[Canada] Canadian Politics Redux

[Admiral Yi]

Some did. Frankly, I don't care much. If the police can't do their job properly, it's not the student's fault.

You know, we could have saved a lot of cat and mousery if you had just come out in favor of bricks through bank windows at the beginning.

[Zoupa]

That's not what i said at all. 

[Sheilbh]

I think it's pretty impressive that there's a crowd that big and that's all the damage

[viper37]

I think it's pretty impressive that there's a crowd that big and that's all the damage

there's about an 100 people per protests.  I wouldn't call it "impressive".

Anyway, back on topic with today's news.


Flaherty announced new mortgage rules.

• Borrowing of 80% maximum of house value instead of 85% without insurance
  
• No insurance for houses wich value is more than 1 million$
  
• No more 30 years term, max is now 25 years
  

On the con side, there will be less people able to afford a house now, more average class people forced to live in a cheap appartment with roommates for a while longer.
On the pro side, this means that house prices will tend to stabilize, even lower over a mid to long term period.

Ideally, the central bank would have raised interest rates.  If it was only for the western provinces, it should have been done a long time ago.  But we still face the same problem as before, doing that will screw with Quebec, Ontario and the Maritimes economy.
As I said before, one of the many weakness of a centralized federalist system.

[Grey Fox]

Borrowing of 80% maximum of house value instead of 85% without insurance

No, that's not it. Max refinancing is now 80% down from 85%. Borrowing withouth insurance was already at 80%.

[Barrister]

That's only refinancing.  You can still buy a house with as little as 5% down.

[Grey Fox]

That's right.

[Barrister]

I bought my first house with 1% down.

[Ed Anger]

poors. 

[Tonitrus]

I bought my first house with 1% down.

We U.S. American military types can go 0%. 

[Grey Fox]

poors. 

You'll join us soon enough, camarade.

[Ed Anger]

poors. 

You'll join us soon enough, camarade.

I doubt it. I've got enough shit buried to last me 5 lifetimes.

[Tonitrus]

poors. 

You'll join us soon enough, camarade.

Hey, his kind is supposed to go up against the wall. 

[Ed Anger]

poors. 

You'll join us soon enough, camarade.

Hey, his kind is supposed to go up against the wall. 

The Libertarian socialists will free everyone of material desires.

[viper37]

That's only refinancing.  You can still buy a house with as little as 5% down.

as I said, borrowing without insurance.
With insurance and the proper way to do it, you can still do it with 0% cash, just as I did.