The changes will be implemented in stages, with adjustments on amortization and refinancing limits coming into force on March 18.
Government backing on HELOCs will be removed as of April 18. The government said exceptions would be allowed after the new measures come into force when needed to satisfy a home purchase or sale and financing agreement struck before the March and April in-force dates.
The minimum down payment, at 5%, will remain as is. Further, there are no plans to target condominium purchases by requiring monthly condo fees be added to the list of expenses that is measured against income to decide whether a buyer can afford a mortgage.
1) When changes occur with mortgages, the activity in the real estate market begins.
2) Higher prices can be obtained if the property is ready to show at this time of year...waiting is not an option.
3) Educating the seller and buyer is an important service a realtor should provide.
4) Call me today to discuss your plans....NOW!