Home Renovation Tax Credit (HRTC) Program- Canceled
Home Renovation Tax Credit (HRTC) Program Canceled
Announced yesterday as part of the Federal budget was that the Home Renovation Tax Credit (HRTC) program will not be continued this year (2010) after its introduction in 2009. The program was too popular and is not something that they could sustain moving forward.
This is unfortunate, however, than [...]
Bank Prime, Variable Rate Mortgages – No Change, but …
Bank Of Canada Meeting – Bank Prime Variable Rate Mortgages, No Change Yet – But Coming Soon
Yesterday the Bank of Canada met and decided to leave their rate unchanged at its historic low level. They reiterated their plan to start raising rates by or before the end of the second quarter of 2010, conditional on [...]
Changes To Mortgage Qualification – New Rules
New Rules for Mortgage Qualification
Announced today, effective April 19, 2010, or sooner, there will be three (3) new rules that will apply to the qualification for government backed, insured mortgages (i.e. CMHC, high ratio insured mortgages). The changes are:
Minimum down payment for non-owner occupied properties will be increased to 20% of the purchase price (currently [...]
More Difficult To Get Smaller Mortgages? Not Likely, yet.
Changes To Mortgage Qualification Rules
There has been recent chatter about possibly making the mortgage lending guidelines in Vancouver, BC and Canada as a whole, more conservative, for high ratio insured mortgages. First changes of this sort were in mid 2008 when 40 year and zero percent (0%) down payment mortgages were both removed from the [...]
Mortgage Rate Update – Possible Delay In Increase
Variable Rate Mortgages – Bank Prime Rate
For some time now we have been hearing that we should expect the Bank of Canada and therefore Bank’s Prime rate to start rising around July of this year, 2010. However, recently in the new there has been suggestion that raising rates at this time could be a bit [...]