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New Department of Finance (DoF) rules will hit the mortgage market hard, but consumers will take the brunt of the blow. The two big changes: 1) The qualification rate will now apply to all insured mortgages (even high- and low-LTV 5-year fixed terms, which is not the case today), effective Oct. 17. 2) Regulators are banning a wide array of mortgages from being insured, effective Nov. 30. read more.......

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I  received a notice in my mail box this morning from Councillor Steve Yamada to notify residents in Fallingbrook effected by the Minto Developement proposed for the Turk farm located on the North West corner of Rossland and Anderson.   I would like to thank Steve for dropping the note off and I only wish the Developer  would have given more notice for this open house meeting . 4 days notice before Thanksgiving long weekend is a Joke! 

Please pass this information to all your neighbours if you read this notice. 

Thank you 

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BREAKING NEWS…

by Bloomberg | 12 Sep 2016

Stricter Mortgage Rules for Banks

Canada’s financial regulator released proposed new mortgage rules that could see the country’s lenders hold more capital to offset risks.The draft guidelines have been updated to “reflect the changing risks in the Canadian mortgage market,” the Office of the Superintendent of Financial Institutions said in a statement. The watchdog said in December it would seek to shift the burden of risks to banks and away from taxpayers, part of a broader effort by government to address what some observers say is an overheated housing market.OSFI floated the policy as part of revised Capital Adequacy Requirements, or CAR, a set of rules governing federally-regulated banks, loan companies, and trusts and based on global requirements. The new CAR framework, published today, is open for comment until Oct.18. It will come into force as soon as November.

If a Canadian lender doesn’t follow the compliance policies set out by OSFI and the mortgage insurers, OSFI may “reduce the level of consideration of the mortgage insurance the lender is using as a guarantee to mitigate its credit risk," according to an agency spokeswoman. In addition, institutions are expected to have appropriate policies and procedures in place to originate, underwrite and administer insured mortgages," the agency said in a document posted to its website. Policy makers have warned that Canada’s housing market is overvalued in some cities and the government is keen to limit taxpayer exposure to any potential downturn. Federal Finance Minister Bill Morneau and the government-owned mortgage insurer, Canada Mortgage & Housing Corp., have floated the idea of banks being required to hold more capital for residential mortgages to protect against defaults.

Morneau said this week additional measures may be needed to manage the risks associated with the “highly charged” Vancouver and Toronto housing markets, even after British Columbia imposed a 15 percent tax on foreign buyers to curb price gains.Under current guidelines, lenders are required to maintain a certain amount of capital to back mortgages, as well as to comply with OSFI risk-mitigation rules. Under the proposed rules, if OSFI determines a lender isn’t following policy, it may reconsider whether its mortgage insurance adequately covers the loan risk, prompting the lender to take further steps, including shoring up capital.

Copyright Bloomberg 2016

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