Nicole Crichton - Mortgage Broker

News for Homebuyers in BC

Updates from the 2024 BC Government budget that directly impact the mortgage industry and housing market in BC

🔑 Property Transfer Tax Exemptions: The 2024 budget brings changes to the Property Transfer Tax exemptions:

1️⃣ First-Time Homebuyers’ Program: The threshold for this program has finally been increased. Now, qualifying first-time buyers can enjoy a complete exemption on the first $500,000 of homes valued up to $835,000, potentially saving up to $8,000.

2️⃣ Newly Built Homes: Buyers of newly built homes will now see an increase in the exemption from the current $750,000 to $1,100,000. 💰

These changes are designed to support homebuyers and stimulate the housing market.

For more information: www.bcbudget.gov.bc.ca/2024/

The Crichton Family. 🍁

Getting everyone to sit still long enough for a photo is challenging these days!

🗓️ If you have a renewal coming up, are in the market for a new home, or would like to refinance to consolidate debt, make sure you hold a rate now. 💰

In this increasing rate environment, rate holds are key.

If interest rates decrease ⬇️ before your mortgage completes, you’ll get the lower rate, but if rates rate increase ⬆️you’re protected with a rate hold.

Questions - please ask! ☎️📧

🏦 The Bank of Canada has announced this morning another 0.25% increase to their overnight lending rate, which corresponds to a 0.25% increase to prime. 📈

In its updated Monetary Policy Report, the bank said it expects CPI inflation to hover around 3% for the next year before declining to 2% by mid-2025. It also expects real GDP growth of 1.8% in 2023 and 1.2% in 2024 before picking up to 2.4% in 2025.

As higher interest rates continue to work their way through the economy, the Bank expects economic growth to slow. 📉

https://www.bankofcanada.ca/2023/07/fad-press-release-2023-07-12

🎉 The Bank of Canada announces no change to the overnight lending rate!

💰Homeownes with variable rate mortgages will not see their mortgage payment increasing.

💰 If you have a secured line of credit / HELOC, your rate will not be increasing.

🗓️ June 7th is the next announcement.

It is with immense gratitude that I receive this award 🎉 🏡 Thank you to my amazing clients for trusting me with your home financing needs and for allowing me the opportunity to serve you. Your support and trust have made this possible, and I am honored to have been a part of your financial journey. 🙏
To all the professionals I work with on every single transaction - realtors, lawyers, notaries, underwriters, BDMs, appraisers, home inspectors, accountants - thank you for doing your part to make every transaction as smooth as possible. Team work makes us all stronger.💪

Welcome changes to the Foreign Buyer’s Ban announced.

Changes include:
1. Work Permit Holders - can purchase property as long as 183 days or more remain on the work permit.

2. Vacant Land Zoned for Residential or Mixed Use - ban lifted

3. Exception for Development Purchases

4. Increasing the Corporation Foreign Control Threshold from 3% to 10%.

For more information:

https://www.cmhc-schl.gc.ca/en/media-newsroom/news-releases/2023/amendments-prohibition-purchase-residential-property-non-canadians-regulations

Happy Holidays! ☃️
My favourite days of the holidays are always the quieter ones between Christmas & New Years -
time for family and outdoor activities. ❄️

“Welcome the beginning of winter and the return of the light.”⭐️

Mortgage Broker - a personal shopper that comes at no cost you as the borrower. Win!
🏠

Found a property, but it needs some work?
We can add the cost of the renovations to your mortgage and still do 5% down.
🔨
Ask me how.

Rising mortgage rates.
For many home owners this is the first time they’ve been through a rising rate cycle. You’ve got questions, you’re nervous, you see the negative narrative in the headlines - please reach out so we can review your personal options on what is going to be best for you.
During my 16 years in the industry, there have been many ups and downs in the market.
Remember - ‘what goes up, must come down.’

This is one of my favourite reviews because not every deal is straight forward, and it’s so important as a mortgage broker to have experience and the knowledge to be able to problem solve for your clients.
🏡

Does your summer vacation have you dreaming of purchasing your own vacation property?
🏕
Reach out to me to review your options to make this dream a reality.

There are many different mortgage options for you as a small business owner.

It’s imperative you work with lenders that understand your unique financial situation.

As a mortgage broker, it’s my job to think outside the box and provide you with a clear plan.

Reach out to discuss your situation.

Contact details in bio.