Articles

Immigration News

CANADIAN GOVT. IMPOSES ADJUSTMENTS TO LENDING...


By kanjis




Ottawa, July 9, 2008 2008-051

Government of Canada Moves to Protect, Strengthen
Canadian Housing Market

The Government of Canada today announced adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market.

The new measures include:
o Fixing the maximum amortization period for new government-backed mortgages to 35 years;
o Requiring a minimum down payment of five per cent for new government-backed mortgages;
o Establishing a consistent minimum credit score requirement; and
o Introducing new loan documentation standards.

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 new limits are planned to take effect October 15, 2008. This would allow existing mortgage pre-approvals with the common 90-day duration to be used or expire. Certain exceptions would also be permitted after October 15. The Government will work closely with all stakeholders to ensure timely and effective implementation of these measures. However, all major banks have announced that they will be working under the new limitations.

As these measures relate only to new, government-backed insured mortgages, Canadians who already hold mortgages will not be affected by this announcement.

The measures announced today will build on the strength of Canada’s housing market. According to the International Monetary Fund, the increase in house prices in Canada is based on sound economic factors such as low interest rates, rising incomes and a growing population. A recent Statistics Canada report concluded that home ownership is at record levels, with over two-thirds of Canadians owning their own home.

Mortgage arrears—overdue mortgage payments—have also remained low. In recent years, the percentage of mortgages in arrears for three months or more continues to be at low levels not seen since 1990.
 


Discuss this article
Article Rating is 10.0000 (Excellent).
Rated by: 1 voters.
How do you find this article?
Excellent Good Average Poor Very Poor


You can also Submit an Article and help other community members. Thanks.

Similar Articles

MORTGAGE DICTIONARY
COMPLETE DOCTONARY OF MORTGAGE TERMINOLOGY. A Abandonment of Property To vacate a property with a definite intention never to return. Abandonm..
Canadian Citizenship Test: Questions
The questions in the citizenship test are based on information provided in this publication. The test will ask you questions about Canada's electora..
Chronic Hunger and the Status of Women in India
by ZIA-UR-REHMAN AHMED Mississauga The persistence of hunger and abject poverty in India and other parts of the world is due in large measure to t..
Canadian Citizenship Question and Anwers
CANADA'S HISTORY AND SYMBOLS 1. Who are the Aboriginal peoples of Canada? The only people originally from Canada before the first immigrants came ..
INDIAN MUSLIMS -Under Siege?
By:ZIA-UR-REHMAN AHMED MISSISSAUGA Since the advent of Muslim rule in India, Indian Muslims have been suffering from the malady of hate and divisi..
FOURTH CONGLOMERATION OF ASIAN AMERICAN CULTURES AND HALL OF FAME AWAR
FOURTH CONGLOMERATION OF ASIAN AMERICAN CULTURES AND HALL OF FAME AWARDS FOR 2010 President and founder of Asian American Coalition USA (since 1..
MORTGAGE 101
Mortgage 101 The purchase of a home is one of the biggest decisions and significant financial investments a consumer makes. It is extremely im..
Moving To Canada: Tips
There are plenty of sites offering information on how to apply for a Canadian Immigration Visa and many more offering services (paid of course) to hel..
The Critical Role Of REALTOR® In a Real Estate Transaction
Why Was This List Prepared? Surveys show that many homeowners and house buyers are not aware of the true value a REALTOR® provides during the cou..
Who is eligible? Employment Insurance (EI) Compassionate Care Benefits
by: ZIA-UR-REHMAN AHMED Who is eligible? Who is considered a family member? New Definition of care or support Sharing compassionate care benefit..
More Light on What Islam is all about...
This interview was in a German Magazine very reently...Please read it in it's entirty to understand the points made by this wiseman, who was educated ..
DR. Parveen Chopra, the first Asian-American, awarded prestigious LIB
DR. Parveen Chopra, the first Asian-American, awarded prestigious LIBERTY BELL AWARD Supreme Court justice Hon. Ira Warshawsky, Chair of the Law..
Mortgage Basics
On 10th January, 2004 on a very cold Saturday afternoon a group of 25-30 Canadian Desi’s met in Toronto for the first ever meeting of Canadian Desi...
Canada is Land of Opportunity - I love Canada
Let me share my experience of coming to Canada as an immigrant. I landed on 25-Jul-05 from Detroit, USA and my family came on Dec’ 2005 after I got ..
RBC STUDY QUANTIFIES EXPERIENCES OF NEW IMMIGRANTS
Owning a Home is the Most Likely Indicator of Feeling Settled TORONTO, September 24, 2007 — A new study from RBC and Ipsos Reid shows a large m..

Articles Groups

  • My Experiences with Canada
  • Canadian Immigration & Citizenship
  • About Canada
  • Housing and Mortgages
  • Money Matters
  • Tips for newcomers to Canada
  • RESP & Insurances
  • Education in Canada
  • Miscellaneous
  • Tips for job findings


  • Share:
















    Advertise Contact Us Privacy Policy and Terms of Usage FAQ
    Canadian Desi
    © 2001 Marg eSolutions


    Site designed, developed and maintained by Marg eSolutions Inc.