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Saturday, January 29, 2011
Tuesday, January 25, 2011
Tuesday, January 18, 2011
Monday, January 17, 2011
The Harper Government Takes Prudent Action to Support the Long-Term Stability of Canada's Housing Market
Ottawa, January 17, 2011
The Harper Government Takes Prudent Action to Support the Long-Term Stability of Canada’s Housing Market
The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership.
“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty. “The prudent measures announced today build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future.”
“The economy continues to be our Government’s top priority,” continued Minister Paradis. “Our Government will continue to take the necessary actions to ensure stability and economic certainty in Canada’s housing market.”
The new measures:
- Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
- Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
- Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.
Our Government’s ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets.
The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.
This is the actual government release relating to the Long-Term Stability of Canada's Housing Market. If we can help you in any way please contact us at 519-667-1800 or www.the-grants.com
Friday, January 14, 2011
Broker, ACCI, FCCI, CRES, CMOC
Broker, CPM, FRI, CMOC, CRP, ACCI, FCCI
675 Adelaide St. N.,
London ON N5Y 2L4
Tuesday, January 4, 2011
Welcome to 2011. We always like to look ahead as to what the new year is going to bring. We also like to look back and see how the past year faired in comparison to how we had predicted. According to our London Real Estate industry information, (see attached pdf) the housing market for London and area held it's own. tthe market is balanced. There are always overpriced listings which in a majority of cases never sell and expire. The Buyers are experiencing some very good purchases when compared to the home purchasing costs of a couple of years ago. We are looking forward to a great 2011 and if you need some help, call The Grants 519-667-1800 or email email@example.com.