Friday 12 September 2014

West Vancouver may soon curb “monster homes” via zoning and building bylaw changes

Consultation at city hall Sept 15 at 7pm.

This news was widely discussed in local Chinese forums. Some speculate that the new rules will drive down property/lot values in West Van.
Though some also speculate this rule change will drive up existing monster homes’ values.

Monday 8 September 2014

CMHC could force banks to pay deductibles on mortgage insurance

The Canada Mortgage and Housing Corp. is looking at a new formula to push some of its losses on to financial institutions, essentially forcing them to pay a deductible on mortgages insured with the Crown corporation before claims are paid, according to sources.
The Financial Post has learned the Office of the Superintendent of Financial Institutions is involved in discussions with CMHC, which it oversees, while the Canadian Bankers Association is said to be against the measure.

Saturday 6 September 2014

Investors in Brampton house development hit with $30K bill

Via City News

"Investors in a Brampton house development are suffering from a severe case of “sticker shock” after they found out the homes they purchased — originally scheduled to be completed in 2012 — will cost them an extra $30,000 in closing costs now that they are finally done.
Fernbrook Homes is telling the investors in the Castlemore development that if they want the keys to their new homes, they’ll need to pay up.
The buyers are upset since Fernbrook did not apply for a building permit until March of 2013 – one full year after the project was to be finished – and now they have to foot the very large, and unexpected, bill."

Caveat Emptor