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Effective July 9, 2012, the Federal Ministers announcement of Canada’s mortgage insurance lending rules.

 

Key changes:

 

  • Reducing the maximum amortization period for high ratio insured mortgages to 25 years from 30 years
  • Lowering the maximum amount Canadians can borrow when refinancing using insured mortgages to 80 per cent from 85 per cent of the value of their homes
  • Reducing total debt service (TDS) ratio for high ratio insured mortgages to 44 per cent (previously 45%)
  • Limiting the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million

All new high ratio approvals with 30 year amortization approved between June 24 and July 9 2012 with the exception of Capped Projects  must fund by December 31, 2012.

 

An application must have been approved by CMHC or Genworth prior to July 9, 2012 so the application must be a live deal with an offer in place.

 

Pre approvals done prior to July 9, 2012 and do not have an offer in place must be looked at again by the lender using the 25 year AM.

 

These key changes apply to high ratio financing only. If you have 20% down payment or greater, then you can still qualify for a 30 year amortization.

 

Click here for the Department of Finance Canada Press Release

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I have sold a property at 204 904 Hillside AVE in VICTORIA.
This IS the most affordable 1 bedroom FREEHOLD/STRATA condo in Victoria proper! Located on the back side (quiet side) of the building. A little updating would go a long way here.....so bring your decorating ideas. Great for First Time Buyers, UVIC students or retirees wanting to be close to downtown! Centrally located, Close to Shopping, Transportation, Parks, and Schools. Pets welcome.
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I have listed a new property at 2200 Renfrew RD in SHAWNIGAN LAKE.
This private and secluded lakefront property has about 180 feet of lake frontage. It was tastefully renovated in 2011. Updates include new windows, hardwood floors, new bathroom with over sized shower, new kitchen with granite counter tops, new light fixtures, built-in vacuum and french doors. The large 2.77 acres property is subdivideable! With a "low bank" and being the sunny side of the lake with nice deep water at the dock makes this property as good as it gets.
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VICTORIA, BC-Consumers are showing confidence in the Greater Victoria real estate market, evidenced by a spike of 71 residential sales in May 2012 over the previous month. "During the last two or three months, we’ve seen many potential buyers out looking," says Carol Crabb, President of the Victoria Real Estate Board. "During May, they made their decisions. This shows there is good selection on the market, as well as good value."

 

The average price for single family homes sold in Greater Victoria last month was $622,387, a jump over April’s average of $609,376. Excluding previous months’ sales of over $4 million, the median has returned to $534,250.

 

"Last month we told you that homebuyers were researching their purchases by working with home inspectors, mortgage professionals and REALTORS®," Crabb says. "Now they are moving forward, which is often reflected in a spring market, even though it’s not feeling very spring-like."

 

Total MLS® sales for May 2012 were 659, with 636 of those residential, compared to 572 and 544 respectively for the same period in 2011, and 586 and 565 last month. We ended May 2012 with 5,015 active listings.

 

Total waterfront Single Family Dwellings sold: 15, down 3 sales over May 2011
Total non-waterfront Single Family Dwellings sold: 373, up 38 sales over May 2011
Single Family Dwellings sold over $1 million: 24 (3 over $2 million)

 

Tablular representation of sales statistics from the last two months and from last year

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

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I have sold a property at 2339 Echo Valley DR in VICTORIA.
Just like new quality executive Bear Mountain home. No HST. Gorgeous, spacious, and luxurious one family living. Features include: Great room living concept with an amazing deluxe kitchen with top of the line stainless Kenmore appliances and separate island, large living room with gas fireplace and over sized windows, hardwood flooring, separate formal dining room, landscaped fenced yard with patio, garage with additional shelving, gas hot water tank, built-in vac, beautiful entry hallway, luxurious master bedroom with crown moldings and walk-in closet with organizers, 5 piece en-suite bathroom with heated tile floor and jetted tub, skylight, wide stairwell, and landscaped front yard with front porch. This home is immaculate and shows well.
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I have sold a property at 462 Sturdee ST in VICTORIA.
Less than a hop, skip and a jump from the ocean, this charming 1950's view home radiates pride of ownership. The best views are from the back of the house out over the straits to the mountains beyond. In recent years, the updating has been extensive. The built-ins in the living room, the new kitchen cabinets, and the office will delight the most organized person. New bathrooms, new furnace, gleaming wood floors and so much more. Come see how you can enjoy the summer, both in the home and in its enchanting garden. Check out the virtual tour, then come see for yourself.
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