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Blog by Linda M Linfoot

Tighter Guidelines for Qualifying

June 28th, 2012

Tighter guidelines for qualifying:

 Canada's mortgage insurance rules.  Four measures were announced:

1. Amortizations reduced to 25 years
2. Refinancing limited to 80%
3. Properties purchased at over $1 million no longer eligible for mortgage insurance
4. GDS and TDS set at 39% and 44%
      
CAAMP believes that Canadians understand the importance of paying down their mortgages ...

Bank of Canada Annoucement

June 5th, 2012
Ottawa, Ontario -

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.

The outlook for global economic growth has weakened in recent weeks. Some of the risks around the European crisis are materializing and risks remain skewed to the downside ...