South Vancouver

south-vancouver

Location

South Vancouver is located in Vancouver’s East side. South Vancouver runs from the Fraser River at the south to East 49th Ave at the North and stretches from Ontario Street in the West to Knight Street on the East.

Parks

South Vancouver has three parks including Ross Park, George Park & Moberly Park

Residential Market Stats

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Knight

knight

Location

Knight is located in East Vancouver and boarders 16th Ave in the North. East 49th ave to the South with an additional section in the south boarders Knight Street on the West & East 54th Ave on the south. The Main area boarders Elgin Street, Ross Street & Glen Street on the West. Argyle Street, Perry Street, Maxwell Street as well a section between Fleming Street & Commercial Drive on the East.

Parks

Knight has three parks including, Sunnyside Park, Kingcrest Park & Kensington Park.

Residential Market Stats

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Four major changes to Canada’s housing rules

This post written by;

OTTAWA — The Globe and Mail
Published Monday, Oct. 03, 2016 7:16PM EDT

The Liberal government has announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates.

The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes.

Below is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday.

The current rules.

Buyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgage insurance. This protects the lender in the event that the home buyer defaults. These loans are known as “high loan-to-value” or “high ratio” mortgages.

In situations in which the buyer has 20 per cent or more for a down payment, the lender or borrower could obtain “low-ratio” insurance that covers 100 per cent of the loan in the event of a default.

Mortgage insurance in Canada is backed by the federal government through the Canada Mortgage and Housing Corp. Insurance is sold by the CMHC and two private insurers, Genworth Financial Mortgage Insurance Company Canada and Canada Guaranty Mortgage Insurance Company. The federal government backs the insurance offered by the two private-sector firms, subject to a 10-per-cent deductible.

Related: Ottawa’s housing reforms target foreign buyers, mortgage debt

Opinion: Stress tests won’t fix Canada’s heated housing market(Subscribers only)

Related: Ottawa’s push to tackle real estate tax dodgers sees mixed response

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The change..

Expanding a mortgage rate stress test to all insured mortgages.

What it is..

As of Oct. 17, a stress test used for approving high-ratio mortgages will be applied to all new insured mortgages – including those where the buyer has more than 20 per cent for a down payment. The stress test is aimed at assuring the lender that the home buyer could still afford the mortgage if interest rates were to rise. The home buyer would need to qualify for a loan at the negotiated rate in the mortgage contract, but also at the Bank of Canada’s five-year fixed posted mortgage rate, which is an average of the posted rates of the big six banks in Canada. This rate is usually higher than what buyers can negotiate. As of Sept. 28, the posted rate was 4.64 per cent.

Other aspects of the stress test require that the home buyer will be spending no more than 39 per cent of income on home-carrying costs like mortgage payments, heat and taxes. Another measure called total debt service includes all other debt payments and the TDS ratio must not exceed 44 per cent.

Who it affects..

This measure affects home buyers who have at least 20 per cent for a down payment but are seeking a mortgage that may stretch them too thin if interest rates were to rise. It also affects lenders seeking to buy government-backed insurance for low-ratio mortgages.

Why..

The government is responding to concerns that sharp rises in house prices in cities like Toronto and Vancouver could increase the risk of defaults in the future should mortgage rates rise.

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The change..

As of Nov. 30, the government will impose new restrictions on when it will provide insurance for low-ratio mortgages.

What it is..

The new rules restrict insurance for these types of mortgages based on new criteria, including that the amortization period must be 25 years or less, the purchase price is less than $1-million, the buyer has a credit score of 600 and the property will be owner-occupied.

Who it affects..

This measure appears to be aimed at lowering the government’s exposure to residential mortgages for properties worth $1-million or more, a category of the market that has increased sharply in recent years in Vancouver and Toronto.

Why..

Vancouver and Toronto are the two real estate markets that are of most concern for policy makers at all levels of government. These measures appear to be targeted at those markets.

——

The change..

New reporting rules for the primary residence capital gains exemption.

What it is..

Currently, any financial gain from selling your primary residence is tax-free and does not have to be reported as income. As of this tax year, the capital gains tax is still waived, but the sale of the primary residence must be reported at tax time to the Canada Revenue Agency.

Who it affects..

Everyone who sells their primary residence will have a new obligation to report the sale to the CRA, however the change is aimed at preventing foreign buyers who buy and sell homes from claiming a primary residence tax exemption for which they are not entitled.

Why..

While officials say more data are needed, Ottawa is responding to extensive anecdotal evidence and media reports showing foreign investors are flipping homes in Canada and falsely claiming the primary residence exemption.

——

The change..

The government is launching consultations on lender risk sharing.

What it is..

Currently, the federal government is on the hook to cover the cost of 100 per cent of an insured mortgage in the event of a default. The federal government says this is “unique” internationally and that it will be releasing a public consultation paper shortly on a proposal to have lenders, such as banks, take on some of that risk. The Department of Finance Canada acknowledges this would be “a significant structural change to Canada’s housing finance system.”

Who it affects..

Mortgage lenders, such as banks, would have to take on added risk. This could potentially lead to higher mortgage rates for home buyers.

Why..

The federal government wants to limit its financial obligations in the event of widespread mortgage defaults. It also wants to encourage prudent lending practices.

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Fraser

fraser-east-vancouverLocation

Fraser is located in East Vancouver and runs north to East 16th Avenue and stretches East to Glen Dr  Elgin Street, West to Prince Edward Street & South to East 49th Ave.

Parks

Fraser has three parks including Glen Park, Grays Park and Memorial South Park. Fraser is also home to Mountain View Cemetery.

Residential Market Stats

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To visit the Fraser Neighbourhood facebook page click HERE

 

The West End

west-end-vancouver

Location

The West End is located in the Downtown corridor of Vancouver and boarders Stanley Park on the NW, West Georgia Street on the NE, Burrard Street on the SE & English Bay on the SW. Like other downtown neighbourhoods, the West End is very densely populated. It is adjacent to the downtown core business and financial districts, with traffic calmed streets punctuated by concrete islands, sidewalk barricades, and mini-parks and many residential heritage buildings including The Manhattan, The Beaconsfield, The Beverly and The Queen Charlotte.

Parks

The West End has five parks including Sunset Beach Park, Nelson Park, Barclay Heritage Square Park, English Bay Park & Alexandra Park. The West End is also home to Sunset Beach.

West End Residential Market Stats

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Killarney

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Location

Killarney is located in East Vancouver and runs north from the Fraser River to its north border along East 41st Avenue and Kingsway, and stretches from Boundary Road, Vancouver’s eastern border with Burnaby to Argyle on the western border. The neighbourhood is mostly built on the slope of the rise from the Fraser River, facing southward across Richmond.

Parks

Killarney has four parks including Tecumseh Park, Gordon Park, Nanaimo Park & Killarney Park. Sparwood Park crosses in the south east corridor of Killarney.

Residential Market Stats

Click HERE to go direct to your Neighbourhood. Get access to resources, property info, news & updates via electronic messaging. You may withdraw consent anytime. We take your privacy seriously. For market stats specific to your home and area call Tom Ikonomou direct at 778.879.8366 or reach out to us HERE

For all detached homes for sale in this area click HERE

For all attached homes for dale in this area click HERE

 

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Click HERE to go direct to your Neighbourhood. Get access to resources, property info, news & updates via electronic messaging. You may withdraw consent anytime. We take your privacy seriously. For market stats specific to your home and area call Tom Ikonomou direct at 778.879.8366 or reach out to us HERE

The Vancouver Real Estate Blog was created by Tom Ikonomou, a real estate sales professional with RE/MAX City Realty to provide readers up to date information regarding the Vancouver & surrounding area Real Estate Market. When you’re ready to buy or sell contact Tom Ikonomou for a FREE non-obligatory market evaluation.