BC Business
Tighter mortgage rulesThe federal government has announced changes to the rules around government-backed mortgages in an effort to cool down some of the riskier activity in the Vancouver and Toronto housing markets. From mid-February, buyers of houses over $500,000 will require a minimum down payment of 10 per cent, up from the current five per cent. It’s a minimal change that the government expects to affect just a fraction of the housing market. Announcing the changes at a press conference in Ottawa, Finance Minister Bill Morneau said that they “will impact 1 per cent or less of the market” in a “targeted way.” (via Vancouver Sun)
Bank of mom and dadAccording to a survey of B.C. notaries, 57 per cent said their first-time buyer clients were “getting help” with their down payment. Twenty-three per cent said their clients were handling their down payment without parental help. The survey also polled notaries on how much help the first-time buyers they dealt with were getting. Fifteen per cent of those receiving help on their mortgage are receiving more than half of their down payment from their parents, while 52 per cent are receiving a quarter of their down payment or less.
Sign copThe City of Richmond is hiring a new bylaw inspector who will be tasked with asking business owners to add English to their Chinese-language signage. The role will not be for the faint at heart: amongst the working conditions that the future inspector can expect: “disagreeable situations, which include abuse, threats, rudeness and the risk of potential violence.” The proliferation of Chinese-language signage without corresponding English translations stirred a small tempest in city last year. In the spirit of “community harmony,” the municipality is choosing to hire an inspector to “encourage” business owners to put up English translations, as opposed to mandating the use of English-language signs. (via Richmond News)