New Canadian mortgage rules & Gibsons penthouse for sale

Market Minute - March 2020

The Canadian government recently announced revised mortgage qualification rules that will come into effect on April 6th of this year.

Current rules require would-be buyers to qualify for a mortgage using the Bank of Canada's average five-year-rate. But starting in early April, qualifying using that Bank of Canada rate goes out the window. According to a Department of Finance press release, "the new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent."

But what does that actually mean to home buyers?

Like many modern holidays, Valentine's Day was an existing pagan holiday that was later rebranded. Cards and gifts are relatively recent additions.

This 1,400 square-foot, south-facing penthouse unit has several builder upgrades like air-conditioning and high-end appliances.

A well-marked path runs along Georgia Strait where you’ll be delighted by the gorgeous coastline and your view of the neighboring islands.