Here is an announcement from the federal government with changes to mortgage rules and an explanation of what it means for a buyer.

NEW MORTGAGE RULES TAKE EFFECT JULY 9, 2012
1. Reducing the maximum amortization period to 25 years from 30 years
2. Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44%

WHAT DOES THIS MEAN TO YOU, THE BUYER?

If you look at a mortgage amount of $200,000 at a current rate of 3.09%, the reduction in the amortization period by five years means an increase of $105 per month.

Additionally, if you are making $50,000 per year, the gross debt service ratio of 44% currently allows your monthly payments to be as high as $1,600. That would cover a mortgage up to $335,000. When the gross debt service ratio changes to 39%, your monthly payments cannot exceed $1,400 per month which would only cover a mortgage up to $290,000.

Plant yourself in a vibrant, growing community and gain access to the best British Columbia has to provide. Located in the heart of Pemberton, Elements offers an all- access pass to top outdoor pursuits – from skiing to hiking, golfing to biking, fishing to foraging, simple take-out to world-class dining, it’s all here at your doorstep.

Proudly built by Marcon, one of the most respected developers in BC, Elements features luxury urban finishes and contemporary West Coast architecture at small-town prices. Whether you’re a first-time buyer or an established investor, the time is now.

Studios from $165,900
1 Bedroom + Dens from $201,900
2 Bedrooms from $244,900
2 Bedroom + Den from $364,900
Penthouses from $389,900

Feel free to get in touch if you would like to view or have questions.
Amber

2-2138 Sarajevo Drive – In great condition, with some upgrades. Sold furnished including equipped kitchen and washer/dryer.

Offered at $224,500. Seller received 91% of the asking price after 31 days on the market. Contact me for more details.

“Working with Amber has been wonderful; she made the buying process super easy, totally painless, and really fun. She is professional, knowledgeable and friendly, and we couldn’t be happier with her services as our realtor.” Buyer of 2-2138 Sarajevo Drive

401 Town Plaza. 4314 Main Street, Whistler, BC V0N 1B4

Love your vacation home, love your lifestyle with this two bedroom, two bathroom condo in the heart of Whistler Village. This top floor, spacious suite on the quiet side of Bear Lodge has a great, open layout for enteraining family and friends. Park your car and enjoy village living; you can walk to ski lifts, shops, and restaurants. Strata fees are all inclusive-electricity, hot water, propane, cable, phone, and internet. Town Plaza has front desk, hot tub, exercise room, ski locker, and underground parking. Personal use or nightly rentals are allowed.

The event starts at our office and there is always lots of food & wine to kick off the celebration!