MORTGAGE INSURANCE RULES ANNOUNCEMENT

This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010.

CAAMP (Canadian Association of Accredited Mortgage Professionals) was actively engaged in the discussions around these changes which are as follows:

1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;

2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;

3. Non-owner occupied properties will require a minimum down payment of 20%.

There were no changes to down payment requirements or length of amortizations for owner-occupied residences.

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

CENTURY 21 President, Don Lawby, comments on Competition Bureau Application

CENTURY 21 President, Don Lawby, comments on Competition Bureau Application The Competition Bureau submitted an application to the Competition Tribunal earlier this week after completing an investigation against CREA and found its business model, membership rules and the parameters surrounding MLS, to be in violation of competition rules. This issue has enormous implications on the real estate industry in Canada.

Click here to hear comments from Don Lawby, President of CENTURY 21 Canada. Internet Explorer required to view this video.

Internet Explorer required to view this video

It's Your Career - I'm here to Support YOU!

Constantine Isslamow

Real Estate Broker

Century 21United Realty Inc. Brokerage

Independently Owned and Operated

Friends, followers, and connections are the way of the future.

Twitter / Facebook / LinkedIn /

December 2009 Average MLS resale price for local markets

City December 2008 December 2009
Halifax $234,063 $246,380
Saint John $156,923 $178,037
Quebec $203,239 $231,235
Montreal $267,050 $285,356
Ottawa $272,672 $311,604
Toronto $361,284 $411,931
Hamilton/Burlington $240,073 $285,795
Winnipeg $182,814 $209,963
Saskatoon $266,411 $291,554
Calgary $362,557 $394,300
Edmonton $310,974 $319,201
Vancouver $560,953 $627,582
Victoria $444,222 $522,211
Source: Canadian Real Estate Association

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Canada's economy continues growth

For the third straight month in November, Canada's economy grew, backed by strength in the gas and oil industries, wholesale trade, and continued real estate activity.
Statistics Canada reports gross domestic product advanced 0.4 per cent on the month, beating the market estimate of 0.2 per cent.

Economists say the data shows Canada's economy is on pace to meet or exceed the Bank of Canada's 3.3 per cent growth estimate for the final three months of 2009.
But while there is optimism by economists, Canadians are growing in their pessimism, says a new consumer confidence survey by the RBC Monthly Canadian. Some 52 per cent described the economy and job prospects as bad, compared to 48 percent feeling it was good in January. In December, 51 per cent had viewed it as good, compared to 49 per cent as bad.

Also, 56 per cent of Canadians expect the economy to improve over the next year, down from 60 per cent in December.

Source: www.mortgagebrokernews.ca
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391