21 Nov

Changements relatifs au Calcul du Ratio d’Endettement

General

Posted by: Drummond Team

En Novembre, le Bureau du Surintendant des Institutions Financières (BSIF) a annoncé ses lignes directrices complètes B-21 pour la souscription des prêts hypothécaires assurésMais il n’a pas arrêté làLe régulateur bancaire a également peaufiné certains de ses lignes directrices B-20 les règles qui ont secoué le marché hypothécaire quand ils ont d’abord été publié en été 2012. 

 

1. Calcul des mensualités pour les lignes de crédit non garanties
– Dorénavant, pour le calcul du ratio d’endettement, tenir compte d’un paiement mensuel de 3 % du solde impayé.  Nous ne pouvons plus utilisé le montant du paiement à intérêt seulement.

2. Calcul des mensualités pour les lignes de crédit garanties
– Dorénavant, le solde impayé doit être amorti sur 25 ans et les mensualités doivent être déterminées à l’aide du taux de référence de la Banque du Canada pour cinq ans.
 
3. Estimation des frais de chauffage
– Si le montant réel des frais de chauffage n’est pas disponible, celui-ci sera alors estimé à l’aide de divers facteurs, notamment la superficie de la propriété et le type d’habitation.
– Veuillez continuer à demander aux clients de vous fournir des renseignements sur les frais de chauffage. Lorsque les frais de chauffage sont inclus dans les frais d’entretien de la copropriété, veillez à inclure un commentaire à l’intention du souscripteur.

Cliquez ici pour visualiser l’information directement du site Officiel du Bureau du Surintendant des Institutions Financières (BSIF).

21 Nov

Changes to Debt Service Ratio Calculation

General

Posted by: Drummond Team

In November, the Office of the Superintendent of Financial Institutions (OSFI) announced its complete B-21 guidelines for underwriting insured mortgages. But it didn’t stop there. The banking regulator also tweaked some of its B-20 guidelines – rules that shook the mortgage market when they were initially released in summer 2012.
 
1. Calculating monthly payments for unsecured lines of credit
– A payment of 3% of the balance outstanding of the revolving credit must be used.  We can no longer use the interest only payment amount.

2. Calculating monthly payments for secured lines of credit
– The outstanding balance will now be amortized over 25 years using the Bank of Canada 5-year benchmark rate to determine the monthly payment.
 
3. Estimating heating costs
– If the actual heating cost amount is not available, heating costs will be estimated by taking into consideration factors such as property size and type of dwelling.
– Continue to obtain the heating costs from customers. Where the heating cost is included in the condominium maintenance fees, be sure to include a note in your comments to the Underwriter.
 
Click here to view the information from the Official website of the Office of the Superintendent of Financial Institutions (OSFI).

20 Nov

2014 CMHC First-Time Homebuyers Survey

General

Posted by: Drummond Team

Today’s generation of first-time homebuyers are increasingly using the Internet to their advantage when researching mortgages. CMHC’s recently released 2014 First-Time Homebuyers Survey backs that up.
 
The report found that 84% of first-time buyers went online to gather information about mortgage options and features. The figure was 76% for repeat mortgage consumers.
 
First-timers were also more active online compared to other mortgage shoppers. A full 80% of first-time buyers used an online mortgage calculator, for example, compared to 72% of other mortgage consumers.
 
Social media also factored into their online research in 2014, with 40% of new buyers using it when researching mortgage options – almost double that of other mortgagors. That’s up from 28% just a year ago.
 
Click here to read more from CanadianMortgageTrends.com.

FTH survey 2014

20 Nov

Steady as she goes for Canadian housing market in 2015, says CMHC

General

Posted by: Drummond Team

CMHC says it expects housing starts in 2015 to be about the same as they were this year, and in line with economic and demographic trends.
 
On an annual basis, CMHC expects housing starts to range between 186,300 and 191,700 units in 2014, with a point forecast of 189,000 units.
 
Next year, the agency says it expects housing starts to range between 172,800 and 204,000 units, with a point forecast of 189,500 units.
 
The national housing agency says “some moderation is expected” in 2016, predicting housing starts will range between 168,000 and 205,800 units, with a point forecast of 187,100 units.
 
Click here for more details form the Financial Post.

CMHC said Thursday it expects housing starts to range between 172,800 and 204,000 units, with a point forecast of 189,500 units.