6@ - friday, June 5, 1987 - North Shore News

Real Estate

to improve affordability

ON MAY 1 a number of
changes to the federal gov-
ernment’s Mortgage Ir-
surance program, designed
to increase the affordability
of housing in Canada, will
take effect.

According to the
Honourable Stewart Mcln-
nes, minister responsible for
Canada Mortgage and
Housing Corporation, the
changes will ensure Cana-
dians have equal access to
home financing, no matter
where in the country they
live, and at the lowest possi-
ble costs.

REASONABLE COST

“‘These changes will go a
long way to guarantee that
Canadians can obtain mor-
tgage financing at a reason-
able cost — particularly
where that financing is not
‘available under normal
market conditions,’’ said
McInnes.

“At the same time, these
new initiatives demonstrate
the government’s commit-
ment to a fiscally, responsible
public mortgage ‘loan in-
surance program, to healthy
competition within the in-
dustry, and to the needs of
consumers, lenders and
builders.” :

. For many Canadians,”
said Mcinnes, ‘‘the National
Housing Act made the dif-

ference between owning a
home and not. It has served
this country well and these
initiatives will ensure that it
will continue to do so for
many years to come."’

GREATEST BENEFIT

The changes of greatest
benefit to the homebuyer in-
clude a reduction in some
premiums and fees to en-
courage greater use of mor-
tgage loan insurance and
improved access to home-
ownership.

The former policy allowed
mortgages of 90 per cent of
the first $80,000 and 80 per
cent of the remainder.

With the new guidelines, a
homebuyer can buy a
$120,000 house with a
downpayment of $12,000.

CMHIC has always offered
insurance for high-ratio
mortgages for moderate
housiny. The increase in
dollar value is designed to
reflect the current costs of
moderate housing in some
communities.

The reductions in the
mortgage insurance
premiums, which may be
paid at. the time of purchase
or amortized over the term
of the mortgage, should
assist purchasers.

Buyers who get mortgages
for 90 per cent of a home’s
value will pay 2.5 per cent.

5 BELVISTA CRESCENT

A mortgage of 80 per cent
of the value has a premium
of 1.25 per cent, down from
1.5.

Mortgages of less than 65
per cent, for buyers with
higher downpayments, the
premium drops from one to
one-half per cent.

For the first time, second
mortgage insurance will be
offered to fund renovation
work or other additional
mortgage requirements. By
p-oviding this insurance, and
reducing the risk to the
lenders, consumers should
be able to obtain financing
at the lower first mortgage
interest rates.

Mcinnes noted that
legislative changes will be
sought to provide insurance
on chattel mortgages to
assist homeownership of

mobile homes used as resi- .

dences on short-term bases.
Floating homes will also
qualify.

To ensure a continuing
supply of money for mor-
tgages, insurance will now be
available for pools of ex-
isting low-risk, non-CMHC
insured mortgages for the
purpose of issuing mor-
tgage-backed securities.
These securities provide
long-term mortgages for
Canadians who prefer the
security of a fixed interest
rate for five years and
longer.

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