Will New Lending Rules Trigger Spring Market in February?
I’d like to share this just-posted article in the Globe. Is it possible that our Real Estate Market will repeat last year’s buying frenzy?
The Canadian Real Estate Association is concerned that changes to mortgage rules will force Canadians to buy homes through the traditionally slow winter market rather than waiting until the spring.
The federal government said that in 60 days, Canadians will no longer be able to obtain mortgages that have an amortization period of longer than 30 years. This will raise mortgage payments on a typical resale home by some $1,400 a year compared to the 35 year amortization rate available today.
Filed under: Mortgage News, Mortgage Updates, Real Estate Tagged: | Canadian Real Estate Association, Canadians, maximum amortization, mortgage lending rules, mortgages, new mortgage rules, spring market, spring market 2011, The Globe & Mail