Archives for buyers in Ottawa

OSFI sets new mortgage rules, including stress test for uninsured borrowers, find out more about how this will affect you

By Pete Evans, CBC News Posted: Oct 17, 2017 9:29 AM ET Last Updated: Oct 17, 2017 3:02 PM ET   Canada’s top banking regulator has published the final version of its new mortgage rules, which include a requirement to “stress test” borrowers with uninsured loans to ensure they could withstand higher interest rates.   The Office of the Superintendent of Financial Institutions (OSFI) released new guidelines for the mortgage industry on Tuesday. The regulator floated a similar version of these rules earlier this summer in draft form, but Tuesday’s release makes them official as of Jan. 1.   Click here to read the article
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CMHC explores cutting red tape to make it easier for self-employed to get a mortgage

The Canadian Press – Joanna Smith Oct 2, 2017 OTTAWA — The national housing agency is exploring ways to make it easier for entrepreneurs and new immigrants to buy a home by cutting some of the red tape required to prove they can afford to pay the mortgage. “Right now, under our mortgage insurance policies, you have to be able to document income to get mortgage insurance, to a level of specificity that discriminates against new Canadians, because they can’t do that,” Evan Siddall, the CEO of the Canada Mortgage and Housing Corp., said in a wide-ranging interview with The
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Ottawa viewed as Canada’s safest city: Poll

    Josh Pringle, CTV Morning Live Published Wednesday, August 23, 2017 7:06AM EDT  Last Updated Wednesday, August 23, 2017 7:42AM EDT Canadians believe Ottawa is Canada’s safest city. A new Mainstreet poll looks at Canadian perceptions of safety in 15 major cities across the country. Ottawa is viewed as Canada’s safest city. The survey shows 74% of Canadians say Ottawa is safe, while 14% say Ottawa is unsafe. This is the second straight year Ottawa is ranked 1st for perceived safety. The survey notes Canadians believe Ottawa is safe despite the 5% increase in the crime rate last year. Charlottetown
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Condo sales drive the Ottawa resale market in July

Members of the Ottawa Real Estate Board sold 1,530 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,490 in July 2016, an increase of 2.7 per cent. The five-year average for July sales is 1,446. “The Ottawa resale market continued its steady pace into mid-summer, with condo sales really bolstering the market this past month,” says Rick Eisert, President of the Ottawa Real Estate Board. “We’ve actually been seeing this positive trend since February. The condo market had been in a slump for the past few years because it was overbuilt. Some owners who had
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How does the increase in the Bank of Canada Rate affect your loans?

By Solomon Israel, CBC News Posted: Jul 12, 2017 5:00 AM ET Last Updated: Jul 12, 2017 4:29 PM ET   After seven years of leaving its key interest steady or cutting it to near-historic lows, the Bank of Canada has finally increased its overnight rate by 0.25 percentage points to 0.75 per cent. The overnight rate determines the rate at which banks lend money to each other on a regular basis. In practice, changes in the overnight rate get passed on to consumers through corresponding changes in interest rates on different financial products. Here’s how the increase in interest rates could filter down through the kinds of loans
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