Bank of Canada Raises Interest Rates - January 2018

Nitish Arora - Mortgage Broker

Mortgageslab Financial Inc

info@nitisharora.com
604 - 354 - 4743
http://www.nitisharora.com/

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The Bank of Canada increased their overnight rate .

 

The Bank of Canada met today and increased their overnight rate by 0.25%.  We have recently been seeing increases in fixed rates and now variable rates will also be getting a hike. 

It is anticipated that we will see further increases this year as recent months have shown employment growth, gross domestic product gains and increased cost of living.  If we were to see 3 more increases from the Bank of Canada at 0.25% each, which is a distinct possibility in 2018, for a $300,000 mortgage over a 25 year amortization, the rate jumps would increase monthly payments by about $120 per month.   

But don’t panic, variable rate mortgage holders do tend to spend less on interest over the life of their mortgage compared to those taking 5 year fixed products.  So if you can handle the roller coaster, there may be still savings to be had. 

Check out this article for details:

http://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.4490918

Over the last several months, as interest rates have risen, we have saved numerous clients thousands of dollars in interest costs by finding the best solutions to minimize the effect of these rising rates.

Call me today and see if there's a way for you to save as well.  Reach me directly at: 604.354.4743  or  email me at:  info@nitisharora.com for no cost advice.

If you'd like to read more about the Bank of Canada's decision to again increase the rates, please click here for the full press release.

Nitish Arora - Mortgage Consultant



January 2018 Foreclosure List

 

January 2018 - Abbotsford - Attached
January 2018 - Burnaby North - Attached
January 2018 - Burnaby South - Detached
January 2018 - Coquitlam - Attached
January 2018 - Coquitlam - Detached
January 2018 - Langley - Detached
January 2018 - Maple Ridge - Attached
January 2018 - Maple Ridge - Detached
January 2018 - Mission - Detached
January 2018 - New Westminster - Attached
January 2018 - North Vancouver - Detached
January 2018 - Port Moody - Attached
January 2018 - Richmond - Attached
January 2018 - Richmond - Detached
January 2018 - Surrey - Attached
January 2018 - Surrey - Detached
January 2018 - Vancouver East - Detached
January 2018 - Vancouver East- Attached
January 2018 - Vancouver West - Attached
January 2018 - West Vancouver - Detached



Canadian real estate market outlook 2018

 

There’s never a dull day in real estate. Last year started off with a big nervous question: Will the Canadian housing market crash? In 2018, the new year started off with more of a sigh. Analysts across North America came out with various pronouncements of deceleration in activity and pricing, but the overwhelming consensus was that the nation’s real estate landscape would flatten out, even in the hot Toronto and Vancouver markets.

It wasn’t too bold of a prediction. Activity was way down in the summer months of 2017, even as the number of listings was finally growing. This prompted only incremental increases in pricing and a nation-wide expectation of a soft-landing for Canada’s property markets.

Continue Article Here...



Happy New Year 2018!!!

 

I want to wish all my friends and family an awesome new year , I wish all your goals which you have set in the new year are achieved and we all can meet more often.

I also look forward to get myself more involved in the community and be able to give back to the society.

All the best and stay positive always.



Homeowner grant threshold set at $1.65 million for 2018

 

Great News! The Province of British Columbia has increased the homeowner grant threshold to 1.65 million. This means, if your property value is below this mark on the BC Assessments, you can apply to receive the following property tax grant as long as the property is your principal residence. 

-$570 for the basic homeowner grant.

-$770 if the home is located in a northern or rural area

-Up to $845 for homeowners who are 65 years or older, or the homeowner is a person with a disability.

-Up to $1,045 for homeowners who are 65 years or older, or the homeowner is a person with a disability if the home is in a northern or rural area.

Check out the full article here: BC Homeowner Grant



It's BC Assessment Time!

 

BC Assessments have been updated and are available to view.  Please remember that your BC Assessment value is not the fair market value of your home and is used for the purposes of taxation only.  Having said that, we are seeing increased assessment values and increased market values.  If you are considering taking equity out of your home for a home renovation or consolidation, contact us and we will do a desk-top market valuation of your home and let you know how much equity you can access.

Want to see what your home was assessed at? Look up any BC Address here

https://www.bcassessment.ca/



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