Great changes for home buyers coming in 2021!

04 December 2020
Neil Bosdet

We welcome these great changes in 2021! 

FEDERAL INCENTIVE FOR FIRST TIME HOME BUYERS

Victoria has been included as one of 3 real estate markets in Canada to benefit from an improvement in eligibility criteria for First-Time Home Buyers.

The changes which will take effect in the spring of 2021, include increasing the buyer's income threshold from $120,000 to $150,000. A mortgage has also been increased from 4 to 4.5 times one’s annual income which makes an impact on the maximum price a new home buyer can afford.  Curious about how much you would now be able to qualify for as a First-Time Home Buyer? Contact us to get you set up with our mortgage partners to look a little deeper into how this changes the maximum price on your search criteria. 

CHECKS AGAING RISING STRATA INSURANCE COSTS

"Best-term pricing" has been identified by the B.C. Financial Services Authority as a contributing factor towards rising strata insurance costs. When insuring strata properties, a broker gathers quotes from multiple insurers who each submit a bid and because of "best-term pricing", the cost of the premium to the strata owners is based on highest bid rather than an average of the bids. The BCFSA is expected to eliminate this practice in the coming weeks, which will have a dampening effect on rising insurance costs.

This change follows regulatory changes made in the fall by the BC Government designed to bring greater transparency to the provincial strata insurance market.