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”
Tag Archives: restrictions
Is Sunriver Estates in Sooke a Strata?
This is a question I get all the time from people who are interested in buying a home in Sooke’s popular Sunriver Estates subdivision. The answer is no, Sunriver is not a strata. There are no councils, meetings, minutes, or strata fees. Each detached home in the development is a fee simple title, which isContinue reading “Is Sunriver Estates in Sooke a Strata?”
CMHC Says No More 40-Year Mortgages In Canada
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”