Mortgage Bytes

• CBC says Vancouver home prices may pop another 9% in 2008–to which we say: how high is the sky, and will it be the limit??
• CAAMP says federal and provincial governments are hurting housing affordability by not indexing these three programs:
• • The GST new homes rebate
  • RRSP Home Buyers’ Plan
  • Land transfer tax rebates

These plans were all designed to make home ownership attainable.  Yet, they all use tax break thresholds from the 1990’s.

• Product Tip:  FirstLine’s popular Matrix mortgage now offers a 40-year amortization. It can also now be used with rental properties (assuming you can prove your income).
• The U.S. Mortgage Bankers Association estimates that 1.35 million homes entered foreclosure in 2007.  A record 1.44 million are expected to do so in 2008.
• Street Capital is expanding to BC and Alberta. The upstart lender says it’s “had an exceptional response from brokers in the Ontario market” so far.
• Pressures “have eased” in Canada’s money market according to the Bank of Canada.