The Federal Government announced this morning further changes to Canada's mortgage insurance rules which come into effect on July 9th, 2012.

These changes include:

• Reducing the maximum amortization period to 25 years from 30 years
• Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85%
• Limiting the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million (homes over $1 million will require a minimum 20% downpayment)
• Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44%

To review the government press release and backgrounder click here

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Fraser Valley - The year's first warm spell triggered an increase in new listings and kept sales steady in May. Sales increased 13% over April, on par with May 2011. New listings increased 5% over April, 8% more new listings than May 2011. Sales to listings ratio stayed at 14-15%, meaning for every 100 listings available for purchase, 15 sold.

“It’s a healthy, competitive market. It gives buyers excellent selection and the time to negotiate, but not too much time. The average number of days to sell a detached home or a townhome is still only a month and a half and for condos a little over two months, which is why we’re seeing benchmark prices in most communities holding steady.” - Scott Olsen, President of the Fraser Valley Real Estate Board.