Ottawa to impose new rules on first-time home buyers

Monday Feb. 15, 2010 4:15 PM PT

Ottawa is expected to announce new rules Tuesday that would make it more difficult for first-time buyers to enter Canada's hot housing marking.

Sources tell The Canadian Press that Finance Minister Jim Flaherty is ready to make changes because of concern Canadians may be taking on too much debt.

Economists have advised the minister the best way to protect Canadians is to institute a debt affordability test to qualify for a Canadian Mortgage and Housing Corp. insured mortgage.

Currently, prospective home owners can qualify for a CMHC insured mortgage if they put at least five per cent down on the cost of a home.

But bank officials say they usually apply a cushion to ensure home buyers earn enough money to meet payment requirements if floating rates rise.

Flaherty is expected to make such an income test a condition for acquiring an CMHC insured mortgage.

CMHC December Housing Stats

CMHC December Housing Stats

Ice Proof Your Attic and Keep Winter Out of Your Home

If you’re like most people, you probably don’t spend much time in the attic.
In fact, the vast majority of Canadians go up to their attics only when
dealing with a leaky roof or “animal intruders” like bats or squirrels.
During the winter however, attics are vulnerable to an even greater and
potentially more damaging problem: ice damming. Ice dams are large
accumulations of ice that collect on the lip of your roof or in the gutters.
Once they’ve set in, ice dams can cause melting snow or rain to accumulate
under your shingles and seep into the attic and your home.
Houses more prone to ice dams often have inadequate insulation or major
leakage of warm air from the home into the attic. They also have
complicated roof shapes that concentrate water drainage into small areas
and a “patchy” melt pattern when covered with frost or snow. Therefore, one
way to avoid ice damming is to ensure that attics are well sealed and
insulated.
However, should ice damming occur, quick fixes range from attaching
electric cables to attacking the ice with an axe. But each of these “home
remedies” also comes with its own drawbacks, ranging from creating an
eyesore or damaging your shingles, to creating the possibility you will slip
and fall off a ladder.
Fortunately, there are more effective solutions to help you protect your
house, your health – and potentially save thousands of dollars in roof
repairs. The Canada Mortgage and Housing Corporation (CMHC) has the
following tips on how to spot, prevent and remove ice dams from your roof.
Depending on your roof and the age of your home, these solutions include:
 Waterproofing your roof by placing a self-sealing membrane under
the shingles.
 Air sealing the attic floor between your house and the attic space.
 Insulating thoroughly with the best insulation possible, where
necessary.
By spending the time to fix the problem properly the first time, you’ll help
prevent ice damming from occurring.
For more information on Attic Venting, Attic Moisture and Ice Dams and
other fact sheets on owning, maintaining or renovating your home, visit
Canada Mortgage Housing Corporation’s website at www.cmhc.ca or call
CMHC at 1-800-668-2642.
(Source: cmhc.ca)

Ice Proof Your Attic and Keep Winter Out of Your Home