July 2008

Ottawa tightens mortgage rules to avoid 'bubble'

Sunday, July 27th, 2008 at 9:04am. 573 Views, 0 Comments.

Joe Samson & Associates

OTTAWA — The federal government is cracking down on the mortgage industry in a move that could help protect against a U.S.-style housing bubble, but will also make it tougher to borrow money to buy a home.

The Finance Department said Wednesday it will stop backing mortgages with amortization periods longer than 35 years as of Oct. 15.

It will also start demanding a down payment equal to at least 5 per cent of the home's value, rather than guaranteeing mortgages where they buyer has borrowed the total amount.

“Today's announcement marks a responsible and measured approach by the government to ensure Canada's housing market remains strong, and to reduce the risk of a U.S.-style housing bubble developing in Canada,” the Finance Department said in…

Read Full Post »

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The Terms of Use Agreement shall not impose a financial obligation on the Registrant or create any representation agreement between the Registrant and the Participant.

All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Disclaimer: Information herein deemed reliable but not guaranteed by the CREB and EREB.

Last updated on: 2012-02-10 00:18:44

• 
• Thank you Joe... Words mean nothing when you can say that you achieved your goal to buy your dream house. Knowing absolutely nothing about the market, real estate or other relevant things we decided to buy a house. Sounds a little bit scary, I know. After a few weeks later faith gave us the chance to meat Joe. Starting from that moment everything made sense. We got a service based on professionalism, punctuality, knowledge and honest opinion, therefore here we are moving into our first home. Thank you Joe and hope everybody will have the luck to have you as their real estate agent.
• Noemi & Denes Donat