Equity Refinance Mortgage Loans Canada - Equity Mortgage Loans Canada - Second Mortgage Loans Canada
Mortgage Loans Canada, Mortgage Refinance Canada, Equity Mortgage Loans CanadaOnline Mortgage Application Form Instant Mortgage Approval 1-866-573-3122 24 HOUR CUSTOMER SERVICEEQUITY REFINANCE MORTGAGE LOANS CANADA BLOGMortgage Canada Buying and selling a home cheat sheetMortgage Canada Words To Know When Buying A HomeImportant Mortgage Websites linksMortgage Canada Basics - Mortgage Canada GuideMortgage Canada CMHC Newcomers to Canada Buying your First HomeMortgage Canada CMHC Home Buying Step By StepMortgage Canada CMHC Condominium Buyers GuideMortgage Canada Compare all Canadian Credit CardsHow Credit Effects Your Canadian MortgageMortgage Canada CMHC Housing Market Outlook Canada Edition Page 1Mortgage Calculator - Mortgage calculators allow you to make informed mortgage decisions
Equity Refinance Mortgage Loans Canada, Home Equity Unlocking, 1st & 2nd Mortgages, Your Mortgage Experts. My right Mortgage, INSTANT APPROVAL 24/7 CUSTOMER SERVICE FAST MORTGAGE PAYOUTS IN CANADA HIGHEST MORTGAGE APPROVAL RATE IN CANADA 1-866-573-3122

HOME BUYING, BUYING YOUR FIRST HOME & INFORMATION FOR SEASONED HOMEBUYERS
FINANCIAL CONSUMER AGENCY OF CANADA
CANADIAN ECONOMY NEWS
MORTGAGE BROKER NEWS
October, 2015
November, 2015
December, 2015
January, 2016

New rules to impact certain buyers

Cannot execute a query to SQLite database.
Here you can type the beginning of your post. It will be displayed on the main page of the blog.Buyers in these two major markets will feel the effects of the upcoming down payment rule changes, according to one industry professional.

“It’s going to affect first-time buyers in Toronto and Vancouver who are trying to buy a house instead of a condo,” James Laird, president of CanWise Financial, told MortgageBrokerNews.ca. “It may push some of those buyers to the condo market; it may force them to borrow from their parents; or it may force them to put off buying and rent for longer.”

 
 

New rules to impact certain buyers

by |
 
Buyers in these two major markets will feel the effects of the upcoming down payment rule changes, according to one industry professional.

“It’s going to affect first-time buyers in Toronto and Vancouver who are trying to buy a house instead of a condo,” James Laird, president of CanWise Financial, told MortgageBrokerNews.ca. “It may push some of those buyers to the condo market; it may force them to borrow from their parents; or it may force them to put off buying and rent for longer.”

Finance Minister Bill Morneau announced new down payment rules for government-backed mortgages on Friday morning.

The minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of the house price above $500,000, the finance ministry wrote.

The changes are meant to reduce taxpayer exposure while supporting long-term stability of the housing market, according to the ministry.

And while many are quick to criticize any government tinkering, the most recent changes are largely being accepted by brokers.

“The truth is the first-time buyers who are purchasing in Toronto and Vancouver are the riskiest; I think (the rules) are well thought-out and targeting the right area of concern,” Laird said. “The government has already used five different levers (including down payment and CMHC premium increases, and amortization decreases) to slow down the market, but Toronto and Vancouver keep chugging along.”

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

 

Name (required)
   
Comment (required)
   
 
   
   
  By submitting, I agree to the Terms & Conditions
 
 
 
 
<< Back Add New Comment
0 items total
Add New Comment
Name*
Subject*
Comment*
Please type the confirmation code you see on the image*
Reload image

Powered by 4GoodHosting