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January 20, 2017

 

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According to the Chinese calendars, we are now into the new lunar new. This year is the zodiac sign of the Dragon. More specifically, it's the year of the Water Dragon.
Dragon years are believed to be years that are very strong in business and in starting families. To have a Dragon year baby is considered good luck under Chinese traditions. It is also a good time to engage in business ventures. While relying on zodiac mythology might not be the best business model to follow, how can one argue with thousands of years of traditional experience?
If indeed the 2012 Dragon Year is to be a prosperous one for families and business...we are off to a great start in the Real Estate Industry! Interest rates continue to be at historic lows, and the demand for housing in the BC lower mainland doesn't show any signs of letting up it's frantic pace in the near future. The basic economics of supply and demand continue to energize the market. So far, in the early weeks of this new year we are seeing multiple offer situations ocurring, and lots of activity at open houses. While the listing inventory is beginning to stock up after the Christmas lull,with these favourable conditions the supply will be outweighted by the demand in short order.
If you have been sitting on the fence about acquiring some real estate, this is the year to make that decision. I doubt that we will see another moment like this for decades to come. The Dragon is speaking to us!

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January 20, 2017


First-time buyers interest-free down payment program


The new BC Home Owner Mortgage and Equity (HOME) Partnership program helps eligible BC residents purchase a home.

The program offers first-time home buyers who have saved a down payment:

  • A down payment loan of up to 5% of a home’s purchase price to a maximum of $37,500, on a home with a maximum price of $750,000.
  • This loan matches the buyer’s down payment and is interest-free and payment-free for five years.
  • After five years, buyers can either repay their loan or enter into monthly payments at interest rates that are current five years from the date of the loan.
  • Loans through the program are due after 25 years – the same length as most mortgages.

To qualify for the program, home buyers with a registered interest on title must reside in the home and be a:

  • Canadian citizen or permanent resident for at least five years;
  • resident of BC for at least one year immediately preceding the date of application; and
 
  Click here for larger version of infographic
 
  • first-time buyer who has not owned an interest in a residence anywhere in the world at any time.

The home buyer must:

  • use the property as their principal residence for the first five years;
  • obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price; and
  • have a combined, gross household income of all individuals on title not exceeding $150,000.

Buyers can begin gathering the documents they’ll need to submit an online application. Buyers will need:

  • Proof of status in Canada and residency in British Columbia.
  • Secondary identification (must include your photo).
  • Proof of income and tax filings.
  • Insured first mortgage pre-approval.

 

• Information and application details
• Questions and answers 

  

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