Jim Flaherty news

  • From the Press: What people are saying about the new mortgage rules

    A day after Finance Minister Jim Flaherty announced three changes to mortgage rules in Canada, it appears the overall response from the financial community has been favourable; however, questions still remain, including whether clients must qualify at five-year posted rates or five-year discounted rates. Here's a roundup of what's being said in the press:

  • Industry not surprised by Flaherty's mortgage rule changes

    Federal Finance Minister Jim Flaherty announced three new rule changes connected to government-backed insured mortgages Tuesday morning, saying the government is "taking proactive, prudent and cautious steps" to prevent a housing bubble.

  • Genworth already using potential new mortgage rule

    The federal government is considering a new mortgage rule where clients who take out variable rate mortgages must be qualified based on a higher interest rate, according to the Globe and Mail - a practice Genworth Financial already has in place.

  • Flaherty has no plans to tighten mortgage rules: Globe and Mail

    Following a report in Saturday''s Globe and Mail that banking officials have called for tighter mortgage rules to stave off a housing collapse, Finance Minister Jim Flaherty told reporters he does not see signs of a housing bubble in Canada.

  • Bank of Canada takes stance on housing bubble

    A Bank of Canada official called talks of a Canadian housing bubble premature in a speech in Edmonton Monday, adding higher interest rates are not the solution to cooling the current surge in housing demand and prices.

  • Broker sees alternative to Flaherty's suggested mortgage lending restrictions

    Lenders should start qualifying borrowers at posted rates to minimize risk of a housing bubble, said Mortgage Alliance broker Mark Herman in response to Finance Minister Jim Flaherty's recent suggestion of upping minimum down payments and decreasing amortization periods.

  • Flaherty may change mortgage rules to curb housing bubble: CTV

    Finance Minister Jim Flaherty may increase the minimum down payment for homebuyers and cut back amortization periods if the housing market continues to heat up, according to CTV News.