Mylene Lim - Pinay Mortgage Broker. September 2024

Mylene Lim - Pinay Mortgage Broker

MA - MortgagesLab Financials

mylene.mortgage@gmail.com
(604) 783 9097
http://www.MyleneLim.ca

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Foreclosures List in BC

 

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

Here is a list of the latest foreclosures in BC. 



New Mortgage Rules Make Homeownership More Affordable for Canadians

 

As of August 1, 2024, the federal government introduced changes to support homebuyers, particularly Millennials and Gen Z. First-time homebuyers purchasing new builds can now access 30-year insured mortgage amortizations, reducing monthly payments and making it easier to afford a home.

Additionally, as of December 15, 2024, several major reforms will take effect:

The price cap for insured mortgages will rise from $1 million to $1.5 million, helping more Canadians qualify for mortgages with less than 20% down. 30-year amortizations will be available to all first-time homebuyers and buyers of new builds, including condominiums. This expansion will incentivize new housing supply, addressing the country’s housing shortage and making homeownership more accessible.

These reforms are part of a broader housing strategy that includes the Canadian Mortgage Charter, which enables insured mortgage holders to switch lenders without undergoing a new stress test at renewal. This promotes competition among lenders, ensuring more Canadians can access better mortgage deals.

In addition to these housing measures, the government has introduced the Renters’ Bill of Rights and the Home Buyers’ Bill of Rights to protect Canadians from unfair practices, ensure transparency in leases and sales, and simplify homebuying procedures. With $5 billion available through the Canada Housing Infrastructure Fund, the federal government is working with provinces and territories to make housing fairer and more accessible for all Canadians.



Can you find the Tarsier in the Photo?

 

The Philippine tarsier (Carlito syrichta) is a small primate endemic to the Philippines, primarily found in Bohol, Samar, and Leyte. This species belongs to the ancient family Tarsiidae, which has existed for around 45 million years. Previously classified under the genus Tarsius, it is now recognized as the sole member of the newly established genus Carlito, named in honor of conservationist Carlito Pizarras.

Measuring between 85 to 160 mm in height and weighing 80 to 160 grams, the Philippine tarsier is one of the smallest primates, often difficult to spot due to its size.



Following Bank of Canada rate cut, Macklem says it’s “reasonable” to expect more

 

At the beginning of September, The Bank of Canada announced a quarter-point cut to its overnight target rate, reducing it to 4.50%, and hinted that further reductions may follow if inflation trends positively. This rate is now 50 basis points below its previous peak of 5.00%. Governor Tiff Macklem suggested that additional cuts could occur depending on the inflation trajectory, emphasizing a cautious, data-driven approach. Despite easing price pressures overall, specific sectors like shelter and certain services continue to exert upward pressure on inflation.

Alongside the rate cut, the Bank updated its economic forecasts, projecting slower GDP growth for 2024 at 1.2%, down from the earlier estimate of 1.5%. Inflation is expected to remain stable at 2.6% for 2024, with a gradual decline to the 2% target by 2026. Although the recent rate cut is seen as a positive development for borrowers, rates remain restrictive relative to current inflation. Economists anticipate further cuts, with discussions suggesting potential reductions could occur in the coming months, contingent on upcoming economic data.



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