With a new year is a great time for planning for your future, below are some links on what income, downpayment and options are avalianble for you if you are looking at becoming a homeowner.

Average Rent in Vancouver as reported by BIV https://www.biv.com/article/2016/12/average-rent-one-bedroom-apartment-dips-vancouver-/ (obviously much lower in the tri-cities and fraser valley)  

Worried about rent increases? Here is the amount your rent can be increased this year http://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/during-a-tenancy/rent-increases 

Process of approval HOEP pre approval/ approval from Mortgage Broker to get best lender,

Then apply to BC Government 15 page document takes about 15 min, then about a 5 day turn around time, then we provide that verification to the lender, then they send it to lawyer for closing.

Is the program right for you: http://angelacalla.ca/blog_post?id=18765 

Who it helps people who want to own a home for the ownership benefits but have not saved enough down payment, it’s a MATCH of up to 5% 37,500.00 and 750k Purchase price combined household income of 150k – the max example here  http://www.angelacalla.ca/blog_post?id=18429

A few examples from the government http://www.angelacalla.ca/blog_post?id=18426

What’s the cost MORE! The premium on the whole mortgage is .7% higher, plus you have extra legal fee’s approx. $800 plus if you keep the loan for 20 years you pay triple the amount you borrowed on average and the rate is variable so we know the metric, prime rate plus.5%  but can’t confirm the rate in future.

Not all lenders are participating in this program, the lenders that are are changing daily, so we will help you with clarity on that as we go through an individual application 

Single:

Condos $225 (-) Langley/ Cloverdale/Abbotsford:

Click Here to View Listings

Maple Ridge condo $225 (-):

Click Here to View Listings

Looking for something a little less expensive 

31 listings Surrey under $200k:

Click Here to View Listings 

Or

2 people earning $20/hour full time

that for a total household income of 83,000.00 400k

Couple:

Fraser Valley Town Homes $400 (-):

Click Here to View Listings

Increased CHMC fee’s – from my blog  http://www.angelacalla.ca/blog_post?id=18694 close the what they were in 2000. For previous low down payment options, rates have been over 5% in the past. 

Its never to early to to late to gain clairity on your options so you can put a plan together and learn whats right for you. If you have questions on purchasing a home or an existing mortgage, please contact The Angela Calla Team directly at 604-802-3983 or callateam@dominionlending.ca