All I read is that the market is awesome, everything is awesome, prices are up and going higher, and home ownership is perfect for everyone. Frankly, I’m tired of this rhetoric. If you are reading some news, such as a developer telling you they are projecting a 5% – 7% increase in prices, ask yourself,
Today was another big day in the mortgage business. The finance minister announced some large changes to mortgages in Canada. A quick summary of those changes is as follows: 1. Non-owner-occupied properties must have a 20% down payment 2. Maximum financing on a refinance is 90% (instead of 95%) 3. Variable rate mortgage qualifications have
This morning Canada’s Finance Minister Jim flaherty tightened the rules and guidelines for Canadians when qualifying for a mortgage. Under the new rules, starting April 19th, 2010 buyers will have to meet qualification standards for a 5 year term regardless of whether they take a shorter term or variable rate with a lower interest rate.
