January 20, 2011 – Canada New Mortgage Rule Changes announced by Jim Flaherty
Federal Finance Minister Jim Flaherty announced on January 17, 2011 tighter mortgage rules for residential real estate. You should know what these are if you are thinking about buying, selling or re-financing your home.
There are three (3) main changes:
1) Maximum amortization period for government-insured mortgages was lowered to 30 years, from 35 years.
2) The maximum that Canadians can borrow against the equity in their homes was reduced to 85 per cent from 90 per cent;
3) Government Insurance backing on HELOCs, or home equity lines of credit, has been removed.
These changes take effect on March 18, 2011.
Under the current rules, a five per cent (5%), $300,000.00 mortgage with a 35-year amortization would have a monthly cost of $1,514.00. When the new rules come in on March 18, a similar 30-year mortgage at five per cent (5%) will have a monthly payment of $1,610.00 — a $96 difference per month, but over the life of the mortgage, that adds up to $56,139.00 in savings; in less interest being paid to the bank.
Previous changes from Jim Flaherty occurred in 2008 when he made the following changes:
1) Reducing maximum amortization period to 35 years from 40 years;
2) Requiring a minimum of 5% down payment;
3) Establishing a requirement for a minimum credit score;
4) Introducing new loan documentation requirements.
November 11, 2011 - Remembrance Day, Alberta, Canada
The Ode of Remembrance:
They went with songs to the battle, they were young. Straight of limb, true of eyes, steady and aglow.
They were staunch to the end against odds uncounted, They fell with their faces to the foe. They shall grow not old, as we that are left grow old: Age shall not weary them, nor the years condemn. At the going down of the sun and in the morning,
Remembrance Day Service - Royal Canadian Legion - seating starts at 9:30, ceremonies at 10:30 a.m. Oilfields High School Black Diamond.
Okotoks - Foothills Community Centre - seating starts at 9:30
Nanton - Services at the Bomber Command Museum of Canada
Lest we forget.
We will remember them.
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