My East Van Blog

Vancouver Most Unaffordable in Canada

Article from News 1130 reports:  A new study finds the Lower Mainland is the worst in the country for housing affordability.

RBC Economics calculates housing affordability based on the amount of monthly pre-tax income it takes to own a home, including mortgage payments, utilities, and property taxes.

In its "Housing Trends and Affordability Report," Vancouver is ranked dead last, at a staggering 91 p... read more.

Don't wait too long to lock-in your Mortgage Rates

We all know that mortgage rates have been at historically low levels, so many of us are taking the wait and see approach to locking in our mortgage rates.  But don't wait too long, or you might be locking in rates that are way above what you could have gotten.

Those of us who have our mortgages in floating variable rates are probably benefiting from very low interest rates. However, did you know tha... read more.

Survey on New Homeowners

Survey commissioned by TD Canada Trust states first time home buyers do not regret paying record level prices, but instead regret not buying sooner, as to stop pouring money down the rental hole with nothing to show for it.

60% of the over a thousand respondents regret:

1. Not putting down a bigger down payment
2. Forgetting the associated costs of home ownership

Housing Predictions for 2013

Might be a bit early, but Canada Mortgage and Housing Corporation (CMHC) is giving us their predictions for next year.

“Factors in 2013 driving the housing market are expected to be a little bit stronger,” Carol Frketich, BC regional economist for CMHC said. “There is expected to be a bit of a pick up in job growth next year, economic growth and demographic growth as well.”

Average prices, which are... read more.

Buying South of the Border

You hear the stories - local Canadians here buying summer / holiday homes south of the border.  We have the geographical location that allows us to consider this option... But is it for everyone?

It's true, thanks to the US economic turmoil of recent years, the property down south in Washington state are significantly cheaper than what we can get over here. 

But make sure you know what it takes to bu... read more.

Mortgage Rates Drop again

The lowest 5 yr mortgage rate is down to 2.94%.  That's below the 2.99% mark that made Finance Minister Jim Flaherty warn the banks no to get too aggressive.

Rates continue to be at a record low at this time.  But while rates are tempting, the slowdown in the housing market recently means people are not jumping into new homes.

If you are currently in an open term variable mortgage, you might want to... read more.