One of the things that attracts people to Sooke is the price of housing. My clients are always amazed at what they can afford in Sooke compared to Victoria, or even just 20 minutes down the road in Langford. But have you ever wondered just how much cheaper homes are out here?
Following a couple months of speculation, Finance Minister Jim Flaherty brought in some new regulations designed to tighten up lending practices and cool off the housing market in Canada. The government didn’t go so far as to reduce maximum amortization from 35 to 30 years, or increase minimum down payment requirements higher than 5%, butContinue reading “New Canadian Mortgage Qualification Rules Announced Today”
Tightening of restrictions also eliminates zero-down-payment mortgages. Yesterday, the Canada Mortgage and Housing Corporation (CMHC) announced that it was pulling the plug on 40-year amortization periods for mortgages, stating that it will no longer provide its government-backed insurance for these products. Consumers will also have to come up with minimum 5 per cent down paymentContinue reading “CMHC Says No More 40-Year Mortgages In Canada”
According to the CMHC in a recent survey, Canadians reported that they were eager to pay off their mortgages as quickly as possible. Not exactly breaking news – who in their right mind would want to be indebted to a bank longer than absolutely necessary? Why am I blogging about it then? Despite the duh-factorContinue reading “Canadian Homeowners Quick To Pay Off Their Mortgages”