LumberMart
Projecting picks
HOME IMPROVEMENT
GARAGE TIME!
100’S OF STYLES CLICK ON “GARAGES” @
www.lumbermart.ca
frk could be selected in 2nd round
Home for the holidays
page 36
Haligonians opting for ‘staycations,’ according to our survey of vacation trends pagE 6
halifax
WEEKEND, June 22-24, 2012 News worth sharing.
metronews.ca | twitter.com/metrohalifax | facebook.com/metrohalifax
New mortgage rules could hurt Halifax: Analyst ALEX BOUTILIER
alex.boutilier@metronews.ca
New federal mortgage rules announced by Finance Minister Jim Flaherty on Thursday could have negative economic impacts on Halifax’s housing market, according to a local broker. Dartmouth-based Clinton Wilkins said the changes could soften the Atlantic Canadian housing market. “I think that the government is certainly trying to slow the market,” Wilkins said. “And I think that there is going to be negative economic spinoffs from these changes, because if there is less transactions … it’s not just the mortgage broker or the bank (that is affected), there’s realtors, there’s lawyers, there’s appraisers.”
The federal government is cutting the maximum amortization period for government-insured homes from 30 years to 25 years — essentially upping buyers’ monthly mortgage payments. On top of that, the feds are limiting how much homeowners can borrow against the value of their homes — from 85 per cent to 80 per cent. Prospective buyers will also have to prove they have the means to afford mortgage payments, property taxes and utility costs on their new homes through cost ratios based on their income. Quoted
“It’s a question of trying to moderate behavior and I hope Canadians will reflect before they jump into a market at the high end.” Finance Minister Jim Flaherty
The moves are being billed as a way to encourage Canadians to slow the accumulation of household debt. “It will mean that some people will not buy into the market. It will also mean that some people will … buy a less expensive home or (a) less expensive condominium,” Flaherty told reporters in Ottawa. “Good. I consider that desirable.” The government anticipates that about five per cent of Canadians considering buying a new home will no longer qualify. But Wilkins said he doesn’t believe Canadians need to be dissuaded. He thinks Canadians are more conservative than our American or European counterparts when it comes to big-ticket purchases and borrowing. “We are much more conservative.… We’ve really weathered the (economic downturn) storm quite well,” Wilkins said. With files from the canadian press Bank of canada governor reacts to new lending rules, page 24
Beating the drum of culture pagE 8
Jeremy Dutcher performs indigenous chants to the rhythm of his drum on Thursday — National Aboriginal Day — at the RBC Royal Bank branch, where a kickoff event was held for this weekend’s Multicultural Festival on Almon Street. The popular festival runs Friday through Sunday on the Halifax Seaport. Kate Howell/For Metro
Your Neigbourhood Seafood Store • Bringing Our Customers Quality, Service, Variety & Value Since 1948 Fresh Atlantic Halibut Sliced & Trimmed Steaks
Fresh Whole Haddock (Cleaned, Head-On, Scaled)
Loins
$11.99lb $14.99lb
Albacore Tuna Steaks (Just arrived, local product)
2.99lb
4.99lb Oysters
Raw Medium Size Shrimp (21/25Ct)
Raw Large Sized Cocktail Shrimp
(New Season Northern Novie) Standards
8.99lb
(13/15Ct) On) 9.99lb (Shell
69¢ ea.
(Peeled & Deveined)
Fresh Whole Atlantic Salmon (Light colour, excellent freshness)
2.99lb Live Large Jumbo Lobsters
4.99lb
(7lb +)
(Under 4lb) (Ultility Grade)
ALSO AVAILABLE: Arctic Char, Tilapia, Asian Seaweed Salad, Sushi Grade Tuna ( While Supplies Last ) & much, much more!
Live “New Season Canner Size Lobster” (2 Claw)
Live Small Jumbo Lobsters
4.99ea
Avg) 5.49lb (4-6lb (2 Claw)
607 Bedford Hwy. 443-3474 • Mon-Sat 9am-6pm, Sun 11am-6pm • fishermansmarket.com
Seafood packed for shipment and travel Gift Certificates & Party Trays Available
All specials while quantities last
Housing market. Move by federal finance minister billed as way to ‘moderate behaviour’