April Lee, Accredited Mortgage Professional
103-1245 West Broadway V6H 1G7 Vancouver, BC, Canada

There have been an awful lot of changes in the last 24 months with mortgage regulations and the interest rate environment, and it’s getting more complicated. There’s greater need for expert or independent advice, and that’s why more people are coming to mortgage brokers.

My dad literally recalled this interest rate to me over the phone yesterday, and this article reminds me of the story my financial advisor told me when his mortgage was up for renewal and wasn't able to afford it and he and his wife lost their home as a result. My first mortgage was 5 year fixed 4.69%. Today's 5.34% stress test is our government being prudent for the future of our economy as nearly 70% of Canadians are homeowners. Business is finally ready to pick up after 10 years of ultra low interest rates. Will you be able to afford your mortgage 5 years from now when interest rates may be 5%?

Have you opened your 2018 property assessment yet? It was the year for strata owners, that's townhome and condo owners alike, seeing up to 35% increase in value over the previous year. Values are as of July 1, 2017 and used for property tax purposes. Check it out now: https://www.bcassessment.ca/

With more OSFI changes slated Jan 1, 2018 mandating stress tests for mortgages across the board, the time has come where prolonged artificially low interest rates will be coming to an end quickly. How do you think this will impact your future mortgage needs and payment amount? Acting now could mean the difference in setting you up more advantageously for the next 5 years. Contact me for more info.

This has now reversed the 2 decreases in 2015 and is likely the last expected increase for a little while. The Bank suggests that given elevated household indebtedness, close attention will be paid to the sensitivity of the economy to higher interest rates.