Tuesday, April 8, 2014

So CMHC changed the rules and you are require to put 5% down? Ummm… Vancity says nope.



We get it: saving for your first home can be a serious challenge -- especially here in BC. Even a 5% down payment can sometimes feel like an unattainable financial goal.

This video will give you a basic overview of how the Down Payment Helper Mortgage will match the amount you've currently saved for your down payment, up to a maximum of $12,500.
Who says you need 5% down in Vancouver?

(hat tip b5baxter)

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6 comments:

  1. AnonymousApril 8, 2014 at 5:52 PM

    Vancity (and other local CUs) are heavily exposed to residential mortgages; much more so than the big banks. I think they will pay a high price for this exposure.

    ReplyDelete
  2. Joe MainlanderApril 9, 2014 at 12:16 AM

    After a short nap Mr. Bubble is back.

    ReplyDelete
  3. AnonymousApril 9, 2014 at 10:41 PM

    I don't think the Bubble left but with residential building permits falling and condo start-ups (new) fizzling it will take a few more months 8-12 for any more affects of this stuff to take a real affect on the market - but then I could be wrong.

    Cheers

    ReplyDelete
  4. UnknownApril 11, 2014 at 6:10 PM

    Rob Carrick wrote a great follow-up article on owning a home versus renting and investing the difference

    http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/real-estate-or-stocks-the-finer-points/article17945012/?cmpid=rss1

    ReplyDelete
  5. NazApril 18, 2014 at 2:54 PM

    Thanks for sharing this video. It is true, buying a home in Vancouver can be difficult, 5% down for a million dollar home isn't cheap at all. ( That is the average now a days ) This could prove to help a lot of people out there who simply can't afford to put a down payment.

    ReplyDelete
  6. b5bApril 22, 2014 at 9:58 PM

    I am contacting Vancity Board candidates for opinions on this product. I will post results here. Vancity members can vote for the board up until the end of this week.

    ReplyDelete

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