B.C. Homebuyers Now Have 3 Days to Change Their Minds
  
VANCOUVER - Ben Miljure for CTV News
Most homebuyers in British Columbia now have three business days to think about their purchase, allowing them to back out if they can’t secure financing or arrange a home inspection – or even if they just get cold feet.
The province’s Home Buyer Rescission period came into effect Tuesday and takes effect at midnight following the acceptance of an offer.
The government says it will give buyers some protection in the face of rising interest rates and what it calls high-pressure sales tactics.
"Housing remains a top concern for people in B.C. and a top priority for this government," said Finance Minister Katrine Conroy said in a news release. "Buying a home is one of the biggest decisions of people's lives. This is an important milestone as we lead the way in protecting people and strengthening public confidence in the real estate market."
The cooling off period applies to detached houses, townhomes and condos but does not apply when homes are auctioned or when the home is on leased land.
Continue reading...
Fixed mortgage rates are falling
While rates have been steadily climbing for variable mortgages, fixed mortgage rates have been moving in the opposite direction.
Certain lenders and national brokerages have been gradually dropping rates for select terms since the start of the month. Average nationally-available deep-discount 5-year fixed mortgage rates are now about 20 basis points lower compared to earlier in the month, according to data from MortgageLogic.news.
The move follows the recent decline in the 5-year Government of Canada bond yield, which typically leads fixed mortgage rates.
The 5-year bond yield closed at 3.05% on Monday, bouncing back slightly from a 5-month low of 2.80% reached last week. Still, yields are down from about 3.40% four weeks ago and the 14-year high of 3.89% reached in October.
Continue Article Here...
Is your mortgage up for renewal in 2023?
Many home owners with mortgages coming up for renewal this year will see a huge increase in their rate and payments as a result of mortgage rate increases in 2022.
The best strategy is to be proactive. I am actively helping ones out so if yours is up for Renewal in 2023 let me know so we can come up with a strategy that works for you, to ease the burden of the rate increases and to set you up to take advantage of rate decreases in the coming years. There are certainly options and strategies to ease the financial burden.
Please reach out to me at 778-878-4946 and I can help you find the right mortgage broker to help you with this.
|
