But mortgage experts say the new rules are not likely to affect the market significantly
35-year limit on new mortgages
Canada’s second-largest private mortgage insurer, AIG United Guaranty Canada, confirmed Friday that it supports the new policy provisions announced by the Department of Finance for loans that are default insured under the Government of Canada Guarantee.“We view this as a prudent approach taken by the government to support the long-term health and sustainability of the […]
Mortgage insurer Genworth Financial Canada says its products will comply with the federal government’s recently announced adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market.“We support including fixing the maximum amortization period for new government-backed mortgages to 35 years, and requiring a minimum down payment of 5% […]
Maximum amortization period will be set at 35 years
Fannie Mae, Freddie Mac shares plunge
Maximum amortization period now 35 years
But gap between fixed mortgage rates and short-term interest rates is in line with historical levels
Canadian financial institutions have begun to slash their mortgage rates amid lower borrowing costs in the bond market and more competition for mortgage business.BMO Bank of Montreal was the first to announce lower rates. Effective Wednesday, a five-year closed mortgage will carry a posted rate of 6.65%, a drop of a little more than a […]
CAAMP releases report on mortgage markets and consumer perceptions