Back to: February 2010


Ottawa Toughens Mortgage Rules
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Feds change borrowing requirements for government-backed mortgages

Federal Finance Minister Jim Flaherty announced this morning that homebuyers looking to qualify for a government-backed mortgage after April 19, 2010 will need to meet three new requirements. The changes revealed this morning include: 

 • Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term.
 • Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. 
 • Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," Minister Flaherty said in a press release.

 
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With Compliments of

Karel Palla
Personal Real Estate Corporation


RE/MAX Select Realty

T: 604.329.1430
F: 1.866.282.1431
kpalla@kpalla.com
www.kpalla.com

Summer Greetings,

Hope everyone has had a great summer so far.  If you are considering making a move or looking to make plans in the near future, it a a excellent time of year to go over your options.

I also have some exciting news in that I now have a business partner, Darryl Sjerven.  We have both been in the top 2% of Greater Vancouver Realtors over the past several years and will have more details in the coming weeks and months about how this will improve the quality service to our clients. 

Please feel free to contact me for a complimentary appraisal of your home, free real estate advice, or to help you buy or sell your next home. Let your friends know, I would love to help them too. 

Best regards,
Karel Palla

"I am never too busy for any of your referrals.  A referral is an important responsibility and is the biggest compliment someone can provide me.  I pledge to treat every referral with the utmost level of respect and professionalism." 



NATIONAL MORTGAGE RATES
Term Posted
Rates*		 Best
Rates*
6 Month 4.55%  3.95%
1 Year 3.50% 2.45%
2 Year 3.90% 2.80%
3 Year 4.45% 3.35%
4 Year 5.05% 3.80%
5 Year  5.40% 4.00%
7 Year 6.20% 4.80%
10 Year  6.50% 5.20%
Variable Rate 3.25%
Prime Rate  2.75%
* last updated: Aug 30, 2010


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