Starting April 19^th 2010 new mortgage rules come into affect for those needing CMHC backed financing ( You will need it if you have less than 20 percent down payment) 

• All borrowers will be required to meet the lending standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.

Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.

Investment properties now require a minimum down payment of 20%. Investment means non-owner occupied properties, cottages etc.

Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.

Really if this will keep you from buying a home you could not afford it in the 1st place. On a $250K home the qualifying difference is about $200 monthly take home. Does not mean you are paying $200 more just you have to have some additional wiggle room in your budget.

1,118 residential properties sold in February via the Ottawa MLS compared with 787 in Feb 2009, an increase of 42.1 per cent. Of those sales, 323 we1,118 residential properties sold in February via the Ottawa MLS compared with 787 in Feb 2009, an increase of 42.1 per cent. Of those sales, 323 were condos to 795 residential properties. Sales are up for this time of year as opposed to Feb 2009, which was the end of the brief slowdown we saw in the Ottawa’s resale housing market due to gof home available for sale remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller’s market for the moment. The average sale price for February was $317,030, an increase of 15.8 per cent over Feb. 2009. The average sale price for a condo was $265,938, an increase of 30.3 per cent over Feb. 2009. Overall 2010 is taking shape to be a solid year in real estate. re condos to 795 residential properties.

Sales are up for this time of year as opposed to Feb 2009, which was the end of the brief slowdown we saw in the Ottawa’s resale housing market due to global economic conditions. So far in 2010, 1,838 properties have sold, putting us well ahead of the 1,316 properties sold in the first two months of 2009. The number of home available for sale remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller’s market for the moment.

The average sale price for February was $317,030, an increase of 15.8 per cent over Feb. 2009. The average sale price for a condo was $265,938, an increase of 30.3 per cent over Feb. 2009. Overall 2010 is taking shape to be a solid year in real estate.

If you are considering a mortgage from an unknown source you must read this……

This is totally crazy!  Large numbers of Canadians are being foreclosed on even though they have never missed a single mortgage payment. The situation is their lender has decided to get out of the lending business and are leaving owners high and dry. So at the end of the term (1-5 yrs) owners must come up with a new lender to assume the mortgage or payit off  entirely. Getting a new lender sounds simple in theory but consider you are a new home owner, live rural, or god forbid self employed. Any of the above could mean getting a new lender may not be so easy.  The result is, lender under Power Of Sale sells the property out from under the owner. Generally all equity lost, home lost, plus a whole list of bad credit stuff. According to reports this year alone 30,000 to 55,000 Canadians will be receiving this ugly pink slip. What this means to me is buyers you must be extra extra picky who you choose as your lender. If you are dealing with a Mortgage Broker ask them how long they have been dealing with the lender. If its been under 5Yrs ask for another lender. An extra 1/4 % point savings is not worth it in the long run. If you need some help finding a quality lender please call or write me and i will point you in the right direction.