{"id":4044,"date":"2017-08-09T13:14:50","date_gmt":"2017-08-09T20:14:50","guid":{"rendered":"https:\/\/www.stevesaretsky.com\/?p=4044"},"modified":"2017-08-16T14:45:58","modified_gmt":"2017-08-16T21:45:58","slug":"vancouver-homeowner-refinancing-surges-27-year-year","status":"publish","type":"post","link":"https:\/\/www.stevesaretsky.com\/2017\/08\/around-vancouver\/vancouver-homeowner-refinancing-surges-27-year-year\/","title":{"rendered":"Vancouver Homeowner Refinancing Surges 27% Year Over Year"},"content":{"rendered":"
With Vancouver real estate prices surging over the past few years homeowners are tapping into their equity (refinancing) at alarming rates.<\/p>\n
It’s important to understand refinancing and how CMHC quantifies refinancing.
\n“The consumer had a mortgage previously, opened a new mortgage in the current year, the address did not change, and the total mortgage balance increased by more than 10%.”<\/p>\n
The big takeaway in this scenario is that homeowner mortgage balance had to increase by more than 10% to quantify as a refinance. As per the latest data from CMHC<\/a>, Vancouver homeowner refinancing (drawing equity) increased 27% year over year.<\/p>\n