Hey! Welcome to our monthly episode of 3 things you need to know where we round up the 3 biggest news articles. This month's guest is Edwin Astafanus a Realtor from Sutton West Coast Realty in Langley, BC. Watch the video and read below for links on the topics.
1. Foreign buyers tax is now GONE in Vancouver and surrounding areas for those with a valid work permit. This is BIG news for buyers who have been hoping to set down roots in Vancouver and the Fraser Valley and don't yet have permanent residency. Edwin predicts a price increase for sellers due to the increased Demand.
2. BC Home Buyers Plan has been out for just about 2 weeks now and has had some great success helping new buyers get into the market. We are finding however a lot of confusion for those who haven't asked questions in advance or aren't sure what it's about. Make sure to call or e-mail out for help!
3. CMHC increased their insurance premiums in January for ALL insured mortgages, this means an increased expense for buyers with less than 20% up front in the way of higher premiums. Also, for those with more than 20% down there will likely be a small rate surplus while the lenders pay these costs. Want to read more? Click here.
As always, if you want to buy, re-finance or just have questions we love to EDUCATE and HAVE FUN! Make sure to reach out and SAY HI! >> 604-619-3319