Equifax has confirmed that 8,000 Canadians may have had their personal information – names, addresses, and Social Insurance Numbers – or credit card information compromised in a breach by hackers earlier this year. An outside cybersecurity firm completed the forensic analysis to determine how many people were affected.
The federal government has confirmed a new mortgage stress test that will come into effect on January 1, 2018. The new qualifying rules will apply to home buyers looking for an uninsurable or conventional mortgage. You will need to qualify on either the Bank of Canada benchmark rate (currently at 4.89%, updated weekly) or your mortgage contract rate + 2% - whichever is higher. Currently, buyers in this situation only need to qualify at their contract rate.
Jul 12 2017
The Bank of Canada today (July 12, 2017) raised the interest rate on overnight lending for the first time in 7 years. Many people are wondering, what does this mean for my variable rate mortgage?
Jun 08 2017
A friendly reminder from your Auxilium Mortgage Team as property tax time approaches!
Apr 24 2017
We saw last month (March 2017) continue with a very familiar local real estate trend of high demand with low inventory, forcing prices to increase as buyers battle for the limited number of homes that are on the market.
As we previously wrote, the B.C. government has considered changes to the additional tax on foreign home buyers in Vancouver in order to remain attractive to prospective employees. On March 17, the province confirmed the scope of their changes.
Feb 22 2017
In the latest provincial budget, the government has announced an immediate change to the Property Transfer Tax. Effective February 22, 2017, the exemption threshold for eligible first time home buyers will be raised to $500,000. Buyers shopping in that price range may now save thousands of dollars in tax payments.