Spencer Ennis of Bayfield Mortgage Professionals Ltd.
19909 64th Ave V2Y 1G9 Langley, BC, Canada

Homeownership in BC has so many benefits and values are rising all over the place.

Anyone buying a townhome will know that the market is really active. With housing needs changing and rates at historic lows, this trend will continue for a while.

The Government is buying back a huge amount of their bonds to help lower interest rates and keep them low. This article explains how it works.

BREAKING NEWS: The Bank of Canada made what was scheduled to be its 10th and final interest rate decision of 2020, one of the most active years in recent monetary history. They have left the lending rates unchanged. These are the highlights of today’s BoC announcement: 1) Economic momentum heading into the fourth quarter appears to be stronger than was expected in October but, in recent weeks, record high cases of COVID-19 in many parts of Canada are forcing re-imposition of... restrictions, which can be expected to weigh on growth in the first quarter of 2021 and contribute to a choppy trajectory until a vaccine is widely available 2) Near term, waves of COVID-19 are expected to set back recoveries in many parts of the world 3) It is maintaining what it calls its extraordinary forward guidance, reinforced and supplemented by its QE program, which continues at its current pace of at least $4 billion per week 4) The labour market continues to recoup the jobs that were lost at the start of the pandemic, albeit at a slower and highly uneven pace across different sectors and groups of workers 5) Commodity prices, including for oil, are being pushed by up stronger demand 6) A broad-based decline in the US exchange rate has contributed to a further appreciation of the Canadian dollar 7) The federal government’s recently announced measures should help maintain business and household incomes during this second wave of the pandemic and support the recovery

Predictions for rising condo prices next year.

Wow! Here we go again! B.C. real estate agents asked to suspend open houses to protect clients from COVID 19

BREAKING NEWS: At 10 am eastern, the Bank of Canada made its nineth interest rate decision of the year. While the overnight rate did not change it remains at just 0.25 percent, which is great news for borrowers the Bank’s commentary about the outlook for Canada’s economy did. In particular, the Bank announced it will hold its policy interest rate at what it calls the effective lower bound until economic slack is absorbed. In its current projection, the Bank does not expect this to happen until into 2023. Assuming inflation does not rise to 2% on a sustainable basis, this could mean several more years of low borrowing rates.

I often see Home Buyers get their down-payment from multiple sources such as savings, withdrawing from RRSPs, inheritance, "living inheritance" and/or a gift from family. Others sell an asset like a car, motorcycle or other item. Be sure to keep a bill of sale for any deposits that will contribute to your verifiable bank account funds though!

Many Move Up Buyers and First Time Buyers are confident enough in the Real Estate market to be buying homes with small down-payments. This type of confidence is key to a healthy economy so it's a great sign. Buying a home is an investment but it's also a place to live and have security. If you are buying a home to use it as such for a good period of time, there is never really a bad time to buy and the low cost of financing right now is a great incentive.

Good news for B.C's economy. Though many people are underemployed and seeing reduced income, 10 out of 11 people are working.

Mortgage Deferrals do appear on your credit bureau and it is best to start repaying as soon as you can. This article alludes to lenders being leery of lending to borrowers who were not able to pay their current mortgage but I am finding in many cases that lots of people deferred their mortgage because it was unknown if they would have a period of slow income but their year-to-date income is still on track, or close to, their usual earnings. Lenders are more concerned about income than the period of deferral so I have yet to find instances where that has been an issue. Each scenario is addressed as a case-by-case scenario so call me to discuss.

Langley is experiencing a very robust Summer Real Estate market. There are a lot of reasons why and I find this article very interesting.

BREAKING NEWS: At 10am eastern, the Bank of Canada made its eighth interest rate decision of the year and the news is generally positive. The Bank is keeping its overnight rate at a mere 0.25 percent and as a result, the cost to borrow will remain extraordinarily low for homebuyers. Of equal importance, the Bank of Canada suggested that economic activity is bouncing back faster than it had anticipated in July. In particular, the BoC noted that household spending rebounded sharply over the summer, with stronger-than-expected housing activity largely reflecting pent-up demand.

If you need an extension to your mortgage deferral, now is the time to ask. "Canada's federal banking regulator is phasing out requirements around mortgage deferrals for homeowners hard-hit financially by the COVID-19 pandemic. The Office of the Superintendent of Financial Institutions says deferrals granted starting Monday and until the end of September will be able to get special capital treatments for loan and premium payments for up to three months, rather than six...Come October, the special rules implemented as a result of the pandemic will be removed."

Are Canadians losing faith in Consumer Price Index? When inflation is so low but includes items we don't, or can't, buy right now then one has to wonder. On the other hand, prices of necessities are certainly going up and that's what consumers are focused one right now. I do prefer that the Bank of Canada use hard data instead of speculation when deciding monetary policy but there may need to be a re-evaluation of what data they should use.

July home sales in the Vancouver area were at their highest since 2017. This is not only fueled by normal pent up demand from the delayed Spring market and from record low interest rates but I imagine it is also from a lot of people re-evaluating their priorities and wanting to enjoy their homes more in these unpredictable times.

BREAKING NEWS: Today’s Bank of Canada announcement, as expected, held the Overnight Rate at 0.25%. Inflation has stalled and the BOC is firm in its stance that it will not raise rates until disinflation is reversed. Though Canada's economic recovery is in progress, it will take time and their predictions for the annualized positive growth rate to return to Pre-COVID levels are in 2022.

BC's Fraser Valley Real Estate see surge of activity in June.

There is a noticeable increase in properties available for sale and prices have held firm in comparison to the same period in 2019.

If working from home is becoming more-than-temporary, be sure to get tax advice and consider all the expenses you can write off.

Regardless of political stripe, nearly 80 per cent in B.C. want to forbid non-Canadians from buying real estate in B.C.

There is an array of rebates and incentives for First Time Home Buyers. Let's discuss how they can help you get into the market!