Christmas in Punta Cana
  
This year, we decided to spend Christmas at warm and sunny Punta Cana in the Dominican Republic. It was a really nice escape from Vancouver's wet and cold winter. We also got to celebrate my son Eden's birthday while there. He had such a blast that he asked if we could relocate "Canada" to this exotic new location lol.
All was great at the all-inclusive resort with the usual unlimited food, drinks and entertainment. It's hard not to binge when it's in your face all the time. At least we each amassed 10,000-15,000 footsteps daily due to all the exploration and activities available.
We also signed up for a day-long road trip to the capital Santo Domingo where this picture was taken. We got a tour of some really interesting cave systems recently created by earthquake. We were also shown around the "Colonial Neighbourhood" downtown where we saw Christopher Columbus' residence etc. For a history enthusiast like myself. I wished we had more time to explore more of the places that I'd read about over the years.
I hope you've also had an nice holiday season with your friends and family. May 2025 bring you joy, peace, success and good health.
December 15th Changes in Mortgage Rules
Starting December 15th, the maximum loan amounts increased for borrowers of High Ratio Mortgages (<20% down payment). This is great news, especially for those in higher-priced markets where the current loan limits may have made it more difficult to secure enough financing. Here is a summary of the changes:
#1 Increase in the $1 Million Price Cap to $1.5 Million
This change applies to all applicants who require high-ratio mortgage insurance (required when the down payment is less than 20% and the loan-to-value (LTV) ratio is greater than 80%). The following conditions must be met:
The value of the property securing the loan must be less than $1.5 million.
Down payment requirements:5% on the portion of the purchase price up to $500,000.10% on the portion of the purchase price between $500,000 and $1.5 million.
#2 Eligibility for 30-Year Mortgage Amortizations
This measure applies to high-ratio mortgage insurance applicants who are:
First-time homebuyers purchasing either a newly constructed or existing home, or All buyers purchasing a newly constructed home.
Other Parameters
Effective Date: These changes apply to high-ratio mortgage insurance applications submitted on or after December 15, 2024, including resubmitted applications. Occupancy: These measures apply only to high-ratio mortgages for properties that will be occupied by the borrower or a close relative (i.e., someone related to the borrower by marriage, common-law partnership, or any legal parent-child relationship on a rent-free basis). A rate premium surcharge of 0.20% will apply to insured mortgages with amortizations exceeding 25 years.
First-Time Homebuyer Requirement:
At least one borrower must be a first-time homebuyer, meeting one of the following criteria:
-The borrower has never owned a home.
-The borrower has not occupied a home as their primary residence, nor has their current spouse or common-law partner, in the past 4 years.
-The borrower has recently experienced the breakdown of a marriage or common-law partnership.
Home price growth to return to long-term norms in 2025, ending era of market unpredictability
For the last few years, the Canadian housing market has experienced trends far outside the norm.
A global pandemic, rapidly rising interest rates and economic disruptions threw the real estate market off course for a time, but 2025 is expected to bring conditions back in line with long-term historical averages.
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