New measures will help borrowers prepare for higher interest rates

Changes to mortgage regulations will not have a significant impact on homebuyers, but will reinforce prudent principles already being practiced by many financial advisors and mortgage brokers, financial industry firms and associations said on Tuesday.

The federal government announced changes to the rules for government-backed insured mortgages, primarily designed to encourage responsible borrowing by Canadian households and the use of home ownership as a savings mechanism.

ASSIGNMENTS NEW OPTION FOR CONDO BUYERS

With a lack of condo listings, potential buyers are often forced into ‘multiple offer’ scenarios. And who can blame them for not liking the situation.

GTA REALTORS® REPORT JANUARY RESALE HOUSING MARKET FIGURES

Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.

GTA REALTORS® REPORTING JANUARY MID-MONTH HOUSING STATISTICS

January 18, 2010 - Greater Toronto REALTORS® reported 1,749 existing home sales on the Multiple Listing Service (MLS®) during the first two weeks of January. This result was almost double the 888 sales reported for the same period in 2009, when sales had dipped to a recessionary low.