17
Feb
Author: dawsonrb // Category:
Uncategorized
Finance Minister Jim Flaherty Tuesday announced tighter lending standards for mortgages to take effect April 19, 2010.
Under the new rules, all borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they’re seeking a loan with a lower rate and shorter term.
Also, the government is lowering the maximum amount Canadians can withdraw when refinancing to 90 per cent of the value of their homes, from the current 95 per cent, and requiring a 20 per cent down payment for government-backed mortgage insurance on “speculative” investment properties.
It will also be requirement to have a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation.
A backgrounder circulated by Finance Department officials explained that the change won’t apply to borrowers who buy residential properties where they plan to live but which also include some rental units.
More about the mortgage regulations from The Globe.
16
Feb
Author: dawsonrb // Category:
pei real estate
Freeze on residential property taxable assessments continues for 2010 in P.E.I.
The taxable assessment on owner-occupied residential property will remain frozen in 2010, says Minister of Finance and Municipal Affairs Wes Sheridan.
In the fall of 2009, legislation was passed to ensure that any future increase in assessment on owner-occupied residential property for purposes of taxation will be tied to the Consumer Price Index (CPI) for the previous year.
As a result of the legislation, recent stability in CPI dictates that no increase is permitted for 2010.
The tax information can be a little confusing… So here’s another post I made about the new PEI property taxes.
12
Feb
Author: dawsonrb // Category:
Uncategorized
There are more than 750 PEI heritage property listings on the provincial (www.peihistoricplaces.ca) and national (www.historicplaces.ca) Historic Places websites.
11
Feb
Author: dawsonrb // Category:
Uncategorized
Joel Ives of Century 21 Colonial Realty has been receiving quite a lot of press/questions about Google Street View Boon For Real Estate Agents.
Below you will see an embed of Google Street View right outside the province house. Check it out.
View Larger Map
Do you think this will help you buy or sell real estate?
