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MORE GREAT NEWS FROM MORTGAGE BROKER CHAD DREYER


Hello,


Hope you had a great weekend!


It looks like we may see some great upcoming changes to Insured mortgages in Canada!


There are plans to increase the maximum purchase price for insured mortgages (less than 20% down) mortgages from 1 million to 1.25 million which is great new for Markets like Vancouver where prices are hight and in situations where buyers may be able for a to qualify but could be short on downpayment needed for a purchase would have the option to look at an insured mortgage with a higher price point.


As this develops I will be sure to keep to keep you updated.


Bond yields have hit new highs that we have not seen since Feb 2020 and this is certainly going to put pressure on fixed rates to increase shortly, I have heard some lenders will be announcing rate increases overnight or over the coming days unless bond yields go back down shortly.


Given where bond yields are now, I suggest any clients you are currently working with who may not have a pre approval/rate hold currently that they do so ASAP!


Have a great week.


Thanks,

Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565
604.614.9239
chad@chaddreyer.ca
www.chaddreyer.ca


INTERESTING UPDATE FROM MORTGAGE BROKER CHAD DREYER ON PROMISES TO HELP HOME BUYERS.


Well as we all saw nothing much changed with last months Federal election, however the Liberals now have a fresh slate of policies for housing with hopes of sustainability and assisting first time buyers.


Here is a summary of their key housing promises:


Housing Supply


The Liberals plan to build, preserve or repair 1.4 million new homes if the next 4 years, they plan to do so through the following initiatives:


  • Housing accelerator fund
    • Invest $4 billion in a housing accelerator fund to build 100,000 new middle-class homes by 2024/2025
  • $2.7 billion for the National Housing Co-Investment Fund
  • $600 million for office and retail space conversion to housing
  • A temporary ban on foreign ownership
    • Foreign citizens would be barred from purchasing Canadian housing for the next 2 years, unless its proven to be for future employment or immigration within the proceeding 2 years
  • Anti-Flipping Tax
    • Applicable to properties sold within 12 months of purchase 


Mortgage Qualification Policies 


  • Changes to the First-Times Home Buyers Incentive 
    • Under the new plan participants could choose between the previous shared equity arrangement or now opt instead for a loan that is repayable only at time of sale 
  • Increase mortgage insurance eligibility cap to $1.25 million 
    • This is an increase from the current $1 million
  • Reduce CMHC insurance premiums for new buyers by 25%


Financial Assistance 


  • Tax-Free Home Savings Account
    • This allows Canadians under 40 to save up to $40,000 towards their first purchase, the money can withdrawn tax-free with no repayment requirement
  • $1 billion for rent to own projects 
  • Multi-generational home renovations tax credit 
    • Provide a 15% tax credit of up to $50,000 for homeowners who add a secondary unit to their home for the use of immediate or extended family
  • Double the First-Time Buyer Tax Credit from $10,000 from $5,000


There is definitely a lot of work here with everything the Liberals have proposed above and as we know by the time these come to law they could look much different that proposed above.


I will continue to monitor these and update you if any policy changes are announced.


If you have any questions please feel free to reach out!


Thanks

Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565
604.614.9239
chad@chaddreyer.ca
www.chaddreyer.ca


DR. Henry & Honorable Adrian Dix Covid- 19 update April 22/20


ON AVERAGE, WE HAVE BEEN AROUND 25 NEW CASES PER DAY.

TODAY WE SAW AN ALARMING SPIKE,  CAUSING DR. HENRY TO WARN HOW IMPORTANT IT IS FOR US TO REACH O CASES BEFORE THE FALL SEASON AND POSSIBLE RESURGENCE HITS US.


DR HENRY SAYS THERE CAN BE NO LIFTING OF THE RESTRICTIONS UNTIL THE APPEARANCE OF NEW COMMUNITY OUTBREAKS END.


3 DAYS AGO WE SAW AN OUTBREAK AT THE UNITED POULTRY COMPANY IN VANCOUVER PROCESSING FACILITY.


TODAY IT WAS REPORTED 18 OF THE EMPLOYEES TESTED POSITIVE FOR COVID-19


BC HEALTH MINISTER ADRIAN DIX STATES NEW OUTBREAKS SHOW THE PRIMARY IMPORTANCE OF CONSTANT VIGILANCE AND STAYING HOME IF YOU ARE SICK.


IT IS NO LONGER CONSIDERED ADMIRABLE TO GO TO WORK IF YOU ARE SICK. IF YOU ARE SICK OR THINK YOU HAVE ALLERGIES, OR JUST A COLD...........YOU MUST NOT RISK THE LIVES OF OTHERS. YOU MUST STAY HOME


Dr HENRY ADDED EMPLOYEES MUST NOT FEAR PUNISHMENT FROM EMPLOYERS. EMPLOYERS MUST HAVE MEASURES IN PLACE THAT EVERYONE WORKING IS WELL AND EMPLOYEES SHOULD NOT BE PUNISHED FOR STAYING HOME BECAUSE THEY FEEL SICK.


71 NEW CASES TODAY, FOR A TOTAL OF 1795 COVID-19 CASES IN BC

747 ARE IN THE FRASER HEALTH REGION

3 ADDITIONAL DEATHS TODAY, ALL FROM LONG TERM CARE HOMES. OUR THOUGHTS AND PRAYERS GO OUT TO THE FAMILIES SUFFERING.

A TOTAL OF 90 DEATHS IN BC


103 PATIENTS BEING TREATED IN HOSPITAL, A DECREASE OF 6 FROM YESTERDAY

ACUTE CASES ARE DOWN FROM 149 TO 103 AS OF TODAY

CRITICAL CARE PATIENTS ARE DOWN TO 46, THE LOWEST IN APRIL SO FAR


BC HAS 4222 VACANT HOSPITAL BEDS AVAILABLE IF NEEDED


77 CASES ASSOCIATED WITH THE OUTBREAK AT MISSION INSTITUTION, 5 INMATES BEING TREATED AT HOSPITAL


THERE ARE NEW OUTBREAKS AT 3 SENIOR CARE FACILITIES IN THE FRASER HEALTH REGION


PEOPLE WHO NEEDED TO GO TO THE HOSPITAL WERE STAYING AWAY IN FEAR.


  • ON MARCH 9 THERE WERE 6500 VISITS ON THAT DAY TO HOSPITAL
  • APRIL 6 ONLY 3000 EMERGENCY VISITS
  • YESTERDAY APRIL 21 BC HAD 4000 VISITS AFTER NEWS MEDIA AND DOCTORS ENCOURAGED PEOPLE TO GO TO THE HOSPITAL IF YOU ARE IN NEED
  • 13,988 NON-EMERGENCY SURGERIES HAVE BEEN POSTPONED, 11,936 HAVE BEEN PERFORMED.

BEST NEWS 1079 FULLY RECOVERED 60%CoolSmile

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