New mortgage rules + Cutting debt by using cash?

Interest rates could hold steady until mid-2013	July 2012

BMO is predicting that the Bank of Canada will hold off on raising interest rates, partially due to the new mortgage rules imposed by the government, which took effect on July 9. The three big changes:

The maximum amortization period for a mortgage is now 25 years
You can only borrow up to 65% of the equity in your home
The CMHC will no longer insure million dollar properties

Also in this newsletter: when you're planning renovations, especially in an older home, one contractor recommends paying attention the parts of the house you don't see. Scroll down for that article, plus a piece from a woman who tried to cut her debt by living on cash and one real estate company's take on a softening market.

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Michelle

Michelle Brienza, AMP (Lic # M0806298) Senior Mortgage Agent Lending Logic Financial Inc.(Broker # 11782) Direct: (416) 410-5761 Fax: (416) 410-5761
www.michellemortgages.ca
michelle@michellemortgages.ca

Home renovations should cover functioning of house

Contractor Brendan Charters thinks owners seeking to upgrade their abodes should focus less on sexy things such as granite countertops and stainless steel appliances, and more on improving the critical working elements: the air, moisture, ventilation, water and temperature management systems.

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Don't feel ashamed about using cash

I thought I was ready for some tough love, but living plastic-free was a far bigger challenge than I ever expected. To help myself along, I adopted Gail Vaz-Oxlade's three-pronged regimen. The financial guru and host of Slice Network's Til Debt Do Us Part, asks the couples she counsels to start by living strictly on cash for an entire month. So that's what I attempted.

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Michelle Brienza
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Phone: (416) 410-5761

Top 5 takeaways from the Bank of Canada's decision

The Bank of Canada turned slightly more dovish Tuesday as it trimmed its growth outlook for Canada and warned that the global economy has weakened.

In an expected move, Governor Mark Carney and his team left the bank's overnight lending rate unchanged at 1%. It has remained at the near-historic low since September 2010.

But the bank continued to retreat from some of the more hawkish language it hinted at in previous statements in April and June.

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Canada's housing market at 'tipping point': Royal LePage

At least one real estate company says the housing market is not quite dead yet.

Royal LePage Real Estate Services says 2012 will finish with average home prices, up 3.2% and slightly ahead of its 2.8% growth forecast earlier this year.

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