Tuesday, February 1, 2011
Canadian Mortgage Rule Changes
We have now been a couple of weeks into the new mortgage rule changes and the calm, reality is setting in. The Canadian real estate and Mortgage market is not going to fall off a cliff!! The changes the Canadian government made only affect a very small percentage of home buyers and even fewer clients that are refinancing. The banks have done a very good action by keeping conventional mortgages at 35 year amortizations and we even have a lender that offers 40 years. The bottom line is we still have historic low interest rates from low 2% range for variable.There is a lot of less selection which is firming up the prices once again. People are now buying for the reason they need and taking advantage of the great opportunities out there.