Possible: Mortgage access denied

Possible: Mortgage access denied

IMPORTANT: This could be your face if you were planning to buy or refinance in a couple of weeks. Impending mortgage rules are expected to be announced next month and they will impact 80% of the residential real estate market.  

In July 2017, the Office of the Superintendent of Financial Institutions (OSFI) released draft changes to Guideline B-20 for public consultation. The B-20 Guideline establishes OSFI's expectations for prudent residential mortgage underwriting and is applicable to all federally regulated financial institutions. Public concerns could be addressed up to August 17, 2017.

Global BC: B.C. to lift foreign buyers tax for people with work permits

Global BC: B.C. to lift foreign buyers tax for people with work permits

B.C.’s premier has announced the province is lifting the 15 per cent foreign buyers tax for anyone living in Metro Vancouver with a work permit.

The move is an effort to encourage people to come to the province. Those who live, work and pay B.C. taxes will now be exempt from the additional property transfer tax.