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About Vancouver Mortgage Rates
The City of Vancouver carries the highest average for home prices in Canada, and causally has the biggest required down payments in the country. This is mainly due to Vancouver’s high-priced homes that are not insurable by CMHC, due to the $1 million federal cap on insured mortgages. The city’s large foreign home buyer segment also tends to make larger than average down payments. The consequences of the most recent federal mortgage rule changes are having their desired effect, according to the Finance Minister. As a result, Vancouver is one of two Canadian cities (can you guess the 2nd?) that is experiencing the greatest “cool-down” of home prices thus far, which has been amplified to the $1m+ range.
Vancouver is British Columbia‘s largest city and the Greater Vancouver Area ranks as the third largest metropolitan region in the country. Vancouver is also Canada’s most densely populated city with approximately 5,249 people per square kilometre, and more than half of its residents are fluent in a language other than English.
Due to its magnificent integration with the surrounding natural landscape, Vancouver is consistently ranked among the world’s most livable cities. It’s no surprise that Vancouver’s tourism industry is the second biggest contributor to the city’s local economy. 🌄
About the Vancouver Housing Market
The housing market in Vancouver is booming. With an average MLS home price value of $1,032,400; Vancouver is the most expensive city to buy a home in Canada.
The city of Vancouver is facing a significant gap between its residents’ incomes and home values. In order to keep homebuyers from taking on risky levels of debt, the Canadian banking regulators introduced the Stress Test in 2018. This resulted in reduced buying power that changes what first-time homebuyers can purchase.
Vancouver Mortgage Brokers
Looking to invest in Vancouver? It’s best to speak to someone who understands the market to help you navigate mortgage rates in this city. Don’t hesitate to book a call with us, our agenda is always up to date. 🌈
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