--- title: | Property Type Insights description: Property Type Insights | --- [![Richards-Mortgage-Group-LOGO](https://www.richardsmortgagegroup.ca/hs-fs/file-2071180059-png/RMG-img/RMG-HomePage/Richards-Mortgage-Group-LOGO.png?width=350&name=Richards-Mortgage-Group-LOGO.png)](https://115190.hs-sites.com/richards-mortgage-group-home) [![facebook](https://www.richardsmortgagegroup.ca/hs-fs/file-2070806601-png/RMG-img/RMG-HomePage/fb.png)](https://www.facebook.com/richardsmortgagegroup)[![twitter](https://www.richardsmortgagegroup.ca/hs-fs/file-2071180019-png/RMG-img/RMG-HomePage/tw.png)](https://twitter.com/MortgageIntell)[![google plus](https://www.richardsmortgagegroup.ca/hs-fs/file-2070806606-png/RMG-img/RMG-HomePage/gp.png)](https://plus.google.com/+RichardsMortgageGroupCanada/about)[![linkedin](https://www.richardsmortgagegroup.ca/hs-fs/hub/115190/file-2070806596-png/RMG-img/RMG-HomePage/li.png)](https://ca.linkedin.com/in/richardsmortgagegroup)[![LET’S TALK](https://no-cache.hubspot.com/cta/default/115190/e82b3a4f-447a-4c33-b6c9-d1f754bc1167.png)](https://cta-redirect.hubspot.com/cta/redirect/115190/e82b3a4f-447a-4c33-b6c9-d1f754bc1167) **"Mortgage Financing News" for Realtors Blog** ## [Some major developments this week in the Canadian mortgage market (17July15)](https://www.richardsmortgagegroup.ca/realtor-blog/some-major-developments-this-week-in-the-canadian-mortgage-market-17july15) Posted by [Chris Richards](https://www.richardsmortgagegroup.ca/realtor-blog/author/chris-richards) on Jul 18, 2015 8:00:00 AM [![](https://www.richardsmortgagegroup.ca/hubfs/images/interest_rates_down.jpg) ](https://www.richardsmortgagegroup.ca/realtor-blog/some-major-developments-this-week-in-the-canadian-mortgage-market-17july15) # Recap on some developments this week in the Canadian mortgage market. ### **Mortgage Interest Rate Decreasing** - On Wednesday, Bank of Canada Governor Stephen Poloz lowered the prime lending rate to 0.50%. - The move is designed to boost a sputtering economy with added spending ([read more](http://business.financialpost.com/investing/investing-pro/david-rosenberg-why-the-bank-of-canada-cut-now))  - Major banks responded by lowering their prime lending rate from 2.85% to 2.70% - Variable rate mortgages are now available at 2.00%, or about $425/mo per $100K borrowed (25 year AM) - Fixed rate mortgages for 5 years have dropped to 2.59% with some lenders, or about ~$450/month per $100K borrowed amortized over 25 years. ### **CMHC Rumored to be Discussing Tightening Mortgage Lending Rules (again)** - The rumor mill is churning again that CMHC may tweak (tighten) mortgage lending criteria further as certain real estate markets are very overheated, specifically Toronto and Vancouver. - Discussion points rumored are increasing minimum down payment from 5% and decreasing maximum amortization to 20 years.   - Personally, I see blanket Canada-wide changes to rules to address certain market conditions as the wrong tool, hence unlikely. - These changes would have impact of cutting out certain borrowers (likely first time buyers) from the market. - A more surgical approach would be to increase down payments in certain overheated market areas. ### **Another Mortgage Lender for Mobile Homes Tightens Criteria** - National Bank has changed their lending policy for mobile/modular homes on titled land from permanent foundation to more specifically a cement foundation (hence has removed steel pillings) - drat :/   - Very few lenders will lend on mobile homes on wooden blocks - Very few lenders will lend on mobiles older than 20 years - Even fewer lenders will lend on mobiles in trailer parks (rented lots), especially old homes on blocks! - CMHC very tight on providing insurance for lenders on mobiles these days. Any questions, deals to discuss, please [contact me](https://www.richardsmortgagegroup.ca/contact). [Read More](https://www.richardsmortgagegroup.ca/realtor-blog/some-major-developments-this-week-in-the-canadian-mortgage-market-17july15) ## [MLS Listing Ordered Removed as no New Home Warranty](https://www.richardsmortgagegroup.ca/realtor-blog/mls-listing-ordered-removed-as-no-new-home-warranty) Posted by [Chris Richards](https://www.richardsmortgagegroup.ca/realtor-blog/author/chris-richards) on Jun 3, 2015 10:33:00 AM [![](https://www.richardsmortgagegroup.ca/hubfs/new_home_warranty_required_on_all_new_homes_in_Alberta_after_feb_1_2014.jpg) ](https://www.richardsmortgagegroup.ca/realtor-blog/mls-listing-ordered-removed-as-no-new-home-warranty) Just an FYI, the Alberta Municipal Affairs recently contacted a Real Estate Brokerage to advise a Realtor that he must remove a listing from the MLS® as there was no New Home Warranty on the property. [Read More](https://www.richardsmortgagegroup.ca/realtor-blog/mls-listing-ordered-removed-as-no-new-home-warranty) [All posts](https://www.richardsmortgagegroup.ca/realtor-blog/all) ![](https://www.richardsmortgagegroup.ca/hs-fs/hub/115190/file-2201574406-jpg/RMG-img/Guide-images/9.jpg?width=320&name=9.jpg) **About this Realtor Blog** Published specifically for Realtors to keep you abreast of Canadian interest rate trends, economic news, lender programs, and tips to "Help Realtors Sell More Real Estate." **Subscribers will get the inside track on what mortgage brokers are seeing on the front lines trying to finance your deals.** Please feel free to invite your collegues to sign up and **call with any mortgage questions whatsoever 1.888.540.1715 ext 2.** Search this site on Google Search Google ### Subscribe to Email Updates ### Recent Posts ### Posts by Topic - [Mortgage News & Updates (11)](https://www.richardsmortgagegroup.ca/realtor-blog/topic/mortgage-news-updates) - [Mortgage Basics (7)](https://www.richardsmortgagegroup.ca/realtor-blog/topic/mortgage-basics) - [Home Buying Tips (2)](https://www.richardsmortgagegroup.ca/realtor-blog/topic/home-buying-tips) - [Mortgage Approval Process (2)](https://www.richardsmortgagegroup.ca/realtor-blog/topic/mortgage-approval-process) - [Property Type Insights (2)](https://www.richardsmortgagegroup.ca/realtor-blog/topic/property-type-insights) - [Debt Management (1)](https://www.richardsmortgagegroup.ca/realtor-blog/topic/debt-management) - [Income Verification (1)](https://www.richardsmortgagegroup.ca/realtor-blog/topic/income-verification) Contact Us Richards Mortgage Group 73 Riverview Circle Cochrane, AB T4C1K3 T: 587.774.6290 TF: 1.888.540.1715 Fax: 587.315.6117 [Contact Us](https://www.richardsmortgagegroup.ca/contact) Connect With Us [![facebook](https://www.richardsmortgagegroup.ca/hs-fs/file-2079671164-png/RMG-img/RMG-HomePage/footer-fb.png)](https://www.facebook.com/richardsmortgagegroup)[![twitter](https://www.richardsmortgagegroup.ca/hs-fs/file-2079671174-png/RMG-img/RMG-HomePage/footer-tw.png)](https://twitter.com/mortgageintell)[![google plus](https://www.richardsmortgagegroup.ca/hs-fs/file-2079165796-png/RMG-img/RMG-HomePage/footer-gp.png)](https://plus.google.com/+RichardsMortgageGroupCanada/about)[![linkedin](https://www.richardsmortgagegroup.ca/hs-fs/hub/115190/file-2079671169-png/RMG-img/RMG-HomePage/footer-li.png)](https://ca.linkedin.com/in/richardsmortgagegroup) Recent Blog Posts ### Recent Posts Brokerage Head Office [![Quantus Mortgage Solutions](https://www.richardsmortgagegroup.ca/hs-fs/file-2188912383-png/RMG-img/RMG-HomePage/Quantus-transparent-2.png?width=169&name=Quantus-transparent-2.png "Quantus Mortgage Solutions")](http://www.qmortgage.ca/) 6025 12 St SE, Suite 235 Calgary, AB  T2H2K1 403.238.3111 Canada [Privacy Policy](https://115190.hs-sites.com/privacy-policy)