Real Estate News Archive

• Down payment requirements reduced from 25% to 20%
• Parliament passed new financial services legislation (Bill C-37) at the end of March, which included a measure to lower the required down payment for mortgages. The requirement for mortgage default insurance dropped from 25 per cent to 20 per cent effective April 20th.
• Government of Canada
• GST to be reduced from 7% to 6%, effective July 1, 2006.
• Ontario Ministry of Municipal Affairs and Housing
• The new Residential Tenancies Act
• The Ontario Ministry of Energy
• Consumers will receive a $500 rebate when they replace an inefficient central air conditioner with a new ENERGYSTAR® qualified system. There is a $50 rebate for those who have their central air conditioner tuned up by a registered participating contractor, and a $75 rebate on the supply and installation of a programmable thermostat.
• The Ontario Real Estate Association (OREA)
• Insurance Coverage Issues Affecting Older Homes