Bob Sethi, B.Comm | 604.273.2828

 
HARPER'S CONSERVATIVE GOVERNMENT
TIGHTENING MORTGAGE RULES - AGAIN!
 
The Conservative Government is once again tightening rules for government-backed insured mortgages.  Changes which are leaving many in the industry puzzled given the positive market data concerning Canada's housing market and economy.  The effects of these new mortgage insurance rules will be watched closely by the housing industry and Canadian homebuyers.
 
If you've already bought, or are thinking of buying, you still have time to qualify on the existing rules.  Mortgage insurance applications received before June 21st, 2012 for binding purchase and sale agreements will be under the 'old' rules.  Applications received between June 21st, 2012 but before July 9th, 2012 that do not conform to the new rules must be funded by December 31st, 2012.  For full clarification I recommend you talk to a mortgage lending representative.  If you don't have one please let me know and I will recommend one for you.
 
Interested in reading the Government's official announcements?  See the following links:

Official press release made this morning @ http://www.fin.gc.ca/n12/12-070-eng.asp; and

FAQ’s regarding the specifics of the rule changes @ http://www.fin.gc.ca/n12/data/12-070_2-eng.asp.
 
I'll be posting more information as it becomes available.  Should you or anyone you know have any questions please feel free to contact me directly.
 
- Bob
 
 
 
Post CommentComments: 0Read Full Story
Categories:  | 2011 | AB | agricultural land reserve | Alberta | ALR | apartment | apartments | April | attached | August | Bank of Canada | BC | bc hydro | BC Real Estate | BC Real Estate Association | BCREA | benchmark | benchmark price | Brendon Ogmundson | Bridgeport RI | Bridgeport RI, Richmond Real Estate | Brighouse | Brighouse South | Brighouse South, Richmond Real Estate | Brighouse, Richmond | Brighouse, Richmond Real Estate | British Columbia | Broadmoor | Broadmoor, Richmond Real Estate | bubble | Burnaby East Real Estate | bursuries | buyers | buying selling investing mortgage home equity loan loan to value ratio | Cameron Muir | Canada | Central Interior | change | chba | cmhc | CMHC Goverment of Canada Line of Credit mortgage insurance amortization loan | condominium | Conserative | detached | Downtown VW | Downtown VW, Vancouver West | East Burnaby | East Burnaby, Burnaby East Real Estate | East Cambie | East Cambie, Richmond Real Estate | East Vancouver Burnaby | economy | energy | Eugen Klein | families | first time homebuyer | First Time Homebuyers Tax Credit | Flaherty | fortis bc | Garden City | Garden City, Richmond Real Estate | GDP | Genworth | Government | grade 12 | grants | Granville, Richmond Real Estate | Greater | Greater Vancouver | Greater Vancover | gst | gvhba vancouver real estate peter simpson cmhc bob rennie bob ransford u.s. mainland china tsawwassen nimby banana nope delta lo | Hamilton RI | Hamilton RI, Richmond | harmonized tax | Harper | high density housing | home owner grant | house prices | housing | Housing Price Index | HPI | hst | Immigration | insurance | Interior | investment | Ironwood | Ironwood, Richmond | Ironwood, Richmond Real Estate | Kamloops | Kevin Falcon | Liberal | Lower Mainland | Mainland China | market share | May | McLennan | McLennan North | McLennan North, Richmond | McLennan North, Richmond Real Estate | McLennan, Richmond | McNair | McNair, Richmond | McNair, Richmond Real Estate | Metro Vancouver | Minister | minister of finance | MLS | mortgage | mortgage rules 2011 cmhc goverment of canada mortgage insurance housing market bank of canada income borrowing | MV RGS | N. Delta Real Estate | NDP | new home taxes | New Westminster | New Westminster Real Estate | North | North Shore | North Surrey | North Surrey Real Estate | owners | problem solvers | property | Province | Provincial Government | PST | PTT | Queen Mary Park Surrey | Queen Mary Park Surrey, Surrey | Queensborough | Queensborough, New Westminster | Queensborough, New Westminster Real Estate | rates | RE/MAX | RE/MAX Housing Barometer Report 2010 | Real Estate | Real Estate Board of Greater Vancouver | Realtors | rebates | REBGV | reduce | referendum | Regional Growth Strategy | rental | residential property | Richmond | Richmond condo strata development project six storey wood frame | Richmond Real Estate | Riverdale RI | Riverdale RI, Richmond Real Estate | rules | sales | Sauder School of Business | Saunders | Saunders, Richmond | Saunders, Richmond Real Estate | scholarship | Schools | Sea Island, Richmond Real Estate | sell through rates | September | solar | South Arm | South Arm, Richmond | South Arm, Richmond Real Estate | statistics | stats | Steveston North | Steveston North, Richmond | Steveston North, Richmond Real Estate | Steveston South | Steveston South, Richmond | Steveston South, Richmond Real Estate | Sunshine Hills Woods | Sunshine Hills Woods, N. Delta Real Estate | Surrey | Surrey City Centre | Surrey Real Estate | tax deferment | taxes | terasen | threshold | towhomes | townhome | transition | Tsur Somerville | UBC | vancouver | vancouver real estate rebgv statistics buying selling average prices market conditions | Vancouver West | water meter | West Cambie | West Cambie, Richmond Real Estate | West Coast | West Newton | West Newton, Surrey | West Newton, Surrey Real Estate | Western Canada | Westwind, Richmond Real Estate | Whalley | Whalley, North Surrey | Whalley, North Surrey Real Estate | WHL hockey RE/MAX
Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

Why Sign Up?

  • Save your Listing Searches
  • Email Alerts on new Listings
  • See new listings sooner
  • Tag your Favourites for later

Already a Member?