JUNE 21, 2012 – OSFI Announcement

At 8:15am this morning Mr Flaherty announced these changes that will impact insured mortgages. Changes (take effect July 9, 2012 so only a few short weeks away):

1                     Max Amortization down to 25 years not 30

2                     Refinance to 80% loan to value not 85% LTV

3                     GDS Max 39% and TDS 44% (not 44/44)

4                     No default insurance above $1mil

I’m always here to answer any of your questions, or to help you arrange suitable mortgage solutions!

Mail to: ddunkley@dominonlending.ca

The Bank of Canada left rates unchanged this morning for their 14th consecutive meeting although their message remained clearly tilted toward tightening at some point in the future.