CMHC

CMHC

Mortgage Newsletter

CMHC cutbacks announced The budget announcement quietly slipped in changes to government-backed mortgage insurance, including reductions to the amount of new guarantees CMHC will provide. “The Government continues to adjust the housing finance framework to restrain the growth of taxpayer-backed mortgage insurance and securitization,” the budget report states. “These measures will support the stability of [...]

By | 2017-01-04T01:02:17+00:00 February 19th, 2014|Economy|0 Comments

New Immigrants – Buying your first home.

GETTING PRE-APPROVED BEFORE SHOPPING It’s a good idea to sit down with your mortgage broker/ specialist to discuss your needs and get mortgage pre-approval.  Pre-approval means that your lender commits to giving you a mortgage up to a specified amount, at certain terms and conditions, including the interest rate. This commitment will be valid for a [...]

By | 2017-01-04T01:02:18+00:00 February 10th, 2014|Uncategorized|0 Comments

Jim Flaherty Receptive to the idea of ending CMHC

The International Monetary Fund recently suggested that Canada should consider winding down government backing of mortgages — and Finance Minister Jim Flaherty is sounding receptive to the idea. Ending or limiting the activities of Canada Mortgage and Housing Corp., the government-run mortgage insurer, would certainly rock the country’s real estate business to the core, as [...]

By | 2017-01-04T01:02:18+00:00 December 12th, 2013|Economy|0 Comments

Flaherty charges CMHC new risk fee on mortgages

Finance Minister Jim Flaherty is taking another step to curb taxpayers’ exposure to the housing market, by charging Canada Mortgage and Housing Corp. a new risk fee. As of Jan. 1, the Crown corporation will have to pay the government a fee equivalent to 3.25 per cent of the mortgage insurance premiums it writes and [...]

By | 2017-01-04T01:02:18+00:00 December 5th, 2013|Economy|0 Comments

CMHC Mortgage default Insurance

No one wants to inflate a housing bubble by encouraging folks who can’t afford the debt to buy. But many creditworthy first-time homebuyers are paying much more than they should have to for a significant portion of their housing purchase. When it comes to mortgage default insurance, Canadians get little choice and sky high prices, [...]

By | 2017-01-04T01:02:18+00:00 November 25th, 2013|Economy|0 Comments

Canadian Mortgage Rules

Changing regulations in Canada’s mortgage market Since 2008, the federal government has made several changes to the rules for mortgages insured through the Canada Mortgage and Housing Corporation (CMHC) and other private sector mortgage insurance providers. These rules affect home buyers with less than a 20 per cent down payment and these changes will impact [...]

By | 2017-01-04T01:02:19+00:00 October 31st, 2013|Mortgage Tips|0 Comments

CMHC Mortgage Insurance

OTTAWA--Canada's government-backed mortgage insurer said it will cap the amount of mortgage-backed securities it is willing to guarantee, in the latest move by officials here to temper Canada's housing sector. In a directive to lenders issued last week, Canada Mortgage and Housing Corp. said that, "effective immediately," it will guarantee only 350 million Canadian dollars [...]

By | 2017-01-04T01:02:25+00:00 August 6th, 2013|Economy|0 Comments

Upbeat new housing numbers

New housing already purchased and in the pipeline continues to propel the Canadian real estate market but worries persist about what happens when that tap turns off. Condo building surge signals economy gaining momentum Canadian housing starts rose at their fastest pace in more than a year in May on a surge in condominium construction, [...]

By | 2013-06-13T17:22:04+00:00 June 13th, 2013|Economy|0 Comments

Cooling Housing Market

Canada’s cooling housing market may have some people re-thinking their desire to buy. Despite dropping sales,   prices are holding up. Nationally, Canada’s housing market closed-out 2012 with a 17% decline in sales in December, but a 1.6% increase in the average price. More than half a year has passed since the last round of mortgage [...]

By | 2017-01-04T01:02:27+00:00 February 6th, 2013|Economy, Uncategorized|0 Comments