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.
Bank of Canada cuts key interest rate by half point for first time since COVID-19 pandemic
Jenna Benchetrit · CBC News · Posted: Oct 23, 2024 6:50 AM
The Bank of Canada has lowered its key interest rate to 3.75 per cent, making a 50 basis-point cut for the first time since the COVID-19 pandemic.
Before Wednesday, the rate stood at 4.25 per cent. Economists were expecting the central bank to go with a larger-than-usual cut, compared to the 25-basis-point downgrades made in June, July and September.
The last time the bank made a cut this size was on March 27, 2020.
As concerns over inflation have subsided — out-of-control price growth, the catalyst for the central bank's initial rate-hike campaign, is now back within the target range — the bank has focused on cutting to keep inflation stable and support economic growth, which has been sluggish under the pressure of high rates.
"We need to stick the landing," Bank of Canada governor Tiff Macklem told a news conference Wednesday morning.
"With inflation back to two per cent, we want to see growth strengthen. Today's interest rate decision should contribute to a pickup in demand."
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New Mortgage Rules
There are a few BIG changes coming to the mortgage market and, for a change, they are actually good news!
No More Stress Test For Transferring A Mortgage To A New Lender
Effective December 15, 2024, current mortgage holders will no longer need to qualify using the Stress Test if they wish to transfer their mortgage to a new lender. Borrowers will still need to income qualify to move their mortgage, and maintain their current balance and amortization. Qualifying will be based on the contract rate rather than the Stress Test.
Increasing the cap for insured mortgages to $1.5 million
Effective December 15, 2024, applicants requiring an insured mortgage can purchase a home up to $1.5 million, which is up from $1 million. This applies to those purchasing a home with less than 20%. The down payment requirement is 5% of the first $500,000 of the purchase price and 10% of the remainder of the price up to $1.5 million.
30 Year Amortizations for First Time Home Buyers and New Construction Properties
First time home buyers who have less than 20% down payment and therefore require an insured mortgage, will now be eligible to get an amortization up to 30 years. Also, all buyers of new construction properties who require an insured mortgage can also request a 30 year amortization.
New Federal Program for Home Owners Adding a Rental Suite
Starting in January 2025, home owners wishing to use their home equity to create up to three suites in their home will be permitted to refinance their mortgage up to 90% of their property's improved value up to $2 million. The home owner must already live in the home and be creating a separate suite(s). This program is for the creation of self-contained suites, such as basement suites or laneway homes. Short term rentals are not permitted. Insured mortgages with 30 year amortizations will be permitted under this program.
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