Monday, April 22, 2013

2013 Immigrant Buyers Program

So many changes recently to the CMHC Home Ownership programs I asked for a Summary of the Current programs and what requirements need to be met;

Product : New Immigrant policy changes·         All applicants are required to simply confirm 12 months of principal, interest, and (property) tax (PIT) payments in savings in Canada in addition to their down payment·         Maximum aggregate loan amount has increased for select areas in GVA to $1,250,000 and remains at $1,000,000 for properties located in the rest of Canada. Maximum of 2 properties applies.
·         Where limited or no credit bureau exists, credit worthiness can be established by one of the following:
o    Satisfactory letter of reference from a bank in the country of origin; or
o    Confirmation of rent payments supported by 6 months of bank statements from primary account; or
o    Documented 6 months of paid utility bill payments confirming no late payments (e.g. utility bills, cable, telephone etc.)
From our Vice President Mark Clearihue …
·         TD is #1 in market share since 2010 (see chart)
·         Total portfolio exceeds $218 Billion…LARGEST in Canada
·         2012 was a tough year – tighter regulations introduced by Dept of Finance for all banks
·         2013 will continue to see an extremely competitive market place in slower real estate market
·         Low interest rates, strong rental markets, and immigration still provide a foundation for reasonable markets. Spring sales season should be solid, but more modest

 Td economics·         The Bank of Canada left the overnight rate unchanged and downgraded its forecast for Canadian economic growth in 2013 to 1.5% (from 2.0% previously).
·         The global economic outlook remained more or less unchanged as growth has evolved “broadly as anticipated”. There was a slight upgrade to growth in Japan due to the recent announcement of new policy stimulus. Meanwhile, the Bank expected fiscal drag in the US to weigh more on growth in 2013 as opposed to being evenly spread between this year and next. Overall, the U.S. economy is expected to grow by 2%.

Romy Alegria | Manager, MMS | TD Canada Trust
P: 416.278.2540 | F: 1-866.222.5708

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