Real Estate

What % down to buy in Vancouver Island

  1. TALKING WITH THE LOCALS IS FUN AND THEY REALLY LIKE TO SHARE WHAT THEY KNOW AND LOVE ABOUT LIVING ON THE ISLAND.  SO A GENTLEMAN TOLD ME ALL ABOUT HOW PROPERTY VALUES ARE REALLY GOING UP AND THE COSTS TO BUY ALSO.   HE  EXPLAINED THAT THE GOVERNMENT CONTROLS THE BANKS IN CANADA …NOT LIKE IN THE STATES. OK.  SO HE SAID YOU NEED TO PUT 20% DOWN TO PURCHASE. REALLY ..NOTHING WITH A LOWER PERCENTAGE. I TOLD HIM IN THE US WE HAVE MORTGAGE INSURANCE TO ALLOW BUYERS WITH LESS THAN 20% DOWN. NOPE. WOW …THAT’S REALLY TOUGH,

WELL IT TURNS OUT IT DEPENDS  ON THE $$$ AMOUNT OF THE PURCHASE

 FEB 15, 2016 THE GUIDELINES BECAME: 5% MINIMUM FOR LESS THAN $500K, FOR PURCHASE $500-1 MILLION IT IS 5% FOR THE FIRST 500K PLUS 10% ON THE BALANCE ABOVE THAT, PURCHASES ABOVE ONE MILLION THE MINIMUM % DOWN IS 20%.

LESS THAN 20% DOWN ARE CONSIDERED HIGH RISK AND THERE IS MORTGAGE INSURANCE. CMCH CANADIAN  MORTGAGE AND HOUSING CORP HANDLES THAT.

SO IN HIS WORLD OF MILLION PLUS PROPERTIES HE WAS RIGHT.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s