It was announced last week that the Bank of Canada is finally easing the stress test for home buyers with less than 20% down payment. This is great news that we are heading in the right direction after having mortgage rules tightened a few years ago. They have not yet confirmed that we will see a lower qualification rate for conventional mortgages (those with more than 20% down or wanting to refinance). We are hoping to see that change come soon as well. It’s not having a huge impact so far from what we are seeing but a little is better than none. Example would be on a client that was pre-approved for a purchase price of $485,000 under the old stress test rate and now they qualify to purchase for $520,000. In the Greater Vancouver market, any improvement at all is better than none. For more information, please call us at the office at 604-552-6190 and one of us would love to help you through.

For further insight, have a listen to the interview of our very own economist Dr. Sherry Cooper on her take of the changes and where we are heading.

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Have you ever wondered what the plan is for your parents? Or you even once you retire and maybe have a fixed income? So many families don’t realize the options they have to keep aging parents in their homes. If you are wondering how to do this and still afford in home care, contact us. There are products like Reverse Mortgages that still seem to have a negative opinion from many on this type of mortgage. They are not like they used to be. Rates are excellent, there is no qualification issues like many pensioners have in today’s mortgage market. It’s as simple as an appraisal and then a final appointment with a lawyer to get it set up. You can pay out a current mortgage so that they no longer have monthly payments. They can take a certain amount of money each month to allow them to travel and live their best life. Or they can take a certain amount of money each month to pay for home care and have someone come and help around the house. Or… you can take large lump sums of money at certain times when needed. There are so many options! Minimum age is 55 and the bank will lend up to 55% of the property value so if you are curious what you or your parents qualify for, call us, we can do a simple calculation right over the phone to give you an idea. This is a growing product and remember what ever bank you speak to about this, they will all end up at the same lender. We will give you that unbiased advice that you will need to make the best decision. You can reach us at support@primexmortgages.com or 604-552-6190. Cheers to a stress free retirement!