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Effective July 1, 2020 CMHC is making the following changes to insured mortgage financing (an insured mortgage is when you have less than 20% for down payment/equity):

• Reducing the debt servicing ratios from 39/44 GDS/TDS to 35/42 GDS/TDS (Gross Debt Service/Total Debt Service). In English, this means that you’ll qualify for approximately 12% less than you do today. For example, assume you make a 70K and currently qualify for a 350K mortgage, you’ll now only qualify for 308K.
  
• Increasing the minimum beacon score from 600 to 680.
  
• Eliminating the ability to borrow your down payment.

These are significant changes to qualifying. As such, if you’re looking to get into the market and have less than 20% down payment, there’s no time like the present.

As of now, our sources indicate that the other two insurers (Canada Guarantee and Genworth) will not be following suit, but time will tell…

Please reach out if you have any questions.

Trusting strangers to handle your belongings can be a little unnerving. We have some great tips to keep things under control and protect your assets:

Questions to ask when contacting movers:

• Is the company insured?

• Does the company do quotes prior to moving day?

• Is the company properly licensed? 

• Is a deposit required? How much? When is it due?

Other things to consider

Some red flags might include a low online review rating, an unreasonably high deposit fee, a recent name change or lack of experience.  Consider checking the Better Business Bureau as well.

Referrals are often the best way to go. We welcome you to contact us to find out which companies our clients have trusted over the years.

Last year was the first of what we are now making an annual event.  Our Spring Clean for Big Brothers raises funds through your donation of unwanted household items. In the spring of 2019, we set up a large donation truck and had our clients drive thru with trunks filled with goods.  This took place at the Oakwyn Realty Ltd parking lot, and we had a great turnout.  We ended up reaching and exceeding our goal of 500 donation bags.

This year, due to COVID-19, the 2020 event is on hold.  As soon as Big Brothers is ready to take on donations, we will be announcing the new date.  We are eagerly anticipating this event, as are many of our clients. After all, who didn’t do a slew of spring cleaning while being cooped up at home, socially distancing!

We at Westcoast Living Real Estate Group are still fully operational during the COVID-19 Pandemic.

We are meeting initially with new clients through virtual platforms, and to protect buyers and sellers our team has implemented a COVID Protocol Marketing Strategy (CPMS). 

For more details on how you as a buyer or seller can benefit from this program and continue pursuing your real estate goals, please use the Contact Us Form.

West Coast Living Real Estate Group is constantly evolving to meet client needs with innovative marketing strategies. In a new market where digital methods are preferred while social distancing measures are in place, our team is now facilitating alternative methods to meet the need.

Virtual Walkthrough

Virtual walkthroughs are typically done through a Matterport 3D tour. What is the buyer’s experience like? Matterport 3D tours provide potential buyer’s an opportunity for a guided walkthrough with 3D angle selection, an effect that emulates an in-person showing, and is truly the best alternative.

Shopping for real estate? Experience an elevated, virtually guided Matterport 3D tour from the comfort of your own home!

See below an example for our listing at 63 W 22nd Ave in Vancouver.