Tighter Rules Mean More Good Mortgage News
Who could forget the uproar hear round the country last year when Finance Minister Jim Flaherty announced tighter mortgage rules? And we practically had to cover our ears just last month, when CMHC announced they too would be introducing tighter lending rules to lower the amount of mortgage insurance that was being given out. But…
Read moreCMHC Insurance Slows, Showing there is no Major Collapse on the Way
During the heyday of the Canadian real estate market, it seemed as though there were plenty of things to criticize, and they all led to the same end result – a major collapse. One of those criticisms was the fact that CMHC, the Crown agency that insures mortgages from default for the bank, was taking…
Read moreHigh Housing Starts Indication of More Competition for Landlords
There’s an interesting trend happening around the country. Mortgage rules have tightened significantly within the past five years; and recently CMHC announced new rules to lenders that will also have their own impact. But instead of a major softening or correction, housing starts trended at 187,416 units last month; and those were only down a…
Read moreNew CMHC Rules Mean Cancelled Pre-Approvals for Brokers and Clients
The announcement was made at the beginning of this month that CMHC is changing their rules, and placing a cap on the amount of guarantees they’d be handing out to any individual lender. The first fallout we were to feel from that was higher mortgage rates at all lenders across the board, something worrisome indeed…
Read moreNew CMHC Rules will Result in Higher Mortgage Rates
It’s widely known that mortgages backed by CMHC are largely default-proof on the part of the lender, because they’re guaranteed by the Crown organization. It’s also known that CMHC has been nearing its limit for mortgage insurance, and that Finance Minister Jim Flaherty has no interest in increasing that limit at all. Now, the pressure…
Read moreCMHC Insurance Savings Opportunity
Individuals who have purchased a house recently with less than 25% down are aware of the insurance fee they had to pay to the CMHC. The less one puts down, the larger the insurance fee is. What few people are aware of is the 10% insurance refund offered by the CMHC to owners of energy…
Read moreCanadians Appear Prepared For Mortgage Rate Hikes
After news that Canadians have accumulated enormous amounts of household debt in recent years, it was refreshing to get some more positive news. A recent Canada Mortgage and Housing Corporation (CMHC) survey found that, by and large, Canadians were fairly studious and responsible when it came to planning out their household budgets. The survey found…
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