New Mortgage rules for Canadians
As of March 18th new mortgage rules will be in place making it a little bit harder for 1st time buyers. The biggest change in the new mortgage rules is the maximum amortizations dropping from 35 yrs to 30yrs. Realistically this should only add approx. $100/month, but that $100 may be what prices people out of a new home. We are happy to see that the gov't didn't increase the minimum downpayment from 5%. Concern was that they were going to increase down payments between 7-10% which would have had a much greater impact on housing sales. Now is a great time to contact us about purchasing a new home!
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