I would like to congratulate my BungalowDen.com teammates locking up the League Championship in the 55+ division of Whitby Men's Hockey League . 

Variable Rates getting more expensive at Scotia effective January 11th 2016 with the discount of prime for both 3 Year Ultimate Variable Rate & Scotia 5 Year Flex Value Closed Term reduced by 10 basis points off prime. 

If you have any questions call Jim today @ 905-409-9967

DurhamRegion.com

#Bungalows for sal in #DurhamRegion  #Durham homes and condos  #Durham homes for #1st _time_buyers 

RBC will raise mortgage rates Friday

Reported by MortgageBrokerNews.ca this morning

The Royal Bank of Canada says it will increase rates on some mortgages from Friday. Fixed mortgages of between 2 and 5 years will rise by 10 basis points while 5-year loans will rise by 15 per cent. While the federal regulations on mortgage lending have tightened conditions for the banks RBC’s Sean Amato-Gauci said that the increases were due to a number of market conditions. Although RBC is the only lender to have announced the move so far it is expected that others will follow.

Ground Breaking Report – Jan. 18 Release

TREB will release a ground breaking report on January 18 on the "Market Year in Review & Outlook" for the housing market. 

t will contain never before seen results from a TREB commissioned Ipsos survey on consumer housing opinions and intentions. The report will also outline what government and industry leaders feel is important to keep the Greater Golden Horseshoe competitive on the global stage.

  Receive Market Report Jan 18th 

The U.S Fed raised it's lending rate today by 25 basis points and is poised to make future rate creases due to the improved econonic conditions in the U.S. 

The Bank of Canada reviews the finacial banking system twice a year and this attached article provides some insights into the most recent review.  Veiw more in this Globe and Mail article here...............

December 13, 2015Home

As a Reator I support the lastest action with the new down payment requirements coming into effect in the new year. I was concerned the new government would do some knee jerk reaction and institue  more drastic changes. 

Rob Carrick: Why homeowners should cheer new down payment rules article .....read more

Sounds like future changes coming to the mortgage industry 

Below is a  Globe and Mail article  Friday Dec 11th  indicates in part of  there article  that more changes may be coming as OSFI are planning to update there rules here is a quote from their article.....On Friday, OSFI announced plans to update the rules that dictate how much capital the banks and private mortgage lenders must hold as insurance against bad mortgage loans. Although the proposal is up for discussion, and any changes aren’t likely to be implemented before 2017, there is a decent chance the banks will have to put in place bigger safety cushions to protect against housing-related losses.   Here is the full article from the Globe and Mail. 

MortgageBrokerNews.ca reported  - Finance minister announces down payment rule changes

by Justin da Rosa | 11 Dec 2015

New down payment rules will go into effective February 15, 2016.

“The Government’s role in housing is to set and maintain a framework that is equitable, stable and sustainable. The actions taken today prudently address emerging vulnerabilities in certain housing markets, while not overburdening other regions,” Finance Minister Bill Morneau said in a release. “They also rebalance government support for the housing sector to promote long-term stability and balanced economic growth.”

The minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of the house price above $500,000, the finance ministry wrote.

For example: A $750,000 home will now require $50,000 down -- 5% for the first $500,000 and 10% down for the remaining $250,000.

Properties up to $500,000 will continue to require a minumum of 5% down. Properties in excess of $1 million will still require 20% down.

The changes are meant to reduce taxpayer exposure while supporting long-term stability of the housing market, according to the ministry.

“This measure will increase homeowner equity, which plays a key role in maintaining a stable and secure housing market and economy over the long term,” Morneau said. “It also protects all homeowners, including many middle class Canadians whose greatest investment is in their homes.”

Here is a Globe and Mail  article re changes to mortgages