January 2018 Commercial listings

January 2018 - Agri business
January 2018 - Multifamily
January 2018 - Land
January 2018 - Business w prop

Here is a list of this months new Commercial listings throughout the Lower Mainland

February 2018 Foreclosure List

February 2018 - Burnaby - Attached
February 2018 - Burnaby - Detached
February 2018 - Coquitlam - Attached
February 2018 - Coquitlam - Detached
February 2018 - Galiano Island - Detached
February 2018 - Langley - Detached
February 2018 - Maple Ridge - Attached
February 2018 - Maple Ridge - Detached
February 2018 - Mission - Detached
February 2018 - New Westminster - Attached
February 2018 - North Surrey - Detached
February 2018 - North Vancouver - Detached
February 2018 - Pitt Meadows - Detached
February 2018 - Port Moody - Attached
February 2018 - Richmond - Detached
February 2018 - Surrey - Attached
February 2018 - Vancouver East - Attached
February 2018 - Vancouver East - Detached
February 2018 - Vancouver West - Attached
February 2018 - Vancouver West - Detached
February 2018 - West Vancouver - Detached

Real Estate Sky is Falling - All Because of our Government

New_mortgage_rules_for_2018

Earlier "stress test" from our government had effectively made it more difficult to qualify for a home when purchasing with less than 20% down payment.  Families had to use 4.99% (benchmark rate) to qualify for a mortgage even if their contract rate was at 2.99%.

This does not mean that your mortgage interest rate will be 4.99% but it does, however, mean you have a higher standard for qualifying for a mortgage. Qualify” means that you must prove you can afford a payment at that higher rate.

New "stress test" effectively January 1, 2018 would now affect people who are putting down at least 20% (called conventional financing).  These families would now have to qualify at the benchmark rate or contract rate + 2% or whichever is greater. (see PDF above for detailed example and further clarity)

Although overpriced single family homes have started to decline... local Real Estate boards have been posting SOLD price and sales numbers for condo and townhouses still going up.  With both of these combined, it would mean a lot of families' dream of home ownership may be out of reach in their near future (even if they were putting down 20% or more). 

Multi-Families For Sale - 4 Units and Up

9603-5-9607-9 96 Street - Fort St. John
2040-2046 Bowser Avenue - Prince George
10-16 Little Wedeene Street- Kitimat
7903 95 Avenue - Fort St. John
46167 Cleveland Avenue - Chilliwack
803-805 Oceanview Drive - Prince Rupert
34860-34864 High Drive - Abbotsford
10633-10635 144 Street - North Surrey
7769-7771 Davies Street - Burnaby
1812 W 10th Avenue - Vancouver
10608 100 Street - Taylor
575 Evergreen Drive - Prince Rupert
616 W 7th Avenue - Prince Rupert
397 Aspen Street - 100 Mile House
6-8 N MAckenzie Avenue - Williams Lake
1-8 10204 98 Street - Fort St. John
10219 96 Avenue - Fort St John
3449 14th Street - Houston
681 Edkins Street - Quesnel
46101 Princess Avenue - Chilliwack
1744 Spruce St - Prince George
4502 Lazelle Avenue - Terrace
2072 W 15th Avenue - Vancouver
9827 97 Avenue - Fort St. John
76 Coburg St - New Westminster
1-11 4300 Amblewood Lane - Nanaimo
411 Third Avenue - New Westminster
3618 E Hastings Street - Vancouver
6779 Sussex Avenue - Burnaby
6750 Dow Avenue - Burnaby
1222 Fifth Avenue - New Westminster
7110 Linden Avenue - Burnaby
230 W 10th Avenue - Vancouver
8938 Montcalm Street - Vancouver
425 6th Street -West Vancouver
2600 E 49th Avenue - Vancouver East

12 Reasons Why Rental Properties Are the best Investment

It is no secret that I love multi-family rental properties. Rent-to-own or flipping properties might be fun but rental properties is my true business love. Let me explain why:

1. Ability to Purchase with Leverage

Rental properties are great because you can borrow the bank's or someone else's money to increase the potential return.

2. Ability to Hustle for Greater Returns

Not only can I leverage my cash, but I can also leverage my time and abilities to make magic happen in this game - something difficult to do with other investments.

3. Ability to Manage my Investment Directly

With a rental property, I am directly responsible for the outcome of my investment. It is up to me to analyze a property before I buy it; it's up to me to ensure the property is in a good condition and it's up to me to ensure the property is performing at peak performance.

4. People Always Need a Place to Live

The real estate market will go up and down, but the beauty of rental properties is that demand will never end. People always need a place to live, so unlike the latest tech trend, real estate investment is an investment that will last.

5. It's Worked for Millions of People Before Me

Perhaps one of the greatest benefits to rental property investing is the proof of concept handed down by millions of investors before us. Since the dawn of human civilization, landlords have built wealth by owning and leasing out residential property.

6. Fairly Stable and Predictable

Yes, events such as the market collapse in 2007 do happen, but rental property owners who were investing for long-term gains did not suffer like those who were trying to be fancy and were investing out of greed.

7. Incredible Variety

Rental properties also offer an incredible amount of opportunity within the asset class. I can invest in single family houses, small multifamily properties or large multifamily apartments. The possibilities are endless.

8. Simple and Straighforward

Although I will never claim that working with rental properties is easy, I do maintain that investing in rental properties is fairly simple and straightforward. The strategies for success in real estate investing is not overly difficult to learn or master.

9. I Can Buy Below Market Value

One of my favorite reasons for investing in rental properties is my ability to find properties that I can buy below market value by dealing with the Sellers directly.

10. Insider Trader is Legal

I know I won't end up in jail like Martha Stewart because  as a real estate investor I can leverage any secret knowledge I can find to benefit my investments. If I know that a new light rail or rapid transit is moving into a neighborhood, I can jump in and swoop up properties before word gets out.

If I hear that a major industry is leaving an area, I can get out of that area before the market declines.

11. Multiple Ways to Profit

One of the greatest benefits of rental property investing, especially compared with other real estate niches and strategies, is the opportunity to capitalize on all four of real estate's major profit sources:

 - Cash Flow

 - Appreciation

 - Mortgage Paydown

 - Tax Benefits

12. Not Having to Be Present to Make Money

Finally, I love the idea that I can make money without physically needing to be present. That's called a "job", and I want to avoid that.

Do understand that real estate is not generally a 100% passive activity, but over time, the systems you create can help you outsource most of the landlording process.

The dollars will roll in whether you get out of bed in the morning or not.

Harder Rules For Mortgage Financing Jan 1, 2018

The Office of the Superintendent of Financials Institutions is requiring all mortgages insured or not insured, to qualify at the Canadian bench mark or 2% higher than the contract rate. 

What does this mean?

You're going to lose around 20% of your purchasing power starting in January.

Is there a way around this?

No (well maybe, keep reading...)

Are there other options?

Yes.  Provincially regulated lenders such as credit unions do not have to follow these rules.  It only applies to federally regulated lenders such as big banks or mono line lenders. However, there are other issues you have to deal instead.

What can you do?

If you want to refinance or add a  line of credit, do it now.  If you want to buy in 2018, buy now.  I mean now, as everyone is extremely busy and refinances are taking double and even triple the time longer to complete.

What is the long run ramifications of this?

More people will require mortgage planning to qualify. 

10 years ago, you were able to do 0% down, self employed stated income mortgages.  If you had a pulse you would qualify.  

Today, they need detailed financials to qualify with minimal exceptions allowed.  Many clients are shocked to see how much documentation is required and the evidence that must be produced to get what was previously thought of as a "simple" mortgage.

With all the restrictions and requirements put in place today, we really have no idea what else is coming in the years ahead. Even if you are approaching retirement and have substantial equity in your home, you still have to meet the ever-tighter credit rules.

As for that rate on the billboard, that's a thing of the past too!

How would this affect real estate prices? Curious? Want to know your options? 

Call me @ 250-565-4969 and we can have a quick chat. 

PS: If you are considering a home purchase or a refinance do not delay, CALL ME NOW!  Wait times are growing longer each week, however applications submitted prior to December 31st will be grandfathered.

The Anatomy of Condo Price Rises

A real-life scenario revealing why condos sell for more and more – plus great tips for buyers.

Applicable to the Metro Vancouver market, but lots to learn for other markets as well. 

Click here

Multi-families for Sale - 4 Units and Up

616 W 7th Avenue - Prince Rupert
4031 1st Avenue - Prince George
10219 96 Avenue - Fort St John
1744 Spruce St - Prince George
521 Victoria St - New Westminster
5558 Beaver Creek Rd - Port Alberni
6750 Dow Avenue - Burnaby
6779 Sussex Avenue - Burnaby
76 Coburg St - New Westminster
37955-37959 Westway Ave - Squamish
879 Johnson St - Prince George
5732 Vedder Rd - Chilliwack
2581 Kincome Place - Port McNeil
4045 1st Avenue, Prince George
17700-58 Ave - Cloverdale

August 2017 - List of foreclosures

Abbotsford Detached
Burnaby Detached
Cloverdale Detached
Langley Detached
Maple Ridge Detached
North Delta Detached
Surrey Detached
South Surrey White Rock Detached
Vancouver East Detached
Vacnouver West Detached
Abbotsford Attached
Burnaby Attached
Coquitlam Attached
Langley Attached
Port Coquitlam Attached
Richmond Attached
Surrey Attached
Vancouver West Attached
Victoria BC June Foreclosures

Here is this month's list of foreclosures! 

July 2017 Commercial properties

July 2017 - Agri Business - BC Wide
July 2017 - Multifamily - BC Wide
July 2017 - Business w Property - BC wide

Here is a list of this months Commercial properties, lots of different opportunities available. 

Buyer Who Walked Away From Real Estate Deal Pays $360,000

1. BC buyer
2. May 2016 - No Subject Offer Made @ $1.26 milion
3. August 2 - 15% Foreign tax put in place with 1 weeks notice
4. Market drastically changes
5. Buyer thinks he can walk away
6. Supposed to close for Sept 1
7. Does not close
8. House is eventually solved for $910,000 to another buyer
9. Loss of $350,000
10. Law suit put into place
11. Buyer does not respond to law suit
12. $360,000 judgement given to seller

News Story:
http://www.cbc.ca/beta/news/canada/british-columbia/buyer-who-walked-away-from-real-estate-deal-ordered-to-pay-360k-1.4232844

Court Document: 
http://www.courts.gov.bc.ca/jdb-txt/sc/17/13/2017BCSC1361.htm

April Court-Ordered Sale & Foreclosures

April 2017 Detached Foreclosures $1,000,000 - $2,000,000
April 2017 Detached Foreclosures $0 - $500K
April 2017 Detached Foreclosures $2,000,000 plus
April 2017 Detached Foreclosures $500K - $1,000,000
April 2017 Attached Foreclosures $500K - $1,000,000
April 2017 Attached Foreclosures $0 - $250K
April 2017 Attached Foreclosures $250K - $500K
April 2017 Commercial Foreclosures

Here's April's list.  If you are seriously interested in these properties and want to succeed in winning one, here's what you need to do: have your financing done beforehand and have a realtor that has experience in these matters to help you.

The Founder Movie: The Biggest Lesson About The Value Of The Brand

If you haven't watched The Founder movie about Ray Kroc, you absolutely should. One of the best movies about entrepreneurship out there.

One of the moments in the movie was so powerful, I created a short clip from it, because there is no better illustration of the value of the brand.

Check out this 2-minute clip at http://tmf.rocks/raykroc

I'll leave you with a great quote from Ray Kroc, "You’re not going to get it free. You have to take risks, and in some cases you must go for broke. If you believe in something, you’ve got to be in it to the ends of your toes. Taking reasonable risks is part of the challenge. It’s the fun."

'We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers

The three main fibs I've seen over the years for mortgages:

1. "Mortgage insurance is required to get the mortgage". 

This is false. It's not required at all. 

2. "Fixed rate mortgage only has a 3 month interest penalty if you break it"

This is false. There is an interest rate differential penalty involved.  

3. "We can easily transfer your mortgage to another property"

This is false.  Most of the time you have to re-qualify for the transfer. 

What my advise would look like for the above three: 

1. Mortgage insurance is crap.  Get it for the time being while you apply for a term policy direct from an insurance company. Once approved cancel the mortgage insurance. 

2. Use a lender that has a cheap interest rate differential penalty calculation for penalties.  Avoid all big bank fixed rate mortgages like the plague.  

3. Generally you can't, banks want you to re qualify again for the transfer.  Therefore, do not sell your property, until we have a new approval for you. 

http://www.cbc.ca/news/business/banks-upselling-go-public-1.4023575

Spring has arrived in Prince George!

After a fairly mild winter with very little precipitation (snow), the melt is almost complete, streets are being cleared of gravel and it's great to walk the city again. 

Every day the grass outside my place changes to more green. The robins have been here for 3 weeks now, winds are light and the air is fresh.

Spring in the middle of the province has longer days and shorter nights. Still light out near 9:00. 

The bears are waking up now and soon we will be getting the warnings that they are out and about. 

Very interesting city, more cultural stuff than you might think, traffic is comparatively light and the people are friendly and very accommodating. 

The Metro attitude is creeping in with high demand and low supply in Real Estate. Prices are climbing, multiple offers, hesitate and you don't get that home. 

The upside is that the average home price is in the $320k range and very nice homes are still under $400. Good supply of new builds, with lots of modern features. 

Need a realtor to go with your mortgage requirements? I have great relationships with the best realtors in Prince George and surrounding area. Country living? Urban? Suburban? You build?

Investors are welcome and most properties will cash flow positively very well. Market appreciation is trending upward and demand is growing. 

Contact me for your Commercial or Residential Mortgage needs. 

12 Warren Buffett Words of Wisdom (WoW) on Investing

Since it is unlikely Mr. Buffett himself will be sitting at your dinner table anytime soon offering you advice on your real estate investing career, here is a compiled list of what I deem to be some of the best pieces of advice from him.

Take them or leave them as you wish. Maybe they apply to your situation and may be they don't, but they are certainly worth a quick consideration:

1. Be fearful when others are greedy, and be greedy when others are fearful. 

2. A public opinion poll is no substitution for thought. (Don't just listen to everyone and their moms  ranting off about stuff and take it for gold)

3. Think in terms of income, not appreciation. (Always be cautious when speculating)

4. You ought to be able to explain why you're taking the job you are taking, why you're making the investment you are making, or whatever it may be. And if it can't stand applying pencil to paper, you'd better think it through some more. And if you can't write an intelligent answer to those questions, don't do it.

5. Use partnerships to fill your gap in expertise. (Be willing to admit your weaknesses and be willing to bring in team members to fill those)

6. Minimize your mistakes and learn from those that you make. (Literally the key to real estate investing)

7. I really like my life. I have arranged my life so that I can do what I want. (The difference between investing and a job)

8. When you plan to buy, plan to hold. (Buffett is huge on the idea of holding. Remember the importance of long term plays)

9. The macro view is more important than the micro view. (Look at the big picture)

10. Risk comes from not knowing what you are doing. (Be educated)

11. Embrace the boring. (Sometimes the boring long-term plays are the most successful)

12. I'd buy up a couple thousand single-family homes if it were practical to do so. Houses are better than stocks. (Maybe a little biased on my part since I am a Mortgage Broker, but he has a point ;)

Newly Built Home Exemption

The B.C. Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home. This exemption can save buyers up to $13,000 in property transfer tax when purchasing a newly constructed or subdivided home worth up to $750,000. It can also be used by first-time home buyers in conjunction with the B.C. Home Owner Mortgage and Equity Partnership to help their dream of home ownership come true.

A newly built home includes:

A house constructed and affixed on a parcel of vacant land. An apartment in a newly built condominium building. A manufactured home that is placed and affixed on a parcel of vacant land.

For more information, please give me a call to discuss how this program may be a fit for you or someone you know who is looking at buying their first home. Please Click Here for More Details or, reach me directly at (250) 565-4969

February Foreclosure List

Burnaby-Attached
Burnaby-Detached
Commercial-Real Estate Board of Fraser Valley
Commercial-Real Estate Board of Greater Vancouver
Mission-Detached
Pitt Meadows-Maple Ridge-Attached
Pitt Meadows-Maple Ridge-Detached
Surrey-Attached
Surrey-Detached
Tri-Cities-Attached
Tri-Cities-Detached
Vancouver-Attached
Vancouver-Detached

The usual Real Estate Porn for your pleasure. Take note that these may not be available due to redemption or past the court date. Usually no subjects are allowed and the judge is biased towards the current homeowner. There may be bargains, or not. Do your due diligence. Mortgages are available for these properties, but pre-approvals unlikely as the property is not certain. 

Merry Christmas and Miscellaneous Holiday Greetings

This is the time of year to reflect on what was and wasn't this past year and plan for the next.

Many highlights and some disappointments. 

I have been blessed by meeting many wonderful people and being exposed to many great opportunities. I travelled this year to Mexico, relocated to Prince George, escaped the metro rat race, found new strength in character and body.

There were a few disappointments, but when I look back, I was better in July than I was a year ago and right now I am way better than I was in July . 

I am looking forward to a very healthy and prosperous 2017 in all areas of my life.

My wish to you is for a Very Healthy, Prosperous and Satisfying 2017 and over this holiday period for a very Merry Christmas to you and your family!

Please feel free to forward this newsletter to any of your connections that may benefit from its contents.

In closing, I would like to remind you that my business is entirely based on referrals from my friends and clients and I am never too busy to handle their mortgage transactions.

Thank you for your referrals! 

Movember Follies (or follicles)

Many of you know of my passion for the Movember cause which champions Prostate and Testicular Cancers, Men's Mental Health and other Men's disorders. 

In November each year we grow a moustache to act as a conversation starter, as in "what is that on your face" and "wow what a change". We then tell them why and educate about these disorders.

A couple of local businesses held a contest for "Best MO" and I was the lucky winner with this masterpiece of a moustache! The clean shaven pic was taken on November 1st, Pic 2 is the finished product.

The Usual Real Estate Porn (Foreclosures) I know you peek at this part!

Dec Abbotsford Attached
Dec Abbotsford Detached
Dec Burnaby Attached
Dec Burnaby Detached
Dec Chilliwack Attached
Dec Chilliwack Detached
Dec Coquitlam Attached
Dec Langley Attached
Dec Langley Detached
Dec Mission Detached
Dec New Westminster Attached
Dec Pitt Meadows Detached
Dec Richmond Attached
Dec Surrey Attached
Dec Surrey Detached
Dec Vancouver Attached
Dec Vancouver Detached

Above is a list of foreclosures in the Lower Mainland.There are some great deals to be had for either your own home or as a rental property.  Check them out at the links above.

Investor Alert!

Build to suit and hold opportunity in Prince George.

Triple A client looking to lease a 7,000 square foot building on 2/3 of an acre.

Project cost approximately $1,500,000 land and building.

We have the site and the tenant, We Just Need You!

Financing available and long term lease would be put in place.

For more information contact me at (250) 565-4969. Referrals welcome 

Only Freak Out With Less Than 20% Down

Everyone and their dog has probably read about the crazy real estate market...folks, it's just another roller coaster.  

The media makes it sound like an earthquake had hit the real estate market.  In reality, it's just another bump and in 8-10 years from now, this will happen again.

The only thing that remains constant is change.  We will all adapt and life goes on.

For now, here is the low-down on what's happened and how it may affect you:

If you have less then 20% down, you are going to lose 20% of your purchasing power. 

This means the following:
If you wanted to live in Vancouver, you are now living in Burnaby.
If you wanted to live in Burnaby, you are now living in Coquitlam.
If you wanted to live in Coquitlam, you are now living in Langley.
If you wanted to live in Langley, you are now living in Abbotsford.
If you wanted to live in Abbotsford, you are now living in Chilliwack.  
and so on...

Overall, if you do not have 20% down, you are moving East.  

For everyone else with access to 20% down, we have lenders that will not be affected by these rule changes.   Call, text or email me if you want some assurance on your situation.

Most Affordable Homes, Foreclosure Lists and More...

1) Nov 2016 - 10 Most Affordable Acreages on the Chilliwack Board
1) Nov 2016 - 10 Most Affordable Acreages on the Fraser Valley Board
1) Nov 2016 - 10 Most Affordable Acreages on the Islands-Van & Gulf
1) Nov 2016 - 10 Most Affordable Acreages on the Sunshine Coast
1) Nov 2016 - 10 Most Affordable Acreages on the Vancouver Board (Mainland)
2) Nov 2016 - 10 Most Affordable Single Family Homes on the Chilliwack Board
2) Nov 2016 - 10 Most Affordable Single Family Homes on the Fraser Valley Board
2) Nov 2016 - 10 Most Affordable Single Family Homes on the Islands-Van & Gulf
2) Nov 2016 - 10 Most Affordable Single Family Homes on the Sunshine Coast
2) Nov 2016 - 10 Most Affordable Single Family Homes on the Vancouver Board (Mainland)
3) Nov 2016 - 10 Most Affordable Single Townhomes on the Sunshine Coast
3) Nov 2016 - 10 Most Affordable Townhomes on the Chilliwack Board
3) Nov 2016 - 10 Most Affordable Townhomes on the Fraser Valley Board
3) Nov 2016 - 10 Most Affordable Townhomes on the Vancouver Board (Mainland)
4) Nov 2016 - 10 Most Affordable Condos on the Chilliwack Board
4) Nov 2016 - 10 Most Affordable Condos on the Fraser Valley Board
4) Nov 2016 - 10 Most Affordable Condos on the Vancouver Board
5) Nov 2016 - 10 Most Affordable Bare Land Properties In The Lower Mainland
6) Nov 2016 - 10 Most Affordable Multifamily Units In The Lower Mainland
7) Nov 2016 - Complete Bareland FORECLOSURE LIST In The Lower Mainland
7) Nov 2016 - Complete Single Family FORECLOSURE LIST In The Lower Mainland
7) Nov 2016 - Complete Townhouse & Condo FORCLOSURE LIST In The Lower Mainland

The past month I had many subscribers who loved this format of the most affordable properties & Foreclosures that I decided I will continue to place this in each monthly newsletter.

Looking for an affordable opportunity or investment in this market? View the links above for the top 10 best priced properties in each category from the Lower Mainland.

And for those who need a little more space or view, I placed these properties in the following link with access to more pictures...

10 most expensive properties in the Lower Mainland

Expect tougher mortgage rules by November

Home buyers should expect tougher mortgage rules to kick in as early as November 1 of this year.

In an announcement released Friday by the nation’s financial regulator, banks and lenders that offer mortgage financing will face stricter regulations and this will translate into tougher lending rules for home buyers.

Under the proposed new rules, OSFI will demand that banks increase how much capital they hold to cover mortgage currently in the market.

Banks and mortgage lenders will pass down the extra costs of these stricter regulations to the end user.

This is done by either increasing mortgage rates or implementing tougher lending requirements for those applying for a mortgage.

For the average Canadian home buyer then,

this could mean that as early as November, it will either be:

→ harder to get a mortgage

→ mortgage rates will start to rise (even slightly)

→ or you won’t qualify for as large a mortgage as you would’ve prior to these new rules.

Talk to your mortgage broker....... its about time!

Breaking News!!! Federal Government Announces Important Changes to Mortgage Rules

Here is the official announcement from the Minister of Finance regarding the new rule changes for the Mortgage market as well as the Technical Backgrounder.

Announcement: http://www.fin.gc.ca/n16/16-117-eng.asp

Technical: http://www.fin.gc.ca/n16/data/16-117_2-eng.asp - This has all of the details.

Here is a summary of the changes:

Applying a Mortgage Rate Stress Test to All Insured Mortgages (meaning client paid insurance premium - typically less than 20% down)

Effective October 17, 2016, all insured homebuyers must qualify for mortgage insurance at an interest rate the greater of their contract mortgage rate or the Bank of Canada’s conventional five-year fixed posted rate. This requirement is already in place for high-ratio insured mortgages with variable interest rates or fixed interest rates with terms less than five years. For borrowers to qualify for mortgage insurance, their debt-servicing ratios must be no higher than the maximum allowable levels when calculated using the greater of the contract rate and the Bank of Canada posted rate. Lenders and mortgage insurers assess two key debt-servicing ratios to determine if a homebuyer qualifies for an insured mortgage: Gross Debt Service (GDS) ratio—the carrying costs of the home, including the mortgage payment and taxes and heating costs, relative to the homebuyer’s income; Total Debt Service (TDS) ratio—the carrying costs of the home and all other debt payments relative to the homebuyer’s income. The announced measure will apply to new mortgage insurance applications received on October 17, 2016 or later. This measure will not apply to mortgage loans where, before October 3, 2016: a mortgage insurance application was received; the lender made a legally binding commitment to make the loan; or the borrower entered into a legally binding agreement of purchase and sale for the property against which the loan is secured. Mortgage loans for which mortgage insurance applications are received after October 2, 2016 and before October 17, 2016 are also not affected by the rule change, provided that the mortgage is funded by March 1, 2017. Homeowners with an existing insured mortgage or those renewing existing insured mortgages are not affected by this measure.

Changes to Low-Ratio Mortgage Insurance Eligibility Requirements

The Government also announced today changes to the eligibility rules for newly insured low-ratio government-backed insured mortgages. This is for lenders who purchase "bulk insurance" - typically clients will more than 20% down.

Effective November 30, 2016, mortgage loans that lenders insure using portfolio insurance and other discretionary low loan-to-value ratio mortgage insurance must meet the eligibility criteria that previously only applied to high-ratio insured mortgages. New criteria for low-ratio mortgages to be insured will include the following requirements:

A loan whose purpose includes the purchase of a property or subsequent renewal of such a loan; A maximum amortization length of 25 years; A maximum property purchase price below $1,000,000 at the time the loan is approved; For variable-rate loans that allow fluctuations in the amortization period, loan payments that are recalculated at least once every five years to conform to the original amortization schedule; A minimum credit score of 600 at the time the loan is approved; A maximum Gross Debt Service ratio of 39 per cent and a maximum Total Debt Service ratio of 44 per cent at the time the loan is approved, calculated by applying the greater of the mortgage contract rate or the Bank of Canada conventional five-year fixed posted rate; and, A property that will be owner-occupied.

These changes will apply to low-ratio mortgage loans insured on November 30, 2016 or later. Low-ratio loans for which mortgage insurance applications were submitted prior to October 3, 2016 will not be affected. These new criteria will also not apply to loans for which mortgage insurance applications were submitted between October 3, 2016 and November 30, 2016, provided that the loans are insured by November 30, 2016.

If you have any questions or concerns about the changes, do not hesitate to call.

How to Eat a Whale

This is an extremely pertinent topic given that all British Columbians talk about seems to be the Real Estate Marketplace. 

This article by Dustan Woodhouse dissects the Hedge Fund guru's plan to "short sell" the Vancouver Real Estate Market. Includes several links to videos and other information.

For the best "experience" click on the long version. Very comprehensive. 

So... will there be a burst of the bubble? Read through this and decide for yourself. 

Click here

Michael Campbell's 3rd Quarter Report

Here is Michael Campbell's 3rd Quarter 2016 Economic Report. Easy to digest and a good read. 

Foreclosures

July Abby Attached
July Abby Detached
July-Burnaby-Attached
July-Burnaby-Detached
July Chilliwack Attached
July Chilliwack Detached
July-Coquitlam-Attached
July-Coquitlam-Detached
July Langley Attached
July Mission Attached
July Mission Detached
July-New-West-Attached
July-North-Vancouver-Attached
July-North-Vancouver-Detached
July-Pitt-Meadows-Detached
July-Port-Coquitlam-Attached
July-Port-Moody-Attached
July-Richmond-Attached
July-Surrey-Attached
July-Surrey-Detached
July-Vancouver-Attached
Prince George July 2016 duplex listings
Prince George July 2016 foreclosure listings

Above is a list of foreclosures in the Lower Mainland.There are some great deals to be had for either your own home or as a rental property.  Check them out at the links above.

I also have some Prince George foreclosures and a handful of duplexes in Prince George for easier entry into Investment Real Estate.

Millenials - Understanding the Borrowers of Tomorrow (and Today)

This confirms the challenges in dealing with millennials when you are from a different era. I will strive to meet those challenges!

Millenials - Understanding the Borrowers of Tomorrow (and Today)

There is a lot being said about how millennials are entitled, lazy, or living in our parents’ basements. Let’s just get this out of the way up front: since I was born in the 80’s, yes, I...read more

https://www.linkedin.com/pulse/millennials-understanding-borrowers-tomorrow-today-lee-noble