Low-Entry Housing to be Affected by Mortgage Rules
When Finance Minister Jim Flaherty announced that he would be making changes to home refinancing and amortization periods on government-backed mortgages, he cited Toronto’s housing market as one of his main concerns. But while the new rules will most certainly dampen the market there, what exactly are they going to do to Calgary mortgages? To…
Read moreBoomers Afraid Kids won’t be able to Afford Homes
Due to the fact that our house prices have risen over the past few years, and at the same time our incomes have either been stagnating or declining, many Baby Boomers now think that their children will not be able to buy a home. In fact, according to a survey done by the Bank of…
Read moreBMO sets a New Date
The Bank of Montreal last forecasted that the Bank of Canada would keep its overnight lending rate at the historic low of 1 per cent until January of 2013. But now, with the U.S. Federal Reserve being more lenient in their policies, a more uncertain economy here at home, and to top it all off…
Read moreCHBA Concerned over New Mortgage Rules
In a letter written to Finance Minister Jim Flaherty last week, Ron Olson, president of the Canadian Home Builders’ Association, pointed out some concerns he had with the new mortgage rules that are about to go into effect in just five days. While Mr. Olson makes it clear that those in his industry share Mr….
Read moreBMO: Changes will Help us make a Soft Landing
Whether or not the new mortgage rule changes are good for the Canadian economy really depends on who you talk to. But the Bank of Montreal is pointing to higher home prices in May, and saying that because the housing market isn’t correcting on its own, these new rules will help us make a soft…
Read moreRBC Concerned about New Mortgage Rules
Most of the time playing the mortgage and housing market game is like walking a tightrope – especially if you’re the policymaker that’s making the final decision. Give the line too much slack, and it’s going to collapse. Keep it too tight, and it will break. Jim Flaherty certainly knows this, and RBC seems to…
Read moreWhat does Jim Flaherty have to say about New Rules?
Jim Flaherty has heard many opinions on his new mortgage rules. Those rules of course, will limit the amount a person can borrow through home equity loans and HELOCs and also reduces the amortization periods on government-insured mortgages from 30 years to 25. And while he’s listened and absorbed everything that everyone has to say,…
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