks that the bank's monetary policy no longer needs to be as restrictive.

"We've come a long way in the fight against inflation. And our confidence that inflation will continue to move closer to the two per cent target has increased over recent months," Macklem said.

Economists were largely expecting the move. The inflation rate has moved closer to the bank's two per cent goal in recent months, coming in at 2.7 per cent in April, with the bank's preferred core measures of inflation also easing throughout the spring.

Meanwhile, quarterly GDP numbers released last week were weaker than expected: the economy grew by 1.7 per cent during the first three months of the year, increasing the likelihood of a cut.

After a cycle of aggressive interest rate hikes, the Bank of Canada last hiked the rate to five per cent in July 2023 and held it there until Wednesday's cut.

Continue reading here...

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Wow, Those Northern Lights!

Since moving out to Chilliwack 5 years ago, we have experienced all kinds of beautiful natural events. We have also experienced some less than beautiful events. Nature is stunning, and also cruel and messy.

The show of Northern Lights last month was simply spectacular! Fortunately, Michelle was able to get a number of gorgeous photos, along with a crick in her neck from looking up for so long. All while Jamie was tucked into bed snoring.

We all know that the lights show up better on camera, but out here in the sticks it was pretty spectacular in person as well! This one is Jamie's personal favourite of the captures. She is hopeful that she will be able to stay up past 9 PM, and that the clouds will clear up, should the lights make another appearance.

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How Much Can Jamie and Michelle Do in May?

As it turns out, a whole lot! May was an extremely busy months for us personally. Not only did we complete the refinishing of our stairs and railings (which we started in February, be gone Orange 90s oak!), we also painted our very tall entrance, got the entire garden planted, and hosted Michelle's family from near and far for an incredible feast.

To say we are tired is an understatement. During the planning for the entrance painting, Michelle went to great lengths to pick the exact perfect colour for the walls. This process included using Samson's lovely hair as a colour swatch. He was very patient with the process and we are very happy with the results!

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Embracing Biodiversity in Our "Lawn"

As some of you may know, we live on the banks of the Chilliwack River. Because of the sensitive environment we are in, and the fact that our dogs regularly graze in the yard, we have chosen not to use any herbicides, pesticides or harsh fertilizers on our property. The results have been amazing!

All spring our yard has been visited by bees enjoying our selection of wild flowers, tulips, daffodils, apple blossoms and flowering herbs. We also overseeded our lawn with a mix of grass seed, micro clover and rye which is extremely luscious and cuts down our need to mow by half.

This seed mix has also been very helpful in managing the invasive dandelions, which Jamie often painstakingly removes by hand. With so many other flowers to enjoy, bees have not missed dandelions in our yard, and this brings us both great joy and great harvests.

This picture is of a little bee who spent a good long while perusing the chive flowers by the garden. Pollinate on, little friend!

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Bank Of Canada Holds Steady, A Burn, A Goat And A Cuddle

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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Foreclosures List

Calgary Foreclosures

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Bank of Canada holds key interest rate at 5%, says things moving in right direction

Jenna Benchetrit · CBC News · Posted: Apr 10, 2024 6:49 AM PDT

The Bank of Canada has held its key interest rate at five per cent for the sixth consecutive time since July, saying it will look for signs that slowing inflation is sustained before moving on rate cuts.

The central bank said that inflation is still too high, but noted that core inflation measures — which strip out volatile sectors like food and energy — have trended downward in recent months.

"I realize that what most Canadians want to know is when we will lower our policy interest rate. What do we need to see to be convinced it's time to cut?" Bank of Canada governor Tiff Macklem said during a news conference following the announcement.

"The short answer is we are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained. The further decline we've seen in core inflation is very recent. We need to be assured this is not just a temporary dip."

Macklem said that a rate cut in June is "within the realm of possibilities."

While inflation cooled to 2.8 per cent in February, with price growth slowing across goods, food, clothing and services, high rent and mortgage interest costs continue to drive up the overall inflation rate.

The bank expects inflation will move closer to its two per cent target this year, and that it will reach it in 2025. The bank also expects solid GDP growth this year and in 2025, due to population growth and increased household spending.

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Is That A Goat???

The other week our dogs startled us with loud barking and when we went to check out why, we saw this. I don't know about you, but we have never seen a goat being walked on a leash. There's a first time for everything!

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Spring Burn

One of the nicest parts about living in the middle of nowhere is that we get to have campfires, at least before the fire ban sets in. Last summer we rebuilt our firepit and it is working really well.

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Samson The Office Pup

Samson loves a good cuddle, and he doesn't care what you are doing when he needs his loving. He regularly demands that I stop what I am doing and snuggle him. Not a bad way to have a break during a busy day.

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Your 2024 Tax Claims Kick Off

Most Canadians must file their tax return by April 30, which is also the deadline to make a payment for those who owe money to the government.Canadians who are self-employed, along with their spouses or common-law partners, have until June 15. Since that day falls on a weekend, the CRA will consider a return to be on time if it is received by or postmarked on or before June 17.

Self-employed Canadians must still pay money owed to the CRA by the April 30 deadline to avoid paying interest.

FHSA, home office claims among changes

This marks the first year that taxpayers will be able to enter deductions on the First Home Savings Account (FHSA), a type of tax-free account rolled out by the federal government last year to help Canadians save on their first home.

"Your contributions to the FHSA are tax-deductible, while your withdrawals — as long as you use them for the down payment of a purchase of your first home — are tax-free," said Gerry Vittoratos, a national tax specialist with UFile.ca.

The program allows prospective homebuyers to start saving for up to 15 years once they open an account, with an annual $8,000 deposit cap and a lifetime contribution limit of $40,000.

Canadians who've opened this type of account will receive a new slip called the T4FHSA, which will provide the details needed to complete your tax return.

Financial institutions and employers have until the end of February to send tax slips to the CRA. So most taxpayers might not even get their slips until early March, "and that's really the kick-off of the season," Vittoratos said.

Canadians might also notice that the temporary flat-rate method for claiming employees' home office expenses — such as rent, electricity, internet and office supplies — is no longer available.

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Tax Changes for Flippers, Co-signers and Property Transfer & A Bank of Canada Update

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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March Foreclosure List

Abbotsford attached
Abbottsford Detached
Burnaby Attached
Burnaby Detached
Langley Detached
Maple Ridge, Pitt Meadows Attached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Port Coquitlam, Coquitlam, Port Moody Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Richmond Attached
Richmond Detached
Surrey Delta Cloverdale Detached
Surrey, North Delta, Cloverdale Attached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Detached
Vancouver West Attached

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Bank of Canada holds key interest rate at 5% again, saying it's still too soon for rate cuts

Jenna Benchetrit · CBC News · Posted: Mar 06, 2024 6:51 AM PST

The Bank of Canada has held its key interest rate at five per cent again, saying that it's still too soon to consider rate cuts while underlying inflation persists.

Economists were widely expecting the central bank to hold the rate. The bank said in a note on its website that it was still concerned about underlying inflation, which strips out volatile items like food or fuel.

Bank of Canada governor Tiff Macklem elaborated on those concerns during a press conference following the announcement.

He said there are still global risks — like the attacks on Red Sea shipping routes, which have impacted global shipping costs — that could feed into higher inflation if they escalate.

Domestically, "we are seeing a gradual easing in underlying inflationary pressures. The risk is that stalls," he said. "We don't want inflation to get stuck, materially, about our [2 per cent inflation] target."

The central bank expects inflation to stay close to three per cent during the first half of this year before it slowly eases.

Continue reading here...

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BC Government Budget Affecting Real Estate

BC Government Unveils New Housing Measures in 2024 Budget

The BC Government has recently introduced a range of new housing measures in its 2024 budget, aimed at addressing the ongoing housing crisis in British Columbia.

BC Home Flipping Tax: Starting January 1, 2025, a new tax will be implemented on the sale of residential properties within two years of purchase, targeting speculative real estate practices. This move is expected to contribute to stabilizing housing prices and increasing the availability of affordable homes. Exemptions to the home-flipping tax will be available to people who face unavoidable life changes, including death and divorce, job relocation or loss, and people who are adding to B.C.’s housing supply.

Enhanced Property Transfer Tax Exemptions: Significant improvements have been made to make home ownership more accessible. The First Time Homebuyers’ Program has been expanded, with increased thresholds allowing more buyers to benefit from tax exemptions. This includes full exemptions for homes valued up to $835,000 and partial exemptions for those up to $860,000, potentially saving buyers up to $8,000. Furthermore, buyers of newly built homes valued up to $1.1 million will enjoy reduced costs, encouraging the purchase of new properties.

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The Eagle Who Visited For A Week

Living very close to the middle of nowhere has quite a few perks. One of the most surprising, for us previous city slickers, is the amount and variety of bird life we get to witness.

We have all the usual suspects; crows and seagulls and sparrows, and we get some more unusual species; herons and osprey and turkey vultures, to name a few. But the eagles are far and away the most majestic.

For one week last month, this mighty bald eagle showed up at our neighbours house for a snack each morning. Now, we certainly do not condone feeling wildlife, but these little visits made for some amazing up close experiences, and some great pictures!

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Lila Goes To The Dentist

Little Lila Lou celebrated Valentine's Day by getting her teeth cleaned. Sadly, she had to have 6 of her little teeth pulled out. Poor lady has a very small mouth and such large teeth!

She faired well and was all gummy smiles after. She may have still been experiencing the lingering effects of general anesthetic in this pic...

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Co-signing A Mortgage May Now Require Filing A T3

New trust reporting rules came into effect December 31, 2023, which apply to bare trusts in Canada. If you have co-signed a mortgage for a home where you hold at least 1% of the title, and you are not living in that home, these new rules apply to you.

Most commonly, these new rules will apply to parents who have co-signed for their children's mortgage and, subsequently, hold 1% of the title of that home. If you do not file a T3, the penalty can be as much as $2500 or 5% of the fair value of the property held in trust.

If these rules apply to you, you have until April 2, 2024 to file a Schedule 15. Please contact your accountant for further assistance in making your filing.

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New Year, New Rates And New Hope

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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January 2024 Foreclosures

Jan 2024 Burnaby Detached
Jan 2024 Abbotsford Detached
Jan 2024 Burnaby Attached
Jan 2024 Mission Detached
Jan 2024 Chilliwack Detached
Jan 2024 New West Attached
Jan 2024 North Van Detached
Jan 2024 North Van Attached
Jan 2024 Langley Detached
Jan 2024 Pitt Meadows Maple Ridge Attached
Jan 2024 Pitt Meadows Maple Ridge Detached
Jan 2024 Tricities Attached
Jan 2024 Richmond Attached
Jan 2024 Surrey Attached
Jan 2024 Richmond Detached
Jan 2024 Tricities Detached
Jan 2024 Surrey Detached
Jan 2024 West Vancouver Attached
Jan 2024 White Rock Delta Detached
Jan 2024 West Vancouver Detached
Jan 2024 White Rock Delta Attached
Jan 2024 Vancouver Detached
Jan 2024 Vancouver Attached

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The Bank of Canada Holds Rates Steady And Expects Rate Cuts Later This Year

By Dr Sherry Cooper, Chief Economist Dominion Lending Centres

Today, The Bank of Canada held the overnight rate at 5% for the fourth consecutive meeting but provided an outlook suggesting that monetary easing will begin by mid-year. The Bank forecasts a soft landing for the Canadian economy, with inflation falling to 2.5% by the end of this year. While some economists predict a recession, the Bank suggests that "growth will likely remain close to zero through the first quarter of 2024" and "strengthen gradually around the middle of 2024." This would be a soft landing.

While inflation ended 2023 at 3.4%, owing mainly to high and sticky shelter costs, "the Bank expects inflation to remain close to 3% during the first half of this year before gradually easing, returning to the 2% target in 2025. While the slowdown in demand is reducing price pressures in a broader number of CPI components and corporate pricing behaviour continues to normalize, core measures of inflation are not showing sustained declines."

Continue reading here...

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What's the interest rate outlook in Canada for the year ahead?

By Fergal McAlinden 18 Jan. 2024 for CMP

The direction of rates will have huge influence over Canada’s housing and mortgage markets in 2024.

Dropping interest rates on both the fixed and variable fronts are expected to be among the big trends of the year in Canada’s mortgage market, although there’s little consensus as to when both rates will start to fall in earnest – and how far they’ll slide.

Fixed rates have already been on the way down in recent weeks, with top banks cutting in response to plunging bond yields, while all eyes are on the Bank of Canada and a possible date for the beginning of cuts to its benchmark rate, which leads variable mortgage rates.

In its newly released forecast for the year ahead, digital mortgage brokerage nesto noted that each of Canada’s five leading banks anticipate a lower central bank policy rate by the end of the year.

The company highlighted that Bank of Montreal (BMO), Royal Bank of Canada (RBC), and Scotiabank all believe the Bank of Canada’s trendsetting rate will have fallen to 4.0% by the end of the fourth quarter, while Canadian Imperial Bank of Commerce (CIBC) forecasts a 3.50% rate by then and National Bank see it sitting at 3.25%.

Continue reading here...

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Welcome 2024!

Happy New Year! We hope you all had a marvelous Holiday Season and rang in the New Year with friends, family, joy and love.

We want to send out a big thank you to our amazing clients and referral partners who helped us get through a somewhat tumultuous 2023. It was a year filled with rate hikes and a very slow real estate market, and we can't say we were terribly sorry to see it go.

Already this year is looking to be busier, and we are ready to serve all that pent up real estate demand. We are excited for 2024, and look forward to helping you, and anyone you send our way, with all of your mortgage needs.

Bring on 2024! Here's to Home!

Jamie & Michelle

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Hey You! Are You Worried About Interest Rates?

Things are looking up and rates are coming down!

The Bank of Canada may not have lowered their overnight rate today, however, they did offer some good news, signaling that rate drops could start as early as April or June. We have also seen a steady decline in fixed interest rates, a trend we expect to continue throughout 2024. If you are worried about interest rates and would like to discuss options, we are always to help!

In other good news, if you, or someone you love, is over 55 years of age, we can explore doing a CHIP Reverse Mortgage to eliminate mortgage and debt payments all together. With rates lower than most HELOCs, personal loans and Credit Cards, a CHIP mortgage could bring financial comfort to older Canadians looking to remain in their homes when retirement reduces their income. Many of our clients are absolutely thrilled with their CHIP Reverse Mortgage, and you could be too. Contact us to today for more information.

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First Home Savings Account or FHSA - What Is It And How Does It Work?

What is a First Home Savings Account?

The First Home Savings Account is a registered plan that was introduced by the federal government in 2022 and it is designed to help first time home buyers save funds towards a down payment for a new home TAX-FREE. This program can be used in conjunction with RRSP savings, which allows up to $35K to be used under the current Home Buyers' Plan. Unlike an RRSP, the FHSA withdrawals do not need to be paid back over a 15 year period.

Who Is Eligible To Open A FHSA

To be eligible to use this program you must be at least 18 years old (or no less than the age of majority in your province, so 19 years old in B.C.), be a Canadian resident with a Social Insurance Number and be purchasing your first home. If you have owned a home in the past, you may still be eligible to use this program provided you have not owned a home where you have lived in the last 4 years.

How Does A FHSA Work?

You can then set up an account with your regular bank and make annual contributions up to $8000 with a lifetime limit of $40,000. Should you contribute less than $8000 annually, your contribution room is carried forward to the following year. The account can remain open for a maximum of 15 years or until the end of the year when the account holder turns 71. The funds you save are tax-free!

If you are looking for more information on this program, click here...

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