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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


Fraser Valley REALTORS® donate $25,000 to local food banks

Fraser Valley REALTORS® donate $25,000 to local food banks

January 22, 2020

On behalf of Fraser Valley's 3,691 REALTORS®, the Fraser Valley Real Estate Board (FVREB) has donated a total of $25,000 to six food banks in its region this year.

"Many households in our region spend 50 per cent or more of their family's income towards shelter. It doesn't leave a lot left over for food, gas or childcare," said Darin Germyn, President of the Board. "Without the assistance of our local food banks, thousands of people in the Fraser Valley could not make ends meet. It's an honour to be able to support essential organizations that contribute so much to the betterment of our communities."

This is the eighth year Fraser Valley Realtors have donated to local food banks. In that time, a total amount of $207,500 has been distributed throughout the region.

As in previous years, the donation is divided proportionately based on the number of Realtors represented in each community. $14,450 will go to the Surrey Food Bank; $5,400 to the Langley Food Bank; $1,200 to Sources - White Rock / South Surrey Food Bank; $650 to the North Delta Chapter of the Surrey Food Bank; $2,750 to the Abbotsford Food Bank; and $550 to St. Joseph's Food Bank in Mission.

Jim Calamunce, Executive Director, received the FVREB's cheque on behalf of the Langley Food Bank.

"Every dollar matters; particularly larger donations from caring, corporate citizens like Fraser Valley REALTORS®. It allows us to buy in bulk taking advantage of what's seasonal and most needed by our clients right now or we can stock up on vital supplies that aren't as affected by expiry dates, like baby formula and cereal."

Calamunce explained, "We now have 690 families relying on the Langley Food Bank every month. Many of our clients are working, paying taxes and are just trying their very best to get by. They just need a little helping hand and are so thankful for the support."

British Columbia's food banks support over 80,000 people every month; please consider supporting the food bank organization in your community.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.