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Blog by Linda Linfoot
July 26th, 2008
Presale Transaction Cross Reference List -
To help answer most presale questions and concerns please refer to the following link below. If further information is required please feel free to contact me at anytime, my specialty is New Development. I look foward to your call.
Market conditions have shifted. After five years of blockbuster activity and double-digit price growth, market conditions have slowed, and now favour buyers in many areas of the province.
Residential sales have declined 22 per cent in the first six months of this year, while available resale inventory has grown by 54 per cent to 57,000 active listings in June. In the Greater Vancouver board area, where longer-term data is available, inventory is at the highest level since 1998.
Home price appreciation observed from 2004 to 2007 is less attainable in today’s market, and sellers’
Mortgage terms and mortgage options have become more complex over the last few years, and at the same time, consumers in Canada are more informed than ever before about mortgage finance. The following information is a guide to some of the mortgage terms you may come across during your mortgage financing.
Amortization Period
The actual number of years it will take to repay a mortgage loan in full. This can be well in excess of the loan's term. For example, Mortgages often have five year terms but 25 year amortization
Globe & Mail: July 9th, 2008 KEVIN CARMICHAEL
OTTAWA — The federal government says it will no longer guarantee 40-year mortgages, one of a handful of measures aimed at guarding against a U.S.-style housing bubble.
The Finance Department said Wednesday in a news release that the government will guarantee no mortgages with durations longer than 35 years. The government also will demand a minimum down payment equal to 5 per cent of the value of the home.
“Today's announcement marks a responsible and measured approach by the government to ensure Canada's housing market remains strong and to reduce the risk of a U.S.-style
Choosing the length of your amortization period, which means the number of years you will need to
pay off your mortgage, is an important decision that can affect how much interest you pay over the life
of your mortgage.
Historically, the standard amortization period has been 25 years. However, shorter (10 or 15 years)
and longer (up to 40 years) time frames are also available.
A shorter amortization saves you money as you will pay less in interest costs over the life of your mortgage. Your regular
mortgage payment amount would be higher than if you