Market Activity and the New mortgage rules

The month of jan has been off to a good start! Things in the office have really picked up as the amount of people inquiring about properties and listing have increased greatly! This is a great sign to what is expected to come in the spring which everyone is hoping to be fast paced. I figured that I would talk a little bit about the new mortgage rules that going to come in place in the month of march. Here the ban of canada has change the allowed amortization period from 35 years to 30 years. This is not really going to effect people with mortgages already as they are locked in already, as for people that are looking to buy and dont have a mortgage there is not much to worry about. With the change from 35 to 30 years first time buyers will be looking at a minor increase the payment. This change was brought in to slightly put the squeeze on the amount that people are able to qualify for. For more information about mortgage rules please feel free to contract you located mortgage broker or bank. 

Peter Martin

Peter Martin

Sales Representative
CENTURY 21 Veitch Realty - Creston
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