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Hope you had a fabulous holiday season with family and friends! All the best for a prosperous, healthy and happy 2016!
Latest Mortgage Tips
Bill Morneau tightens mortgage rules on homes over $500K - Politics - CBC News
RECENT MORTGAGE CHANGES Courtesy of Edith Loewen with RBC.
In regards to the recent Mortgage changes I have attached an example of how it will affect buyers. These changes will mostly impact second time home buyers; I don’t anticipate the difference between what they will need now and after February 15th to have a negative impact on our market. I have confirmed the details with CMHC to answer three of the most asked questions.
1, What happens if the client is approved SUBJECT to sale of home?
-As long as the client has an approval by CMHC subject to the sale of their home before February 15th they have until July 1, 2016 to sell their home
2, What happens if the client is approved before February 15th and there is a change in closing date?
-As long as the closing date is not extended past July 1, 2016 the original approval will apply
3, What if the application is at CMHC before February 15th and it’s approved BUT waiting for an appraisal?
-CMHC will apply the guidelines as per the day the application was submitted to them
All Mortgages must close by July 1st, 2016 under the current guidelines; they will not be grandfathered past that date.
5% down on the first $500,000 and 10% on the remainder of the purchase price.
Ex: Purchase Price $645,697.00 Down Payment: $500,000.00 x 5%= $25,000 + $145,697 x 10%= $14,569.70 total down payment would be $39,569.70
Please find attached some scenarios of the new rule change.
Mortgage payments are monthly based on five year Fixed Closed rate at 2.84% amortized over 25 years.
Check out the attached PDF for more information.
Please don’t hesitate to contact Edith at any time for Mortgage options or advice.
Ph: 250-262-4040 or email: edith.loewen@rbc.com
Future of LNG 2015
_Future of LNG 2015
Canada’s emergence as a global energy exporter is at hand. By the end of this decade, Canadian oil and liquefied natural gas (LNG) should begin to flow away from the increasingly saturated US market to offshore markets, primarily in the high growth Asia-Pacific region.
Despite this, two or more BC LNG projects will likely be built-eventually. The core challenge is whether the industry timetable matches the needs of the BC and Alberta governments. The BC government has promised a lot to the public on the fiscal windfall from LNG, promises that were premature and under-estimated the price sensitivity of these projects and the availability of alternative investment destinations.
Regardless of the uncertainties, and especially in the longer-term, Canada’s oil sands and gas reserves are too valuable to leave in the ground and failure to find some route to market would be a failure of both public policy imagination and market forces of epic proportion. What underpins this view is a world in which strategic, world scale oil development opportunities are in short supply, regardless of prices, while petroleum demand continues to grow, albeit not at the torrid rates of 2002-2008.
The attached LNG Update shows evidence that billions of dollars are already being spent and we are stepping closer and closer to hearing an announcement. The last couple months have been a flurry of good news, especially last week. It's only a matter of time.
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