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.

CLICK HERE TO CONTACT ME OR CALL ME AT 604-512-9208

Fantastic 3 bedroom Home in the heart of scorching hot Mt. Pleasant/South Main neighbourhood

Lifestyle and investment...... A home that allows your family to grow into the 3 bedrooms. A superb investment for the future!

 JUST LISTED!

$949,000 

3 bedroom, 2 bathroom

1153 SF

Walk Score is 98. You can walk to everything!

Click photos below for link to Walk Score page.

Open Houses:

Saturday, November 12 from 2-4

and

Sunday, November 13 from 2-4

Call or text Chris with any questions about this listing and neighbourhood questions at 604-512-9208

or Email Chris at chris@chrisball.ca

Step Inside This Premium Executive Upper-Level One Bedroom & Den, with Amazing English Bay Views In Spectacular "The Mark". 

180 Degree Views & Boasts High-End Appliances, Gas Cook Top, Air-Conditioning, Wide Plank Oak Floors, Berber Wool Carpets, Sleek Cabinetry, Designer Finishes & A Balcony For Wine Drinking While Watching Stunning Sunsets & Fireworks.

Amenities Include Fabulous 10,000SQFT Spa, Lap Pool, Steam Room, High-End Exercise Centre, Guest Suites, 24-Hour Concierge, Secure Parking (More Storage & Parking Available). Steps to Seawall, Choices, Yaletown, Skytrain, George Wainburn Park. Rentals & Dogs OK! Huge Rents For Investors!

Open House: Saturday 16th April 2016 2pm-4pm

                        Sunday 17th April 2016 2pm-4pm

For more information please contact:

Chris Ball. 

Remax Crest Westside

604 512 9208

chris@chrisball.ca 

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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.

The Creek Vancouver.

This development is just about to come on the market! The Creek is a highly anticipated development by award winning developers Concert. 

The Creek. 

Located on the southeast corner of False Creek, The Creek sits in one of the most desired areas of Vancouver. Situated right at the waterfront, this development will offer water, city and mountain views. The Creek offers you the opportunity to be within easy access to the various neighbourhoods of Vancouver.

A quick bus ride or an easy walk can have you in stylish Yaletown, modern Chinatown or trending Main St. The Creek will consist of 5 residential buildings containing around 750 homes. The first of these buildings will be Voda.

Voda. 

A 16-storey tower featuring generous balconies and stylish, West Coast inspired interiors. Voda is your first opportunity to own at The Creek. Wake up to the sight of the sunlight reflecting off the water and step out your door to walk along Vancouvers' beautiful seawall.  Voda will offer a courtyard and rooftop gardens to grow your own vegetables as well as plenty of parking for both cars and bikes.  

Amenities so far

• Fitness Room
• 8^th floor lounge and terrace with BBQ facilities 
• Party room
• Rooftop gardens

Interiors 

• Voda offers elegance, comfort and quality. Appliances are integrated for a clutter free look. The kitchens are the focal point, with a timeless white design made modern with additional rich wood accents. 
• Spacious closets and floating vanities
• Frameless glass

Pricing

• One bedrooms starting at $337,900
• One bedroom + flex starting at $469,900
• Two bedrooms starting at $539,900 
• Two bedrom + Den starting at $859,900
• Townhomes starting at $799,900 
• Penthouses starting at $939,900

Fantastic opputunity to own in Kitsilano

South facing renovated 1 bedroom north of 4th. Former galley kitchen has been completely opened featuring new cabinets, ceiling pot lights, S/S appliances and large quartz counter top; perfect for entertaining. Fresh paint, bamboo flooring throughout with a large sunny garden level patio surrounded by beautifully landscaped gardens. Massive common roof deck with epic city/mountain views. Pet friendly building only 3 blocks to Kits beach and 2 blocks to everything you need on 4th ave. Buy with confidence in this well run building. 1 parking & 1 storage locker included.