June 2020 Market Update

Mortgage rates near all-time low in Canada

VANCOUVER -- Now may be a good time to refinance your home or apply for a new mortgage. Mortgage rates are approaching all-time lows. It took a while but lenders are adjusting to the new normal during the pandemic.

"They dropped, they went up and now they are trending down again," said James Laird, co-founder of RateHub.ca.

In March, we all watched as the Bank of Canada dropped the key lending rate three times to help boost the economy, yet variable mortgage rates, which are tied to the key rate, didn’t follow.

Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC.

South Surrey/
White Rock

What do the new CMHC rules mean for homebuyers?

Getting mortgage default insurance is about to get harder after Canada’s federal housing agency announced stricter lending standards on Thursday.

The Canada Mortgage and Housing Corp. (CMHC) says it will no longer allow homebuyers to use borrowed funds for their down payment, will require a higher credit score from at least one borrower and will lower the threshold for how much debt applicants can carry compared to their income.

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June 2020 Market Update

Mortgage rates near all-time low in Canada

What do the new CMHC rules mean for homebuyers?

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