Your Mortgage Broker Vancouver Explain the Impact of the 2016/17 Provincial Budget
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Are you planning to buy a home in Vancouver? Well, these are exciting times as the market has defied slowing growth in real estate. In fact, together with Toronto, the city’s property market remains the most active in North America. If you are looking for a sound property investment, it is time to dive in and cash in on the favourable mortgage rates. Whether you are buying your home for keeps or for resale, there is every reason to put your money in the sizzling hot market.
With the introduction of the 15% additional property transfer tax for foreign buyers, the real estate market in Vancouver has witnessed a slight fluctuation and this is the best time to buy your home. To get the best value for your money in real estate, make sure you look for the best mortgage rates. Well, this is not as easy as it sounds.
The market has undergone changes since the 2016/17 Provincial Budget and it is important to stay abreast of these changes. For a first time buyer, you might not even be aware of such changes or the impact they have on mortgage rates. Luckily, a mortgage broker Vancouver gladly breaks down the numbers. Mortgage brokers serve like your consultant on anything to do with home purchase financing.
To assist their clientele, these professionals have to keep up with changes in the industry. Here are some of the highlights that your broker will focus on while helping you find the best mortgage rates in the market:
- Requirement to disclose your nationality: While this has been required by mortgage lenders, it is now a legal requirement as the government tries to determine the input of foreign buyers on the market.
- Property transfer tax savings for buyers looking for newly-built homes, townhouses or condos worth up to $750,000. Canadian citizens and permanent residents will save up to $13,000 based on this policy.
- Increased property transfer tax for homes sold for over $2 million. An increase of 3% tax for both new and old homes.
When looking for a home in Vancouver, you might not be aware of some of these inclusions in the budget. Your Vancouver mortgage broker highlights these changes to ensure you make the right choice. The broker will then go ahead to use the information to get you the best mortgage deal in the market. These professionals understand the market and they have a strong network with top lenders and this guarantees you the best ROI.
The Author is an experienced mortgage broker who specializes in offering professional and timely mortgage services for home buyers and sellers in the Vancouver area. For more details, contact mortgage broker Vancouver