There are three changes: The maximum number of years Canada Mortgage and Housing Corp. will insure a mortgage will be lowered to 30 years from 35 years; the maximum amount Canadians can refinance their homes will go from 90% to 85%, and; CMHC will no longer insure home equity lines of credit.
(If you are of the mind to apply for a mortgage or refinancing before the new rules take effect, the first two changes come into law March 18, 2011 and the third April 18, 2011).
The changes are targeted at high-risk mortgage takers, but will have an effect on everyone.
For Example:
"On a standard $250,000 mortgage, at today’s discounted mortgage broker rates of 3.99% for a five-year fixed mortgage, payments increase from $1,100 a month for the 35-year amortization to $1,187 a month for the 30-year amortization," says Herman.
"An employee on a $50,000 salary (at the same rate and term, using $1,200-a-year property tax and $100 a month for heat) now only qualifies for a maximum mortgage of $238,620 on the 30-year amortization. On the 35-year, they used to qualify for $257,451.
The new regulations should not affect purchasing deals currently in the works.
108 1990 6TH AVE W in Vancouver, Kitsilano, Vancouver West; British Columbia
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Kitsilano, Vancouver West Real Estate
I just finished uploading this Listing for sale, 108 1990 6TH AVE W in Vancouver Kitsilano, Vancouver West; British Columbia
Kitsilano 2 bedroom suite in Mapleview Place. Private, south facing suite with outdoor patio. The largest suite in the complex features a great layout, with no wasted space, a canvas ready for your own masterpiece. 1 parking stall included, storage is in the suite. A great starter home in central Kitsilano, walking distance to shops on West 4th or Broadway, with quick access to Downtown, beaches, seawall & Granville Island. Arbutus Community Gardens right across the street. View all of my Property Listings here.
502 1625 HORNBY ST in Vancouver, False Creek North, Vancouver West; British Columbia I just finished uploading this Listing for sale, 502 1625 HORNBY ST in Vancouver False Creek North, Vancouver West; British Columbia
Well managed,safe,quiet waterfront boutique building;fantastic location,steps from Downtown core,Granville Island & Seawall.Enjoy this completely renovated unit that boasts new hardwood floors throughout,redesigned,double-size luxury modernbathroom w/big jacuzzi tub,rain shower w/glass door,two separate sinks & new limestone tile floor.Remodeled kitchen feature new counters with double sink,new sparkling white cabinets,new counter bar w/stools & wine rack.Spacious living room features corner floor to ceiling windows w/superb views of False Creek North,Granville Island & Marina.Large covered balcony w/seating area to enjoy amazing views + BBQ.Large spacious master bedroom with a designer organizer walk in closet. View all of my Property Listings here.
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