Posts tagged as:

mortgages

Pending changes to Canadian mortgage rules may bite hard

March 6, 2010

On February 16, Finance Minister Jim Flaherty announced new rules that affect mortgage lenders and borrowers starting on April 19 of this year.
One of the changes requires that buyers qualify for their high-ratio mortgage based on the “five-year fixed rate” even if their mortgage payments are actually calculated on an available lower rate. In other [...]

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New Canadian mortgage rules effective April 19 2010

February 16, 2010

Insisting that Canada is not facing a housing bubble, Finance Minister Jim Flaherty announced a tightening on mortgage lending rules, which he says will “help prevent negative trends from developing.”
Effective April 19, 2010 the following changes will take effect.
Home buyers must qualify for their mortgage using the five-year fixed mortgage rate, regardless of the term [...]

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Mortgage lending requirements in Canadian banks about to get tougher

February 16, 2010

Canada’s Finance Minister, Jim Flaherty will announce this morning a change in lending rules that will further limit the amount of cash buyers can borrow to finance a home according to a report on Globe and Mail.
Stimulus cash, and historically low interest rates have created an enticing environment for Canadian home buyers who have flooded [...]

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Flaherty raises some specific actions he could take to cool Canadian housing

December 21, 2009
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For the first time since he initially acknowledged concern over a potential bubble in Canadian housing markets, Finance Minister Jim Flaherty has openly indicated in an interview for CTV’s Question Period that higher down payments and shorter amortization periods are both on the table “if” there is further evidence of a bubble.
“If we see further [...]

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Canadian sub-prime lenders seek billion-dollar government bailout

December 10, 2009
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An estimated 30,000 mortgages granted to Canadians with poor credit or insufficient incomes at the height of the Canadian housing boom will not be renewed when they mature over the next three years, according to a story on globeinvestor.com. The sub-prime lenders who granted the loans say that the investors who financed buyers at above [...]

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Saskatoon city council extends River Landing deadline for the last time

August 19, 2009

Saskatoon city council, in a special emergency meeting today, granted a final extension to Lake Placid Developments to cough up the $4.55 million for land the developer purchased at River Landing by October 30 2009. The extension is conditional upon the developer paying interest to the City of Saskatoon in the amount of $214,197 by [...]

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Affordable housing assistance from city may be on its way

June 16, 2009

According to the Saskatoon Star Phoenix, “Saskatoon city council’s executive committee approved a new mortgage support program on Tuesday to help low- and moderate-income people get into the housing market.
“Under the program, which will replace the home start affordable housing initiative, people with a household income of $52,000 or less will be given a five [...]

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Just how big a problem are subprime mortgages in Canada?

March 14, 2009

A story titled, “Canada’s dirty subprime secret,” appears in today’s Globe and Mail and claims that Canadian leaders are simply wrong about the extent to which the subprime mortgage mess will affect Canadians. According to the Globe’s report, it’s a bigger problem than we might have expected and its effects are already being felt in [...]

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Canadian government moves to address funding pressures at banks

October 10, 2008

In a move intended to “make loans more available and more affordable for Canadians and businesses,” Finance Minister Jim Flaherty announced today that the Canadian government would purchase $25 billion dollars worth of mortgages already insured by Canada Mortgage and Housing Corporation.
Flahrety insists that not a single Canadian bank is at risk of failing but [...]

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U.S. Federal Reserve to tighten lending rules

July 13, 2008

CNN: The Federal Reserve is expected to overhaul lending rules on Monday in an effort to prevent another mortgage crisis.
Good idea Ben! It would be foolhardy to encourage a second mortgage crisis while you’re busy dealing with the first one.
I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is [...]

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Canadian government says, “No more 40-year mortgage for you!”

July 9, 2008

In a move aimed at “protecting and strengthening the Canadian housing market,” the Government of Canada today announced pending adjustments to the policies of Canada Mortgage and Housing Corporation’s (CMHC) mortgage insurance programs.

At the top of the do not approve list is the 40-year mortgage. Effective October 15 of this year, CMHC, Canada’s [...]

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