NEW HOME CONSTRUCTION: Yesterday CMHC said that construction of 75 new homes began in the area in March 2010, compared to 45 last year in the same period. That's an increase of 66.7%. They attributed the increase to continued employment and income and population growth as well as a very mild winter which enabled developers to dig up foundations the whole winter!!! Looking at buying new home construction, check out our building partner Skymark Homes for more info and to check out new homes for sale in the city! http://www.skymarkhomes.ca/

New Rules for Canadian Mortgages

You’ve probably read about the new regulations for Canadian Mortgages for buyers/ investors and home owners wanting to re-finance. In case you haven’t been following, here is the scoop.

Three changes will come in effect on April 19:

1. Qualification: All borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they’re seeking a loan with a lower rate and shorter term.
2. Refinancing: The government is lowering the maximum amount Canadians can withdraw when refinancing a home to 90% of its value, from the current 95%.
3. Speculation: It will be required a 20% down payment for government-backed mortgage insurance on “speculative” investment properties. As opposed to 5% down-payment for investments not occupied by the owner.

You can also check out The Canadian Mortgage Trends for additional important information regarding Canadian mortgages and what's happening. http://www.canadianmortgagetrends.com/