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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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When you enlist the help of an expert REALTOR®, you're not just gaining support to buy or sell a house – you're gaining an ally who'll help you make the most out of your home. REALTORS® can guide you through every step of the process, explain the current market, help navigate complex paperwork and offer invaluable advice. When you're ready to make a move, call DANMAC. I work hard for you, provide consistent communication, professional consultation and I am commited to Exceeding Expectations! I always strive to make your experience enjoyable and stress-free. We might even have a little fun along the way - together we're making your dreams come true, why shouldn't that be fun!

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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.

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