Ottawa ponders further tightening of mortgage rules

Financial Post- The federal government is once again looking at tightening rules in the Canadian mortgage market, according to a source close to the situation.

Finance officials are set to meet in Ottawa on Monday with some of the country’s leading economists for pre-budget discussions and the subject of whether to tighten housing regulations may come up.

Much of the discussion about changing the mortgage rules seems to stem from comments made by the Bank of Canada governor who last week warned that consumer borrowing could not continue at its present clip…

Ottawa ponders further tightening of mortgage rules

Finance Minister Flaherty not worried about slumping markets, tougher mortgage rules

Calgary Herald- Federal Finance Minister Jim Flaherty said Thursday he is not concerned about slumping housing sales in some Canadian markets and has no plans to reverse mortgage restrictions imposed earlier this year.

Housing sales plunged dramatically last month in cities such as Calgary, Victoria and Greater Vancouver compared with one year ago.

But Flaherty, in Calgary to deliver a speech on Ottawa’s proposal for a national securities regulator, said he believes the housing slowdown is a sign that consumers are being more careful about financial risk-taking. He hinted the federal government wouldn’t shy away from additional mortgage restrictions, if needed…

Finance Minister Flaherty not worried about slumping markets, tougher mortgage rules

Anti-HST campaign nearer goal

Times Colonist- Ten of Vancouver Island’s 14 provincial ridings — and more than half the province’s electoral districts — have now reached the threshold of signing up 10 per cent of the voters’ list to the petition to kill the proposed harmonized sales tax.

According to figures released this week by the Fight HST camp, led by former premier Bill Vander Zalm, the 90-day campaign may be just one month old but it is already more than halfway to its goal of collecting the signatures of 10 per cent of registered voters in all 85 electoral districts, the threshold set by Elections B.C.

"Yeah it’s going well — 44 of [the ridings] have hit the 10 per cent or greater threshold, and of those, 17 have got 15 per cent or better, which is where we want to be," said Fight HST lead organizer Chris Delaney.

The campaign proposes to rip up the agreement between the federal government and B.C. to establish the 12 per cent HST…

Anti-HST campaign nearer goal

Loophole may help banks to lend to first-time buyers

Financial Post- There is a small loophole in the new federal mortgage rules that could make it easier for the banks to lend out money to first-time buyers.

The federal government announced last month new requirements for anyone borrowing money for a house and needing mortgage insurance. If you have less than a 20% down payment and are borrowing from a financial institution covered by the Bank Act, you have to take out mortgage default insurance, which ensures the banks are covered for any losses resulting from payment defaults.

For principal residences, the new rules force consumers to qualify for a loan based on being able to make payments on a five-year fixed-rate mortgage, which has a much higher interest rate than variable mortgages, now as low 1.85%…

Loophole may help banks to lend to first-time buyers

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