December List of Foreclosures
  
Abbottsford Detached
Burnaby Detached
Maple Ridge, Pitt Meadows Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Surrey, North Delta, Cloverdale Attached
Abbotsford Attached
Burnaby Attached
Langley Attached
Langley Detached
Langley Detached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Richmond Attached
Richmond Detached
Surrey Delta Cloverdale Detached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached
Westminster Attached
Our December list of Vancouver Lower Mainland properties listed for sale through the foreclosure process has once again been provided by P.A. "Doc" Livingston, PREC.
Feel free to reach out to "Doc" if you would like more information about these properties and contact me if you would like to know how arranging financing for a foreclosure purchase is different than a traditional real estate purchase.
Why Real Estate Wins Over RESPs For Funding Education
As education costs rise and the financial future becomes more uncertain, Canadian parents are facing tough questions. Is saving through a traditional RESP enough? Or is there a better way to not only fund education but build lasting financial security for the family?
The Registered Education Savings Plan (RESP) has long been a trusted tool, offering government grants and tax-sheltered growth to help families save. But when you dig deeper, its limitations become clear—RESPs can cover education costs but offer little else.
Real estate, on the other hand, provides a powerful alternative. It not only helps fund education, but creates enduring financial opportunities for your family.
To learn more, click on the link below to read the full article
RESP VS Real Estate
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 15th, 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 15th, 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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