Mortgage Pre-Qualification vs Mortgage Pre-Approval vs Mortgage Approval

In early 2019, several Canadian banks launched digital apps that offer home buyers easy, hassle-free mortgage pre-qualification in 60 seconds or less. Sounds great, right?  The problem is many consumers believe a mortgage pre-qualification is a lot like a mortgage pre-approval or mortgage approval. As a result, prospective home buyers and sellers are left expecting the financial institution associated with the app to lend them hundreds of thousands of dollars, despite the fact they simply keyed their names, addresses, contact information and gross income into various online fields.

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Canada-wide First-Time Home Buyer Incentive to launch in September

The First-Time Home Buyer Incentive promised in the 2019 Federal Budget will go live on September 2, the Canada Mortgage and Housing Corp. announced June 17. The launch will land just a few weeks before the October federal election.

The program will offer first-time Canadian home buyers an interest-free, payment-free loan, from a fund run by CMHC, matching the buyer’s down payment. This is up to five per cent of the purchase price on a resale home, or 10 per cent on a new-build or presale home.

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Free shuttle bus to run from SkyTrain to Steveston Village this summer

A free shuttle bus service in Richmond between SkyTrain’s Lansdowne Station and Steveston Village will launch just in time for the official start of summer.

On Wednesday, TransLink’s board of directors is expected to provide final approval for Tourism Richmond’s application to immediately begin a free shuttle bus service between the SkyTrain station’s parking lot and the historical Steveston area.

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Vancouver Housing Market Shows Signs of Life

Scotiabank’s Economist’s real estate update:

Vancouver Housing Market Shows Signs of Life

  • Ahead of tomorrow’s Canadian Real Estate Association (CREA) report for May 2019, we analyze conditions in the Vancouver housing market and estimate its home sales activity in that month.
  • Our preliminary seasonally-adjusted estimate of May 2019 Vancouver home sales indicates an increase of more than 25% versus April 2019, which would represent the strongest monthly climb since 1993.
  • It is too soon to tell whether that upturn would reflect the beginning of a rebound from Vancouver’s prolonged housing market slump, but we still anticipate stronger home buying activity as the year progresses.

For the full report, please reach out to Scotiabank Home Financing Advisor, Tanya Toye 604-788-8693.

Kingsgate Mall redevelopment could include student and staff housing: VSB trustee

The potential exists for a significant redevelopment of Kingsgate Mall to become a new hub of activity for Vancouver’s Mount Pleasant neighbourhood, according to one Vancouver School Board (VSB) trustee.

Estrellita Gonzalez, is Green Party VSB trustee, who believes the large, city block-sized property at 370 East Broadway – at the southeast corner of the intersection of Broadway and Kingsway – would certainly become a prime central location with the imminent arrival of SkyTrain’s Broadway Extension over the coming years.

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