Backgrounder: Ensuring a Stable Housing Market for All Canadians

Mortgage qualifying will change for Canadians effective October 17, 2016. All insured mortgages including five year and more fixed rate mortgages, not just variable interest rate or shorter than five year fixed rate mortgages, will have to qualifying using a higher qualifying rate. This “stress test” will make it harder for potential home buyers that are tight in their debt servicing mortgage qualifying ratios. http://www.fin.gc.ca/n16/data/16-117_1-eng.asp

Nearby recreational markets dodge foreign buyer levy

"Two top recreational markets close to Metro Vancouver are exempt from B.C.’s controversial 15% foreign buyer tax that covers the metro regional district. And that could be good news for the Sunshine Coast and Squamish, which have both seen a spike in offshore buyers in the past few years. " https://www.biv.com/article/2016/8/nearby-recreational-markets-dodge-foreign-buyer-le/

Genworth Canada - Homeownership

Photos from Val Labrecque - Mortgage Associate's post

Ahhhh, yes! I like starting the work day with going for a walk! The seawalk in Gibsons is beautiful.

Money Talk

Real estate across Canada... http://www.bnn.ca/money-talk/moneytalk-hot-real-estate-markets-across-canada~932463

Financial Post

B.C. introduces 15% real estate tax on foreign buyers

New, 15% tax for foreign nationals who buy real estate in Metro Vancouver.

Oil and gas industry could hire 100,000 workers – if it can find them

Hopefully this means good things for the energy industry north of the border. http://www.cnbc.com/2016/07/08/energy-jobs-oil-and-gas-industry-could-hire-100000-workers--if-it-can-find-them.html

www.bankofcanada.ca

Bank of Canada maintained rates on Tuesday. Our prime rate is still 2.70%. http://www.bankofcanada.ca/wp-content/uploads/2016/07/fad-press-release-2016-07-13.pdf

B.C. government approves plan for Vancouver to tax people who leave residential property vacant

"The implementation and administration of the tax — how much it will be hasn’t been decided — will be the responsibility of the city of Vancouver, but enforcement remains unclear."

Photos from Val Labrecque - Mortgage Associate's post

Time to share! This Monday I walked down to the sea for a lunch break and was entertained by all these sights! :) ocean <3

Mark Jewells - First National Financial