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Tag: Housing Market

Canadian Government Announced New Mortgage Rules For 2011

Finance Minister Jim Flaherty Announced New Mortgage Rules For 2011Federal government tightens mortgage rules 2011 are seem to be like it been cracking down on Canadians’ ability to qualify for a mortgage, although on one side these changes will help hard-working Canadian families to save by investing in their homes and future but on the other hand Canadian government is shifting its insuring behavior entirely on lenders because risk of these loans will now be on the financial institutions that lend the money. Will these recent changes will slow down Canadian housing market 2011 while making it harder to buy a new home or consolidate debt into your mortgage?

On Monday, January 17th 2011, Finance Minister Jim Flaherty along with Natural Resources Minister Christian Paradis announced new mortgage rules while implementing 3 main changes with an intention to alleviate concerns over consumer debt, to help combat increasing household debt and to add further stability to the Canadian housing market.

According to Mr. Flaherty’s recorded announcement that you can also watch his live speech at a “live televised announcement”, here’s are some words specially elaborated for my blog readers, he said: “Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and help protect us from the worst of the global recession. Canada has a prudent mortgage market and responsible lending practices…, our governments ongoing monitoring and sound supervisory regime along with the traditionally cautiously prudent approach taken by Canadian financial institutions to mortgage lending has allowed Canada to maintain strong and secure housing and mortgage markets. This has also allowed Canada to avoid housing bubbles witnessed elsewhere.

The following additional measures were highlighted as the new Canadian mortgage rules specially amended for Canadian families to safeguard their future investment and household debt.

New Canadian Mortgage Rules Announced For 2011:

  1. The maximum amortization period for less than 20 percent down payments is reduced to 30 years from previously it was 35 years for government-backed insured mortgages. Adjustments on the new amortization limit will come into force on March 18, 2011.
  2. The maximum amount that can be borrowed when refinancing a mortgage is reduced to 85 percent from current 90 percent value of the home. This new refinancing limit will come into force on March 18, 2011.
  3. The federal government will withdraw its insurance backing for home equity lines of credit secured on homes (HELOCs). Government backing for home equity lines of credit, rules regarding the borrowing of funds that are secured by homes will end on April 18, 2011.

Canadian 2011 Mortgage Changes:

Change in Maximum Amortization Period! The purpose reduction in maximum amortization periods for mortgages is to allow mortgagors and borrowers to pay off their debt quickly as possible and thereby reducing the total interest payment they will pay on their loan, but on the other hand as their mortgages will be amortized over a shorter time period, it will result in increase of their monthly payments.

Change in Lower Maximum Refinancing To Loan to Value Ratio! The reduction of 5% on maximum amount that a Canadian can borrow to refinance their mortgages will definitely limit the debt amount a family can incur. On the other hand it is also expected to allow and encourage savings like families will only be able to borrow less, resulting as being a greater equity in their homes.

Change in Withdrawal of Government Insurance on Non Amortizing Lines of Credit Secured by Homes! The Canadian federal government will cease to insure home equity lines of credit where money is borrowed against a home for use other than to purchase or refinancing. According to the Finance Department in relation to rules regarding the borrowing of funds that are secured by homes have been shifted their responsibility on financial institutions to deal such loans and the government will not manage them because these home equity loans have risen in recent years resulting in more consumer debt and definitely more loan defaults. Where the federal government thinks its the best measure to further stabilize Canadian housing market. It is also expected these financial institutions and lenders will make it more efficient and productive while making their strict criteria for the grant of such loans.

Some Professional Voices About New Mortgage Rules

In the words of Mr. Avery Shenfeld, an Economist; likens the new rules to the government putting Canadians on “a debt diet” that would further protect against a U.S. style mortgage crisis. The finance minister’s announcement indicates an increasing concern in the federal government about the impact of consumer debt on the Canadian economy.

Frank Techar, president of personal and commercial banking at Bank of Montreal said, “The actions announced are prudent, measured, responsible and timely”.

Analysts from Scotia Capital suggested government regulation was the way to go in terms of curbing household appetite for credit as opposed to the Bank of Canada raising interest rates, which they said would be “imprudent” at this time.

Exceptions will be allowed after these new Canadian mortgage rules changes come into force, if necessary, to satisfy a home purchase or a sale and home financing agreement arranged before the above mentioned dates of March and April.

If you have remembered, back in 1999 when the CMHC would only insure mortgages for a maximum of 25 years federal government decided the Canadian housing market would be a great way to goose up the economy since it was working great in USA at that time. In 2005 the maximum amortization went to 30 years, in 2006 went to 35 years, in 2007 it went to 40 year terms with zero down with an intention to compete with private companies in the market. Today’s government worries about the debt load of the Canadian consumer that has shown up in most recent changes seems to be started in year 2008 when the maximum amortization went again back to where it was in year 2006 as 35 years. Does it mean government is trying to slowly taking away moisture without causing it prominent dry look?

You are welcome to share your own experience and opinion regarding mortgage new policy “The Canadian Government Announced New Mortgage Rules For 2011”. For the previous major mortgage rule changes and announcements you may check out here: Canadian Mortgage Rules October 2008 and Canadian Mortgage Rules April 2010.


CMHC Predicts Canadian Housing Market Activity to Stabilize in 2010 and 2011

Canadian housing market, which starts rebounded in the second half of year 2009 and early 2010 and will stabilize over the next two years, according to Canada Mortgage and Housing Corporation, waits in years to come as a more well brought up rate of the mortgage and other factors offset the benefits of increased employment.

According to Bill Clark, senior economist at the CMHC: “It seems now that at least in Canada our economy is becoming just a bit more positive so that we should not see big mad swings going forward”. He further declared construction site the market of the resale of reception will become more correspondent to the long-term demographic basic principles and moves towards balanced conditions for next two years.

As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) declared on Wednesday that he waits for a rebound even stronger in 2010 than before prediction. It is estimate now it will be between units of 166,900 and 199,600 this year began.

It is more of 149,081 begins in 2009 and also more well brought up than the previous predictions CMHC in March, when he estimates 152,000 – 189,300 start for 2010. In 2011, housing starts will be in the range of 148,600 to 208,800 units, with a point forecast of 179,600 units.

Reviewed estimated (mid-point) of CMHC for this year is 182,000 bets under construction and which will enliven in 179,600 units in 2011, the Federal Crown Corporation declared.

Building of unique-unconcerned new houses should augment 21 for one hundred to attain 96,100 in 2010. Growth will be shared by all the provinces, in Ontario and in Alberta, to see the biggest augments. Alone start will diminish in 2011 in 88,200.

The market of the accommodation is considered as balanced when the number of purchasers and sellers is nearly equal. The market earlier this year was marked by an influx of purchasers and a relating scarceness of ownership to be sold, resulting from the invitation to tender wars in certain markets and a strong increase in prices of sale on a national scale.

Main factor that is driving buyers to the market were lower mortgage rates that have begun to rise and changes in sales taxes that go into effect this year in the provinces of Ontario and British Columbia.

Certain purchasers were also impatient of act before in the federal rules which augmented the sum of down-payments requested for the ownership of investment which took effect last month.

The Canadian real estate market for residential property have experienced slowing down and lack of consumer’s confidence from nearly ten years now from the end of 2008 to the beginning of 2009 resulted in more recession and unemployment.

According to Bob Dugan, chief economist for CMHC “Canadian housing markets have recovered from the low levels posted in early 2009”. “Moving forward, housing starts will moderate as activity becomes more in-line with the long term demographic fundamentals. New measures introduced by the Government of Canada for government backed mortgage insurance that took effect on April 19, 2010 will continue to support the long-term stability of Canada’s housing market.”

In the second half of year 2009, however, volumes of ramped up sale and price recovered in of numerous big walked as the purchasers turned to use prices more moderate, historically low interest rate and an ameliorated economy. It is expected with an improved balance between recent demand and supply, the average MLS price is expected to stabilize through the end of year 2010 and then rise modestly next year in 2011  (CMHC forecasts and recent Canadian housing market prediction is based on information available as of April 23, 2010).



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