YOUR CANADIAN MORTGAGE BROKER

March 8, 2010

New Parameters & Clarification from CMHC

1. New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance.

Earlier today, the Government of Canada announcded new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry. The News Release and Backgrounder issued by the Department of Finance, summarizing the new rules, is attached for your information. The effective date when the new rules are to come into force is April 19, 2010.

Please click HERE for complete letter written by CMHC.

2. Clarification on Qualifying Interest Rate Policy Changes to CMHC Self-Employed Product.

On February 16, 2010, the Government of Canada announced new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry. The purpose of this note is to provide clarification on the qualifying interest rate to be used for borrower qualification purposes on a CMHC-insured loan as well as advise on policy changes relating to the CMHC Self-Employed Product.

Please click HERE for complete letter written by CMHC.

As well please reference the following link: http://www.fin.gc.ca/n10/10-011-eng.asp


BREAKING NEWS

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July 28, 2010
Those looking for signs of a double-dip recession will likely have trouble finding them in the coming week, analysts say.
July 21, 2010

OTTAWA – The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent.

July 7, 2010
Calgary house prices remained strong in the second quarter compared to the same period in 2009, but they are expected to decrease slightly over the remainder of the year, according to the Royal LePage House Price Survey released today.
June 30, 2010
Despite worries about the rise of household debt in Canada, a CIBC World Markets report says the rate of growth has recently slowed down.

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