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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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.

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.

***GET ACCESS TO NEW CONDOS FIRST!  SIGN UP AND BECOME A MEMBER OF OUR VIP PRE SALES MEMBERS SERVICE.*** 

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VIP Exclusive Access The Oxley!

This develpment is still in the pre-contruction stage. Information on amenities, pricing and floor plans coming soon. 

Brand new Presale development in buzzing Commercial Drive area. This laid back, bohemian area is full of charm is becoming one of Vancouver’s desired neighbourhoods. Epix developments are crafting a reputation for developing in non-traditional, gentrifying neighbourhoods in Vancouver.

The Oxley is a new townhome development located near Pender and Commercial. There are only 10 units being built, and demand will be strong. This development will offer 10 boutique units with 2 & 3 bedroom townhomes with rooftop terraces.  With Commercial Drive at your front door you are only minutes away from the best coffee shops, gelato and trendy restaurants.

Pricing and Floorplans

• Prices and floorplans coming soon.

Expected Completion for The Oxley

• This project is still in the pre-construction phase. Check back for completion dates, or sign up for VIP updates.

For more information on this presale development please contact Chris Ball on:

Phone: 604 512 9208 

Email: chris@chrisball.ca 

I am writing this blog to give everyone a heads up about a highly desirable home i will be listing at the end of January 2015. I would like to give everyone the opportunity to view it as it wont last long, and the potential for competition is very high. Please feel free to call or email me with any questions you may have.

JUST LIKE A HOUSE! Half duplex in hot neighbourhood on quiet street. Offering the best of both worlds, a 4 bedroom, 3 bathroom home for the family with income suite, generating $1000 per month. 

The living areas & 1 bdrm suite on main fl. TOTALLY RENO'D. Open & large gourmet kitchen w/ new granite, cabinets, S/S appl,raised bar, pantry & pot lights. Open lvg & dining rms w/ hw flr, gas f/p & new mantel, large bay windows & sliders. New throughout: blinds, carpet, porcelain tiles, high-speed Cat-6 wiring, paint, all bthrms, both kitchens. The four bedrooms of the main house are located upstairs on the 2nd floor.

Fully fenced South facing yard w/ patio, and plenty of lawn for the kids to play in, flower beds & gas hookup for BBQ. Tons of storage in full crawl space & single garage. 1 blk to Trout Lake, new community centre & Commercial Drive. 5 minute walk to Skytrain.

Coming soon! Listing will be uploaded by end of January, get on appointment list now!

For more information please contact Chris Ball on 604 512 9208 or email chris@chrisball.ca