todays mortgages

Author: Grenville Dungey / Category: News Bulletin, Today's Mortgage Rates, Toronto Real Estate

Current Mortgage Rates


TERM 6 mo 1 yr 2 yrs 3 yrs 4 yrs 5 yrs 7 yrs 10 yrs
Closed 4.45 3.09 3.30 3.55 3.69 3.79 4.79 4.99
Open 6.35 6.35 - - - - - -
 Convertible 4.55 - - - - - - -
Variable - - - 2.20 - 2.25 - -


(AAA properties over $1mio)

TERM 3 yrs 5 yrs 10 yrs
Closed 5.99 5.75 6.80

 * Rates Subject to Change Without Notice.   For other ICI properties and/or smaller amounts, please call to discuss

Governments of Canada and Ontario Celebrate New Affordable Housing in Durham Region

Author: Toronto Real Estate Admin / Category: News Bulletin, Today's Mortgage Rates, Toronto Real Estate, Toronto Realtor

Government of Canada and Ontario

AJAX, ON, March 17, 2011 — The Government of Canada, the Government of Ontario, the Regional Municipality of Durham and the Town of Ajax celebrated the official opening of 82 affordable housing rental units today. The project is supported by more than $5.7 million in funding through the Canada – Ontario Affordable Housing Program.

Colin Carrie, Parliamentary Secretary to the Minister of Health and Member of Parliament for Oshawa, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); Joe Dickson Member of Provincial Parliament for Ajax-Pickering, on behalf of the Honourable Rick Bartolucci, Ontario’s Minister of Municipal Affairs and Housing; along with Regional Chair and Chief Executive Officer Roger Anderson; Town of Ajax Mayor Steve Parish; Township of Brock Mayor Larry O’Connor, Chair of the Health and Social Services Committee; and President Oliver Forbes of Ajax Municipal Housing Corporation Board, made the announcement.

“The opening of Hubbard Station is great news for those who need a hand-up, and for Ajax itself,” said MP Carrie. “By providing more rental options for low-income households and people with special needs, these new apartments will contribute to the economic and social well-being of the entire community.”

Read more…

Article source:

Home View

Author: Grenville Dungey / Category: Today's Mortgage Rates, Toronto Real Estate, Toronto Realtor

I came across this flyer.  What do you think?

Flyer – The Home

CMHC Changes Jan 17 2011

Author: Toronto Real Estate Admin / Category: News Bulletin, Today's Mortgage Rates, Toronto Real Estate

News Bulletin Jan 17, 2011

This morning the Finance Minister Jim Flaherty announced tighter mortgage lending conditions (CMHC Insured) , effective March 18, 2011, with the intent to protect borrrowers from “overborrowing” and improve their ability to manage their debt wisely in the event that interest rates rise.

The key points were as follows:


Amortization Rate
Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.


Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.

Lines of Credit (effective April 18, 2011)

Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.


Note that lenders may put these changes into effect at their own discretion before March 18, 2011.