Important Industry Update: Canada Mortgage Insurance rules | #Toronto #Canada #Mortgage #realestate

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Yesterday morning, the Federal Finance Minister announced further changes to Canada’s mortgage insurance rules.  Four measures were announced:

1. Amortizations reduced to 25 years
2. Refinancing limited to 80%
3. Properties purchased at over $1 million no longer eligible for mortgage insurance
4. GDS and TDS set at 39% and 44%
      
CAAMP believes that Canadians understand the importance of paying down their mortgages.  These changes, together with new OSFI underwriting guidelines – also to be announced today – may precipitate the housing market downturn the government so desperately wants to avoid.  The changes take effect July 9, 2012.

CAAMP was pleased that it was again successful in ensuring the 5% down payment rule remains intact; however, the government may have overreached with this latest round of changes.

To review yesterday’s Globe and Mail article click here
To review the government press release and backgrounders click here
To contact Minister Flaherty or your local MP click here

 

 

Urban Planner: March 6, 2012

#Toronto

In today’s Urban Planner: head over to a free screening of graffiti documentary Exit Through the Gift Shop, followed by a talk with two local graffiti artists; raise money for Toronto’s First Post Office and catch a show about the War of 1812; listen to an evening of poetry at Paupers Pub; and catch folk singer Doug Tielli playing songs from his debut solo album.

Doug Tielli. Photo courtesy of the artist.

FILM AND TALK: The Art Gallery of Ontario’s Free After Three program (free entry for high school students after 3 p.m. Tuesday through Friday) is presenting a screening of the graffiti documentary Exit Through the Gift Shop. The Academy Award–nominated film is about a French man’s efforts to find and befriend Banksy—but in the end […]

Source: torontoist.com

Urban Planner: March 5, 2012

#Toronto

On this Monday: talking about Banksy, making jokes for Gilda’s Club, previewing Nightwood Theatre‘s production of The Happy Woman, and improvising musical jokes.

Banksy's resilient rat, as of this most recent picture, has been both tagged over and touched up. Photo by {a} href=”https://secure.flickr.com/photos/jajriviere/6372397443/”}Janine Riviere{/a} from the {a href=”http://www.flickr.com/groups/torontoist/”}Torontoist Flickr Pool{/a}

LECTURE: Some commentary by Banksy has been making the social media rounds in Toronto of late, proving that the artist is still a subject of fascination two years after he left his mark on our city. Walrus fiction editor Nick Mount, who wrote about Banksy’s appearance here at the time, will be giving a hotly […]

Source: torontoist.com

Weekend Planner: March 3–4, 2012

#Toronto

In this Weekend Planner: the International Bike Show rolls into town; guerrilla gardeners begin a new season of seedy activities; watch homemade robots bash the living mechanics out of each other, and much more!

Photo courtesy of Sarah Hillier.

BICYCLES: ‘Tis the season to be taking your bike in for tune-ups, replacing the old batteries in your lights, and riding your way into the sunset. The Toronto International Bike Show is back to show you the wonderful world of bikes and accessories and to help you out with bike-related purchasing decisions. Also, be sure […]

Source: torontoist.com

Recipe for Success

#Toronto

FoodShare’s Recipe for Change is a food fundraiser done right.

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There’s something so very right about holding a food fundraiser in the middle of a market. So right, in fact, we’re surprised it doesn’t happen much more often. Food fundraisers—the ones that tout starred chefs, boast dozens of snacking and drinking choices, raise money for food banks and related charities, and come with triple-digit ticket […]

Source: torontoist.com

Urban Planner: March 2, 2012

#Toronto

In today’s packed UP: exhibit openings and play closings; The Walkmen celebrate their first LP while BA Johnston celebrates his latest; plus saucy entertainment at Toronto Strip Spelling Bee and the Carnegie Hall Show.

Cleopatra Jones and the Carnegie Hall Dancers. Photo by Skye Regan.

EXHIBITION: Plenty to choose from in art openings tonight. First, there’s a large group of female artists contributing to the Women’s Day exhibit at Wise Daughter`s Craft Market (3079B Dundas Street West, 6–8 p.m., FREE). Artist Xiaojing Yan has experimented with traditional Chinese ink painting for A Grasp of Shadows at Red Head Gallery (401 […]

Source: torontoist.com

Urban Planner: March 1, 2012

#Toronto

In today’s Urban Planner: dip into the indie-publishing world with a zine festival; a discussion explores the future of libraries in the digital age; a film festival screens shorts made in just 24 hours; and York U takes on the baroque opera Dido and Aeneas.

ZINES: These days, you can make pretty much make any kind of media product yourself—from movies to music to design. Check out one of the original do-it-yourself media formats, zines, at the fourth annual OCAD U Zine Fair, where you can buy plenty of self-published drawings, texts, comics, and more. OCAD University, Lobby (100 McCaul […]

Source: torontoist.com