There has been more and more talk lately that the government will move to place additional restrictions on mortgage lending rules. The most likely target appears to be a possible move to reduce the maximum amortization period from 30 years back to 25 years. This may not have an impact for most people but for some it might mean they can no longer get into the home they are looking at. Shorter ammortization means higher payments and therefore less affortability.
If you are investor it may limit some of your options to maximize the tax benefits on the investment portion of your mortgage.
We have already seen some special rate mortgages capped off at 25 years. We will have to see if the trend will continue.
If you have any questions please do contact me.
Century 21 In Town Realty
421 Pacific Street
Vancouver, BC V6Z 2P5
cell: 604 551 4243
fax: 604 685 2807