Blogs

The weather isn’t the only thing that’s hot right now. The housing market is also overheated.

Fitch Ratings, a global rating agency, recently announced that Canadian home prices are overvalued by 20 per cent based on historical drivers of home price growth. They also noted that if the market doesn’t begin dropping on its own, then the federal government may have to step in to prevent a crash.

Bob Rennie, a Vancouver based Real Estate Marketer and founder of Rennie Marketing Systems,  recently revealed the amount of real estate wealth boomers and super seniors (aged 75+) in the region are sitting on. During his annual announcement to Greater Vancouver’s development community, Rennie dropped the shocking number: $163.4 billion.

In an interview with Natalie North via Victoria News, Kam discusses the recently announced Mortgage Insurance product changes. Here's the scoop:

Prospective home buyers in Victoria may have a difficult time sealing the deal at month’s end when the country’s national housing agency does away with two insurance products – a move that could spark repercussions across the buyers’ and rental markets alike.

Recently CMHC announced that they will be eliminating Mortgage Insurance programs for Second Homes and Business for Self applicants without third party provable income. These are hefty changes that could affect many of you who meet this criteria when looking to secure a mortgage in the future.

Can the mortgage process be difficult?

Absolutely.

But it can also be exciting when you aren't faced with surprises at every turn.  Let's remove some of the potential surprises and make your life a little easier.

You’ve nailed down why you want to own a house and figured out a monthly budget that gives you a payment amount you’re comfortable with. Great! Now it’s time for something you might have never thought about before: your credit.

We’ve all felt the urge to price shop.  Maybe for you it’s clothes, maybe it’s patio furniture, or maybe it’s trying to find the cheapest plumber in town … regardless of when you bargain shop, almost everyone does it when it comes to mortgage rates.

How do I know?  Well turn on the TV, listen to the radio, read a newspaper, surf the net, talk to your neighbor (I’m not kidding, go ahead don’t text him or her, actually talk to them).  Any one of these sources will know something about what’s happening with mortgage rates.  And I’m guessing so do you!   So why are we so obsessed with them? It’s a good thing right?