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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


Sellers Getting Record Breaking Prices!!

We have NEVER seen a market like this. We have seen Seller's markets with Multiple offers but NEVER like this.
Normally the Fraser Valley Real Estate Board carries anywhere from 10,000 to 11,000 listings at any time. We are now down to only 5000 listings for the entire Fraser Valley. This with low interest rates has created a Buying Frenzy like we have never seen before.

There has absolutely NEVER been a BETTER TIME TO SELL!! NOW IS THE TIME TO SELL!! No one knows how long this market will last.

 For an Example ; On November 5 of this month, a brand new listing came on the market in Mossey Estates.  I have personally lived in this neighbourhood and enjoyed it very much. As I always try to do, I had my clients in to view the home on the very FIRST DAY it hit the market. 

Not to my surprise, I along with another 15 realtors showed up to view the listing. One by one, in 15 minute 
intervals a parade of potential buyers walked throug the home. The house was a nice West Coast style basement home 2750 sq ft, not much updating over the 39 yrs, on a 7400 sq ft lot right beside the dog walking park with Power lines overhead. The next day, the Listing Realtor shared with me, he had another 17 showings booked.

This property sold in 5 days.  The list price was $559,800 and with multiple offers SOLD for $41, 700 OVER ASKING PRICE! Sold price $601,500!!

Just think how long it would take to earn  an extra $41,700 after taxes? For the people willing to take action and SEIZE THE DAY..........the rewards are HUGE.

Real Estate Professionals, such as myself have never been more in demand in this  fast frenzy moving market. This is where Experience has never been more essential when hiring a Realtor to represent the sale of your home. If not done correctly, you could end up selling your home to more than one buyer and losing everything.

                                                                                  Carpe Diem
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.