Government announced prudent adjustments to government backed insured mortgages:
1. Maximum amortization will decrease from 35 years to 30 years
2. Refinancing LTV maximum will decrease from 90% to 85%
3. Home Equity Lines of Credit will no longer be government insured
Changes will take effect March 18, 2011
(Department of Finance, Canada)
Among borrowers who took out a new mortgage in the last 12 months, 27% obtained it from a mortgage broker
(Canadian Association of Accredited Mortgage Professionals - May 2011 “Stability in the Canadian Mortgage Market”)
2010:
On September 8, 2010 the Bank of Canada increased the target overnight rate from 0.50% to 1.00%.(Bank of Canada Press Release)
On July 20, 2010 the target overnight rate increased from 0.50% to 0.75%.(Bank of Canada Press Release)
Bank of Canada increased the target overnight rate from 0.25% to 0.50% on June 1, 2010. The last time an increase occurred was July 10, 2007.(Bank of Canada Press Release)
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