Royal Pacific Realty

Metro Vancouver home prices have remained steady since provincial health officials implemented physical distancing requirements in March.   The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent incre ...

Yesterday afternoon, CMHC announced changes to its mortgage insurance underwriting and acceptance criteria.   Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: The maximum gross debt service (GDS) ratio drops from 39 to 35 The maximum total debt service (TDS) ratio drops from 44 to 42 The minimum credit s ...