YOUR CANADIAN MORTGAGE BROKER

March 8, 2010

New Parameters & Clarification from CMHC

1. New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance.

Earlier today, the Government of Canada announcded new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry. The News Release and Backgrounder issued by the Department of Finance, summarizing the new rules, is attached for your information. The effective date when the new rules are to come into force is April 19, 2010.

Please click HERE for complete letter written by CMHC.

2. Clarification on Qualifying Interest Rate Policy Changes to CMHC Self-Employed Product.

On February 16, 2010, the Government of Canada announced new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry. The purpose of this note is to provide clarification on the qualifying interest rate to be used for borrower qualification purposes on a CMHC-insured loan as well as advise on policy changes relating to the CMHC Self-Employed Product.

Please click HERE for complete letter written by CMHC.

As well please reference the following link: http://www.fin.gc.ca/n10/10-011-eng.asp


BREAKING NEWS

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January 17, 2012
Ottawa -

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

October 25, 2011
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
September 14, 2011
A surprising number of brokers are echoing the sentiments of a leading bank economist, suggesting the government would and should  ratchet down mortgage rules yet again – but only if consumer debt levels creep back up and only if they’re phased in.
April 12, 2011

OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

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