100% financing? Not anymore.

On July 9, the Department of Finance announced that it will no longer offer 100% financing or 40 year amortizations. You will however be able to obtain mortgage loan insurance for amortizations of up to 35 years and up to 95% of the value of the property.

So, if you were thinking of 100% financing or a 40 year amortization, you may have to take another look at your options. October 15, 2008 is when these changes are to take effect.

Telemarketers, do not call!

Starting September 30, 2008 you will be able to register your telephone, cell-phone, and/or fax numbers on the National Do-Not-Call List (DNCL). This list will contain the names and numbers of consumers who do not want to receive unsolicited calls from telemarketers. You can register up to three different numbers on the list, and will be responsible for re-registering them after a three-year expiry period.

Telemarketers are required to monitor the list and remove any numbers they find on it from their call lists. They will be allowed 31 days to update their lists, so you may continue to receive unsolicited calls for a few weeks after registering your numbers.

Bell will be responsible for registering numbers, providing telemarketers with up-to-date versions of the National DNCL, and receiving consumer complaints about telemarketing calls.

You can sign up by telephone, fax or email. Visit www.lnnte-dncl.gc.ca or call 1-866-580-3625 (DNCL) after September 30th to register your numbers. I know I will be!

Get out your ID if you’re thinking of buying

Until recently, as of June 23 2008, real estate agents are now required to ask clients for identification.

Following the attack on the World Trade Centre, the Government of Canada introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) late in 2001. This legislation introduced new regulations that required targeted “high-risk” industries, including real estate, to implement client identification and record keeping requirements.

The new requirements that agents must comply with are: record all funds received (unless funds are received from a financial entity or public body), and verify and record the identification of clients with respect to every purchase and sale.

What if owning your first home was within reach?

Affordable home ownership is more attainable than you think.

The Government of Canada, Province of Ontario and the City of London have partnered up to create the Canada-Ontario Affordable Housing Program (AHP). This program will help low to moderate income rental households in purchasing affordable homes.

Eligible purchasers may receive down payment assistance of 5% toward the cost of the home and another 1% to assist with closing costs. This is an interest free loan.

To see if you are eligible, and to get more information visit http://housing.london.ca/NewAffordableHousingProgram/HomeOwnership.htm
Funds are limited, so apply early!

Important Information About Your Rates

Effective July 1, 2008 you will begin to notice an increase in your gas bill. The Ontario Energy Board approved changes to the rates Union Gas charges its customers. They predict that most customers will see a total increase of $254.99 based on an annual volume of 2,600 m 3.

The gas commodity rate has increased by 7.3112 cents/m3. This change reflects the increase in Union Gas forecast cost to purchase natural gas for the next 12 months.

In addition, the change in the gas price adjustment is an increase of 2.0276 cents/m3. This change reflects the difference between the projected cost of natural gas that Union Gas expects to pay and the amount that Union Gas expects to recover through the current gas commodity rate over the next 12 months.

The gas rate is adjusted this way so that you are billed at a rate that more closely reflects the market price of natural gas and avoids large out-of-period adjustments.

The transportation rate has increased by 0.4676 cents/m3 to 3.5148 cents/m3. Delivery price increased slightly by 0.0224 cents/m3.