Are you referring to mortgage default insurance? Basically you need to pay this if you are going for a high ratio mortgage with a downpayment of less than 20%.

Most refer it as CMHC insurance because it's the most common, but there are private insurers that also provide this insurance. You'll need it either way in most cases to have the mortgage approved by the broker or bank.

To your point, as per CMHC, "You will typically have a minimum down payment starting at 5%. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.".

However, I was told via second hand info (hence me wanting to see if there was any validity to it) that credit unions like Vancity don't adhere to CMHC rules, and as such are willing to give you people a bigger mortgage to makeup for not meeting the downpayment requirements.

Like I said, could be complete BS, but figured that the very knowledgeable people who frequent this thread are likely to know better.

Edit: talking within the context of $1M + mortgages.

I thought they don't let you do high ratio for over $1m. Vancity is different as they are not a bank so they have different rules. Same with private lenders

Ok, so there is something to this then. Wonder if anyone on here can speak to Vancity's rules.

Honestly if you have any specific questions you should contact your Vancity broker and they'll be more than happy to help you.

Yes they will be glad to take your money

I don't bank with Vancity. This was merely a question more for conversation sake as it was news to me that institutions like Vancity could side-step CMHC regulations.

I haven't worked as a bank slave for a few years now, but credit unions are regulated by the province rather than federally which means some of the federal rules don't apply. A regular mortgage application has an amortization period of 25 years (or 30 years) at a big bank. I think credit unions can offer an amortization of 35 years which results in an easier approval? maybe

Lol doesn't hurt to ask?

I had my door replaced by Sams. Was the cheapest around by far. Haven’t had any issues

Do you guys know if Sam's does installs for the electric rolling gates for car ports?

Depends on the credit union. Coast Capital became a federal credit union in 2016.

everyone notice SDH are slowing down a bit now in E Van?

^ every house I've seen with a for sale sign has sold on it

SFH is hottttttttttt

Realtors aren’t even getting back to me when I message about viewing an open house if that’s any indicator..

Nahhhhh. We've just become numb to the prices. They aren't going up $100k a week no more but the pricing is still nuts. Renovated Van specials are going for as much as $2.2m like 1425 Nootka which is wild as a SDH with laneway was going for $2.5m just a couple months ago. Also see 127 E46th - a lightly renovated Van special that went for $2.2m.

I've mostly stopped looking for a property to build on right now - my budget is/was $1.6m for a lot and it's no longer realistic to get one for that price anymore (it was about 3 months ago).

If that's the case, wouldn't it make sense to change gears and just start looking at something that is move-in-ready or close to being move-in-ready?

That's what I did a couple of years ago -- looked into custom builds, thought the overall costs + build time + hassle were too much, so I gave up on the idea and just straight up went to look at something I can move into relatively quickly. We still ended up doing some minor renos before moving it, but we found our current place relatively quickly.

Yeah, I'm keeping an eye on that option but since it's move in ready I'm not in the same kind of hurry as I figured a new build would take 2.5yrs for move in. I basically want to get it sorted before my 2 year old hits kindergarten so she doesn't have to switch schools - at the moment that means I've got a small window left to find a lot but a good chunk of time before I buy something ready made (or in between like a big Van special that needs a bunch of Renos).

Maple ridge is HOT.

Friends house in the middle of no where sold $1.05 million. 350k over assemenent.

God damn.

where do you go from there? it's quite a ways out...coming west will cost more, going further east...i guess interior?

No view, only buy.

Brand new builds in new subdivisions in Kamloops are starting at a mill, so pick your poison lol

Basically. Oh you aren’t a realtor representing Somone? No thanks