Government adds new qualifying requirements for uninsured mortgages, this could effect your buying power by 20% in many cases.

Effective January 1, 2018, home buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate

This new stress test won’t apply to people renewing their uninsured mortgage.

Canada’s Office of the Superintendent of Financial Institutions (OSFI) announced these rule changes today. Draft changes were released in the summer for public feedback. (The Canadian Real Estate Association submitted this response to the draft rules in August on behalf of REALTORS® across the country.)

Under the new rules, the minimum qualifying rate for uninsured mortgages will be the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus two per cent.

OSFI will also require lenders to enhance their loan-to-value (LTV) limits and restrict certain lending arrangements designed to circumvent LTV limits.

These changes apply to all federally regulated financial institutions.

This is the seventh time since 2008 that the federal government has made mortgage policy changes.

Read the government’s full announcement here.

Economic analysis from the BC Real Estate Association (BCREA):

“The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 per cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we’ve seen home sales decline in the three to nine months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year. However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past,” said Cameron Muir, BCREA chief economist

We’ll provide more details on these changes in an upcoming Realtor News.

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Sign up for to be on the VIP list for Pre-Sales Members Service. Through our relationships with Developers and the Marketing teams that sell these NEW HOMES, we have the inside track and can get you the best homes offered for sale before anyone else!

Our team specializes in getting you the Pre Sale property you want you want without having to line up. We provide you with all the information you need, VIP access before they are offered to the public for sale. We are also privy to getting a few added benefits that come along with being a VIP, but most importantly you will get EARLY ACCESS.

When you are one of our esteemed VIP Pre Sale Clients we at Ball Real Estate will be working for you, as your agent, making sure you get the best deal possible. We don’t work for the Developer, we owe you a duty of Care and Service; built on TRUST, KNOWLEDGE, and PROVEN RESULTS. 

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View this luxury development before anyone else and gain the Insider Advantage for the sophisticated buyer or investor. This one of a kind sky scraper is set to change the Vancouver skyline. One Burrard place will be a mixed use development consisting of a signature two 60 storey towers and a 13 storey office building including the future flagship Jim Pattison Downtown Toyota, totaling over a million square feet of residential and commercial space. 

This development is huge and will consist of 810 housing units. Striking uninterrupted views of English Bay, North Shore Mountains and the Downtown Skyline can be seen from floors 31-60 in all directions. Don't miss this opportunity to beat the lines and get exclusive VIP access to this development as well as agent exclusive bonus upgrades and rewards.

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Beat the Crowd!

Fast track to the front of the line!

Sign up for to be on the VIP list for Pre-Sales Members Service. Through our relationships with Developers and the Marketing teams that sell these NEW HOMES, we have the inside track and can get you the best homes offered for sale before anyone else!

Our team specializes in getting you the Pre Sale property you want you want without having to line up. We provide you with all the information you need, VIP access before they are offered to the public for sale. We are also privy to getting a few added benefits that come along with being a VIP, but most importantly you will get EARLY ACCESS.

When you are one of our esteemed VIP Pre Sale Clients we at Ball Real Estate will be working for you, as your agent, making sure you get the best deal possible. We don’t work for the Developer, we owe you a duty of Care and Service; built on TRUST, KNOWLEDGE, and PROVEN RESULTS.

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VIP Exclusive Access to Eastpark!

This new development will rise up where the hillside of Vancouver's Queen Elizabeth Park gives wat to the eclectic streets of Main and Quebec. Choose an airy one bedroom + flex flat, a two-storey city home with private entry, or a dramatic and bright corner penthouse. In each one, Eastpark has been designed to appeal to community-seeking individualists who need beauty and functionality in everything they own. Two collections with one cohesive feel. Architecturally, Eastpark will fit right in. Its handsome, modernist exterior, brick accents and unexpected details will feel very much at home here at Main & Quebec.

Beautiful extras, inside and out.

• A KITCHEN THAT COOKS - Here’s a fitted kitchen that knows its place: to be the undeniable nucleus of the home. It’s appealing to look at with excellent ergonomics that allow you to do everything more efficiently. Add in modern appliances, and this kitchen feels gourmet down to its last detail.
• A FAMILY FAVOURITE - To keep your floors and walls sparkling, rinse off Fido in our dog wash station. Warm water means your furry friends will come willingly in the colder months, while chilled water will give them the perfect summer cool-down.
• ESSENTIALLY BRIGHT - Truly well-designed homes maximize light and air flow – and these homes do both. Large windows and great outdoor spaces make these homes feel even better and brighter.
• THE BOFFO BIKEROOM - If you don’t already own a bike, you’ll likely want one living at Eastpark. Go explore the neighbourhood with confidence knowing you can service your bike in your very own Boffo Bike Room, complete with air pumps, a selection of tools and a handy stand to make sure you’re running smoothly.

8 Mistakes to Avoid When Buying a Home

You’ve been saving for awhile, weighing your options, looking around casually.  Now you’ve finally decided to do it—you’re ready to buy a house.  The process of buying a new home can be incredibly exciting, yet stressful, all at once.  Where do you start?

It is essential you do your homework before you begin.  Learn from the experiences of others, do some research.  Of course, with so many details involved, slip-ups are inevitable.  But be careful:  learning from your mistakes may prove costly.  Use the following list of pitfalls as a guide to help you avoid the most common mistakes.

1. Searching for houses without getting pre-approved by a lender:

Do not mistake pre-approval by a lender with pre-qualification.  Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford.  Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier. 

2. Allowing “first impressions” to overly influence your decision:

The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy.  Make a conscious decision beforehand to examine a home as objectively as you can.  Don’t let the current owners’ style or lifestyle sway your judgment.  Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work.  Likewise, don’t jump at a home simply because the walls are painted your favourite colour!  Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions. 

3. Failing to have the home inspected before you buy:

Buying a home is a major financial decision that is often made after having spent very little time on the property itself.  A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run.  Your Realtor can suggest reputable home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.

4. Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:

Make it a priority to know your rights and obligations inside and out.  A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract.  Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs.  These problems may even lead to a void contract.  So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer.  With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations.

5. Making an offer based on the asking price, not the market value:

Ask your Realtor for a current Comparative Market Analysis.  This will provide you with the information necessary to gauge the market value of a home, and will help you avoid over-paying.  What have other similar homes sold for in the area and how long were they on the market?  What is the difference between their asking and selling prices?  Is the home you’re looking at under-priced, over-priced, or fair value?  The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.

6. Failing to familiarize yourself with the neighbourhood before buying:

Check out the neighbourhood you’re considering, and ask around.  What amenities does the area have to offer?  Are there schools, churches, parks, or grocery stores within reach?  Consider visiting schools in the area if you have children.  How will you be affected by a new commute to work?  Are there infrastructure projects in development?  All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing.

7. Not looking for home insurance until you are about to move:

If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you.  Make sure you give yourself enough time to shop around in order to get the best deal.

8. Not recognizing different styles and strategies of negotiation:

Many buyers think that the way to negotiate their way to a fair price is by offering low.  However, in reality this strategy may actually result in the seller becoming more inflexible, polarizing negotiations.  Employ the knowledge and skills of an experienced realtor.  S/he will know what strategies of negotiation will prove most effective for your particular situation.