CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 12th

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The Canada Emergency Response Benefit (CERB) is designed to help Canadians cope with the loss of employment as a result of the COVID-19 pandemic. The benefit was about to expire in July for some of the earliest applicants, but it was recently extended by an additional eight weeks. Despite the exten.... More »
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Prospective home buyers feel the heat over new mortgage rules, but all hope is not lost, industry leaders say Jul 10th

Mortgage default insurance is mandatory on down payments between five and 19.99 per cent, and as of July 1 it will be even harder to qualify through the national housing agency. But don’t panic just yet..... More »
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The GIC Laddering Strategy: Reach for Returns with Safety Jun 20th

When you save for retirement through investing, you have two main goals: to grow your money but also to protect what you put in from being wiped out. So, for most people, it makes sense to put a portion of their money into fixed-income products that keep their principal safe and provide a steady s.... More »
Financial Support for Seniors During COVID-19
The COVID-19 pandemic has impacted Canadian students, workers, parents, children, seniors, and everyone in between. Financial uncertainty continues to be a large area of concern, although many have been impacted in other ways too. The Government of Canada has responded to the financial needs of Canadians through their COVID-19 Economic Response Plan. The health of seniors is a top priority; however, their financial well-being is also important and has not been forgotten amongst the volatility of the pandemic. The Canadian government has provided financial relief for them as well.
Some seniors may be eligible for more government support, depending on their circumstances. Here are a few of the available financial resources.
Minimum withdrawal reduction for RRIFs
A Registered Retirement Income Fund (RRIF) is an arrangement between an individual and a carrier that is registered with the government. The carrier could be an insurance company, bank, or trust company. Property is held within the RRIF, which may have been transferred from an RRSP, another RRIF, or another source…

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On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic. 
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a higher credit score to qualify for CMHC insurance, and will require a homebuyer to use their own, and not borrowed, funds for their down payment.
COVID-19 “has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians,” said Evan Siddall, CMHC’s President and CEO. 
CMHC provides insurance that protects lenders if homeowners default on their mortgage. If a buyer has a down payment of less than 20% of the purchase price, mortgage default insurance is required, and is paid by the homeowner. Some properties, including those with a purchase price of $1 million or more, are not eligible for CMHC insurance. 
Siddall says the new rule changes will stabilize housing markets by reducing demand and putting a damper on “unsustainable housing price growth…

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