Archive for: June 2012

Shrinking CMHC, the beast at the centre of housing market

Filed under: Mortgage - 28 Jun 2012

The great beast at the centre of the Canadian housing market is set to start shrinking at last.

A string of needed reforms in the past year to Canada Mortgage and Housing Corp, capped by Thursday’s decision by Finance Minister Jim …

Some Lenders Implement New Rules Early

Filed under: Mortgage - 28 Jun 2012

June 26, 2012

Saturday, July 7, 2012,  is the official deadline for submitting mortgage applications under the old high-ratio mortgage rules. Lenders and insurers are not open Sunday, July 8, so that day is a write-off.

Despite …

You still don’t need a lot of cash to buy a house, unless you’re rich

Filed under: Mortgage - 22 Jun 2012

Garry Marr  Jun 21, 2012 – 11:57 AM ET | Last Updated: Jun 21, 2012 2:11 PM ET

You still don’t need much cash to buy a home in this country — unless you …

Get Your Deals In Now! Mortgage rules to be tightened further by Ottawa

Filed under: Mortgage - 21 Jun 2012

The federal Finance Department is moving to further tighten mortgage rules to address concerns over high Canadian household debt.

The government announced Wednesday it will reduce the maximum amortization period for a government-insured mortgage, lowering it from 30 to 25 years, …

Banking watchdog backs off its get-tough approach to mortgage lending

Filed under: Mortgage - 07 Jun 2012

Ottawa’s banking watchdog has backed down on one of its toughest proposals for reining in household debt — making sure that Canadians’ credit risk is evaluated every time they renew their mortgages.

In an unusual “interim update” of tighter lending guidelines …

Bank of Canada holds rate, softens hawkish language

Filed under: Mortgage - 05 Jun 2012

OTTAWA (Reuters) – The Bank of Canada held its key interest rate at 1 percent, as expected, on Tuesday, but again signaled it may have to raise it later. Still, the bank softened its previous hawkish language to say …