Risk fee plus 10 basis points extra on the low-ratio bulk insurance will be charge to CMHC and Genworth by the federal Government starting January 2014. Apparently there will be no impact on the cost of buying a house or the cost of mortgage funding
Product ”NEW TO CANADA”, qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible under Genworth's/CMHC New to Canada program to purchase a property with as little as a 5% down payment
- Must have immigrated or relocated to Canada within the last 60 months
- 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
- Must have a valid work permit or obtained landed immigrant status
- For 95% LTV, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy
- All debts held outside of the country must be included in the total debt servicing ratio(Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
- Guarantors are not permitted
- Foreign Diplomats who do not pay tax in Canada are ineligible for this program
Rates: 2.99% 3Y FIXED MORTGAGE
From TD Economics
The Canadian economy turned out a decent performance in the third quarter of the year. Real GDP grew by 2.7% annualized – the fastest pace of growth in over two years.
• Some of the strength in the quarter can be attributed to temporary factors, including a rebound in oil and gas production following supply disruptions during the first half of this year and a sharp inventory build.
• Still, there were some encouraging underlying details in the GDP report released today. Household and business spending moderately supported economic activity. While net trade was a drag on growth, improvements in exports towards the end of the third quarter spell good news for economic growth in the fourth quarter.
• The Q3 performance is unlikely to move the Bank of Canada’s monetary policy stance. We expect theBank of Canada will be on hold at least until the end of 2015