Comments on: Important Changes to Mortgages http://st-catharines-real-estate.com/blog/2010/02/16/important-changes-to-mortgages/ St. Catharines Real Estate Tue, 10 Apr 2012 13:57:57 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Timothy http://st-catharines-real-estate.com/blog/2010/02/16/important-changes-to-mortgages/#comment-1865 Timothy Tue, 16 Feb 2010 21:03:24 +0000 http://st-catharines-real-estate.com/blog/2010/02/16/important-changes-to-mortgages/#comment-1865 This is a message from the Canadian Real Estate Association.(CREA)after the announcement was made this morning Tuesday February 16th, 2010 Timothy CREA is pleased the government didn't increase minimum downpayments or reduce the amortization period; their impact on housing markets are potentially deep & damaging. CREA is of the view that the Canadian resale housing market is healthy. Banks and governments should be cautious interpreting recent statistics, since comparisons are being distorted by recessionary activity a year ago and the subsequent rebound. Current trends reflect the release of pent up demand when buyers moved to the sidelines during the recession. Additionally, the HST in Ontario and British Columbia and coming interest rate increases will likely moderate activity and price gains beginning in the second half of 2010.. CREA’s analysis of housing activity on the Multiple Listing Service® Systems of real estate boards across Canada has emphasized that a number of temporary factors have been skewing average price comparisons. Its most recent forecast indicates that national activity and average price will decline in 2011. Given these facts, we don't believe further regulatory moves are required. This is a message from the Canadian Real Estate Association.(CREA)after the announcement was made this morning Tuesday February 16th, 2010
Timothy

CREA is pleased the government didn’t increase minimum downpayments or reduce the amortization period; their impact on housing markets are potentially deep & damaging.

CREA is of the view that the Canadian resale housing market is healthy. Banks and governments should be cautious interpreting recent statistics, since comparisons are being distorted by recessionary activity a year ago and the subsequent rebound.

Current trends reflect the release of pent up demand when buyers moved to the sidelines during the recession. Additionally, the HST in Ontario and British Columbia and coming interest rate increases will likely moderate activity and price gains beginning in the second half of 2010..

CREA’s analysis of housing activity on the Multiple Listing Service® Systems of real estate boards across Canada has emphasized that a number of temporary factors have been skewing average price comparisons. Its most recent forecast indicates that national activity and average price will decline in 2011.

Given these facts, we don’t believe further regulatory moves are required.

]]> By: Paul Croteau http://st-catharines-real-estate.com/blog/2010/02/16/important-changes-to-mortgages/#comment-1864 Paul Croteau Tue, 16 Feb 2010 20:21:23 +0000 http://st-catharines-real-estate.com/blog/2010/02/16/important-changes-to-mortgages/#comment-1864 I think it was a good move to base qualification on the five year posted rate. At BMO Bank of Montreal we have already adopted this standard. IMHO a good mortgage provider will make sure that your home is both affordable now and in the future. I think it was a good move to base qualification on the five year posted rate. At BMO Bank of Montreal we have already adopted this standard. IMHO a good mortgage provider will make sure that your home is both affordable now and in the future.

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