New Mortgage Rules Won’t Help Toronto’s Condo Market
When Jim Flaherty made his announcement about the most recent mortgage rule changes on Thursday, he said, “I remain concerned about parts of the Canadian residential real estate market, particularly in Toronto but not only in Toronto.” And while it’s no secret that there’s an influx of people seeking Toronto mortgages, and a number of…
Read moreWhat’s the Point of Eliminating Insurance on Millionaire Homes?
When Finance Minister Jim Flaherty announced the changes to amortization periods on insured mortgages, and the amount that can be borrowed on HELOCs, he also announced that mortgage insurance would no longer be available on homes priced at $1 million or more. But with homes in that category taking up so little of the marketplace,…
Read moreWhat the Experts Say about Tighter Mortgage Rules
Everyone’s talking about the changes to mortgages in Ottawa that were announced by Jim Flaherty yesterday. Once in effect, these rules will scrap mortgage insurance on homes worth over $1 million, as well as on any HELOCs; and the new rules will also lower amortization periods on insured mortgages to 25 years instead of 30….
Read moreMortgage Rules Tightened Again
After experts have been calling out for the past several months on stricter rules on mortgages, Ottawa has made them. On Wednesday, Finance Minister Jim Flaherty announced that for the fourth time in four years, mortgages in Canada are changing. The first new rule announced was that amortization periods on government-insured mortgages would be reduced…
Read moreOSFI Eases Proposed Guidelines
Banks and Toronto mortgage brokers can all breathe a sigh of relief. Those super stringent guidelines that the Office of the Superintendent of Financial Institutions (OSFI) released in April have been eased considerably. These guidelines called for many things, and a few seemed like an overreaction to a housing market that hadn’t yet collapsed. Thankfully,…
Read moreMore Canadians Choosing Fixed Rates
There was a poll done by CIBC several weeks ago that looked at whether Canadians were choosing fixed rate mortgages or variable rate mortgages. That survey showed that 50% of Canadians choose the former over the latter and now, RBC has taken their own poll to confirm those findings. The RBC Home Ownership poll showed…
Read moreCMHC Reforms Coming – Today!
The federal government has a very close eye on mortgages in Ottawa again. While Canadians have known for some time now that the Canada Mortgage and Housing Corporation is near reaching its $6 billion cap for insuring mortgages, Jim Flaherty promised he’d do something about it in his federal budget back in late March. Today,…
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