Time to Buy in Canada

Our Falling Dollar means house prices are more affordable for US and Overseas Buyers. Our dollar is falling and its time for Canadians to stay at home and hit the slopes rather than travel to the US or overseas.  But if you are from south of the border and have American cash, it may be the time to purchase a winter or summer home for a bargain.  Kelowna has something to offer for every season; cherry blossoms in the spring, wine tasting in the fall, skating, skiing and snowboarding in the winter and boating in the summer.  You can now purchase the buy of a lifetime and own a piece of Canada.  On January 20, 2016, an American dollar was worth $1.46 Canadian and a Canadian dollar was worth 68 cents.  One British pound was worth only 48 cents.  If you bought a property for $1,000,000 Canadian, it would only cost 483,760.00 GBP (British Pounds). Price Quotes are as of January 20th, 2016.    Check out this link from the Huffington Post.   http://www.huffingtonpost.ca/2016/01/14/us-canada-house-prices_n_8972308.html...

CMHC Announces Changes to the Treatment of Rental Income for Borrower Qualification Purposes!!!

The market for houses with basement apartments may get a little hotter. CMHC has announced it will allow 100% of the rental income from legal secondary suites to be used when qualifying for a mortgage. Currently it allows 50%. The nation’s largest default insurer says the move is meant to “facilitate affordable housing choices for Canadians.” “Secondary rental suites are recognized as a source of affordable housing offered at a cost that is often lower than those for apartments in purpose built rental buildings,” it adds. Secondary/basement suites also give lower-income Canadians the chance to live in single-family residential neighbourhoods. The new rule takes effect September 28, 2015....

Bank of Canada holds interest rates steady

Wed, 04/15/2015 – 08:58 Ottawa, ON, April 15, 2015 – The Bank of Canada announced on April 15th, 2015 it was keeping its trend-setting overnight lending rate at 0.75 per cent. The Bank of Canada announced on April 15th, 2015 it was keeping its trend-setting overnight lending rate at 0.75 per cent. While official economic growth statistics for the first quarter of 2015 won’t be available until the end of May, the Bank estimates that Canada’s economy was stuck in neutral. Governor Poloz had already telegraphed as much in an interview with the Financial Times and it should come as no surprise given the impact of the drop in oil prices this year. In its interest rate announcement, the Bank made it clear that it thinks the worst of the damage to the Canadian economy from lower oil prices is behind us. It expects economic activity to bounce back in the second and third quarters even more strongly than previously predicted due mainly to an anticipated increase in non-energy exports. The Bank’s forecast is perhaps optimistic regarding near term economic prospects given, since there is scant evidence that non-energy exports are in fact ramping up. Moreover, its Monetary Policy Report (MPR) which accompanied the announcement acknowledged that “the full impact of the decline in oil prices has yet to show up in employment statistics.” The rebalanced forecast allows the Bank to maintain its view that inflation will return to its two per cent target by the end of 2016. At this point, that means the goalposts for the first interest rate hike have not moved. Most Bay Street economists expect...