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MORTGAGE INSURANCE RULES ANNOUNCEMENT |
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Tuesday, 16 February 2010 |
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MORTGAGE INSURANCE RULES ANNOUNCEMENT
This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. CAAMP was actively engaged in the discussions around these changes which are as follows: - All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term - The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home - Non-owner occupied properties will require a minimum down payment of 20%. There were no changes to down payment requirements or length of amortizations for owner-occupied residences. |
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GTA REALTORS® REPORT JANUARY RESALE HOUSING MARKET FIGURES |
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Friday, 05 February 2010 |
TORONTO, February 3, 2010 -- Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009. |
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NEW!!!! Search for listings |
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Wednesday, 13 January 2010 |
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