Loans, Credit, Mortgages and Financing in Vancouver

Loans, Credit, Mortgages and Financing in Vancouver

Vancouver is a coastal city that sits between the Pacific Ocean and the Canadian Rockies; you’ll more than likely have a spectacular view no matter what direction you look. The Greater Vancouver area is the 3rd most populated metropolitan area in Canada; it has a population of 2.4 million. Vancouver is also the most densely populated city in Canada, with 74% of people living outside the actual city.

Fun Facts

  • Vancouver and Montréal tie for 10th place among the world’s cleanest cities.
  • Vancouver is often referred to as Hollywood North. Television production and feature film production are the highest in Canada and second only to Los Angeles. Paramount, Lions Gate and Bridge Stone all have offices in Vancouver.
  • Vancouver is home to 3 major league sports teams: the Vancouver Canucks, the BC Lions and the Vancouver Whitecaps.

Statistical Analysis

Average Family Income$71,140
Average Price of House$857,015
Provincial Income Tax5.06% on the first $37,869 of taxable income
7.7% on the next $37,871
10.5% on the next $11,218
12.29% on the next $18,634
14.7% on the next $45,458
16.8% on the amount over $151,050
Provincial Sales Tax7%
Unemployment Rate5.7%
Insolvency Rate 2.5%

Vancouver Housing Market

Vancouver is currently the most expensive city in Canada to buy a house; the average price for detached two-story home in 2014 was just shy of a million dollars while the nation average was $433,649. Obviously the location plays a large part in the extreme price difference between Vancouver and the rest of Canada, the Pacific Ocean and the Rockies make Vancouver an extremely sought after location for both Canadian and foreign buyers. Vancouver is currently experiencing historically low mortgage rates which, should they continue to persist, will make the market slightly more affordable.

How to be a Responsible Consumer

Protecting yourself from consumer fraud, credit scams and identity theft should always be a priority. By learning how to be a responsible and conscientious consumer you’ll be able to arm yourself with the information you need.

  • Keep an Eye on Your Credit Report. Your credit report contains all your financial and personal information. Including your employment record, credit card use, previous and present debts and marital status, this is all extremely valuable information and you should always make sure it is up to date.
  • Maintain a Healthy Credit Score. Maintaining a healthy credit score will give you the financial freedom to pursue all your life goals. A high credit score will make applying for loans all the more easy and could potentially afford you more favourable interest rates.
  • Responsibly Manage Your Credit, Debts and Loans. Always pay your bills on time, especially credit card and loan payments. Only borrow money that you need and can afford to pay back. And If you’re having difficulty keeping up with your bills get in contact with your lender or creditor right away.

Consumer Protection in Vancouver

Consumer Protection BC works with both consumers and sellers to help regulate the marketplace solve any issues that might arise, investigate complaints and enforce legislation. For all the information you need on consumer issues in the city of Vancouver contact Consumer Protection BC or visit their website.

Consumer Protection BC
#307-3450 Uptown Blvd
PO Box 9244
Victoria, British Columbia V8W 9J2
Telephone: 604-320-1667
Toll Free: 1-888-564-9963
Fax: 250-920-7181

Protecting Your Personal Information

Always keep all of your personal information private; never share more information than you need to. Keep an eye out for strange charges on your credit accounts or errors on your credit report. If you think you might be the victim of identity fraud or a credit scam get in contact with the two major Canadian credit reporting agencies (Equifax and TransUnion).

Equifax Canada Inc.
Toll-free: 1-800-465-7166

TransUnion of Canada
Toll-free: 1-800-663-9980

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