Slowing the pace of debt accumulation

The Department of Finance is going to introduce three changes designed to slow the pace of household debt accumulation. The first is the shortening of  the maximum amortization period currently from 35 years to 30 years. Secondly, CMHC is no longer going to insure home equity lines of credit, and lastly, the maximum amount of the value of a home that can be  re-financed will change to 85% from a 90%.

We do not anticipate a major impact in our industry although this will definitely encourage those thinking of buying to perhaps do so before March !

 

Jackie Pitt

Jackie Pitt

Sales Representative
CENTURY 21 Trident Realty Ltd.
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