YOUR CANADIAN MORTGAGE BROKER

March 8, 2010

New Parameters & Clarification from CMHC

1. New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance.

Earlier today, the Government of Canada announcded new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry. The News Release and Backgrounder issued by the Department of Finance, summarizing the new rules, is attached for your information. The effective date when the new rules are to come into force is April 19, 2010.

Please click HERE for complete letter written by CMHC.

2. Clarification on Qualifying Interest Rate Policy Changes to CMHC Self-Employed Product.

On February 16, 2010, the Government of Canada announced new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry. The purpose of this note is to provide clarification on the qualifying interest rate to be used for borrower qualification purposes on a CMHC-insured loan as well as advise on policy changes relating to the CMHC Self-Employed Product.

Please click HERE for complete letter written by CMHC.

As well please reference the following link: http://www.fin.gc.ca/n10/10-011-eng.asp


BREAKING NEWS

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September 1, 2010
Not that there are a lot of people buying houses these days, but the answer to the age-old question of whether to go long or short on your mortgage is unclear yet again.
August 25, 2010

CALGARY - It's taking Calgarians longer now to sell their homes on the MLS market.

According to preliminary unofficial data on the website of realtor Mike Fotiou, of First Place Realty, so far this month up until Sunday the average days on the market for a single-family home to sell was 52 while it was 53 days for condominiums.

August 17, 2010
Five of Canada's major banks reduced many of their posted mortgage rates by one-tenth of a percentage point, effective today.
August 11, 2010
When investing in real estate, sometimes it’s necessary to look beyond your own backyard. The Real Estate Investment Network (REIN), a national organization of investors, has compiled what it says are the top 10 Canadian cities in which to invest.

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