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June 2012

Found 2 blog entries for June 2012.

Yesterday the federal government announced new mortgage rules to take effect July 9th. The changes include: 1. Reducing the maximum amortization period to 25 years from 30 years    2. Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85% 3. Limiting the availability of government-backed mortgages to homes with a purchase price of less than $1 million 4. Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44% The 1st and 4th change will have a fairly large impact on our purchasing market. Keep in mind that these changes are only for those needing high ratio mortgages, with less than 20% down payment. Purchasers with less than 20% down will find…
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Consumers are showing increasing confidence in the Greater Victoria real estate market, evidenced by 636 residential sales in May 2012 , up 71 over the previous month and 544 for the same period in 2011. There is good selection on the market, as well as good value. The average price for single family homes sold in Greater Victoria last month was $622,387. Excluding previous months’ sales of over $4 million, the median has returned to $534,250. We ended May 2012 with 5,015 active listings. In summary our supply of listings is up, 12.6% of them sold last month (an overall 8 month supply). Furthermore prices are down from a year ago, interest rates are steady and still CHEAP. It's a beauty contest and a price war for sellers and is still a great time to…
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