Canada has a well-earned reputation for exercising economic prudence. As a result, we have managed to avoid a mortgage or housing market meltdown. Canadian banks are stable and an economy, while impacted by the general global economic slowdown, remains healthier than most.
The Federal Government responded promptly when it was determined changes were needed in the mortgage market. There have been some significant sets of changes in the past months:
The Maximum Insurable Mortgage period is being reined back to the long-traditional 25-year term.
A second step to curb debt is the lowering of how much property owners can borrow against their equity or for refinancing, down to 80% from 85%.
A third step is that the maximum gross debt service ratio (GDS) is fixed at 39 per cent and the maximum total debt service ratio (TDS) at 44 per cent.
The Canadian Mortgage and Housing Corporation that regulates and insures housing debt, won't cover mortgages of more than 1million dollars houses.
This changes starting July 9, 2012, have impacted the housing market;
However, prolonged low interest rates are still making it attractive to purchase a home.
If you require more information regarding those changes please call me anytime at 416-318-0217 for your free consultation.
As a CENTURY 21® Real Estate professional, I am dedicated to providing you with the highest quality service possible. My personal knowledge of the local Real Estate market is combined with the power of the CENTURY 21 brand - the most recognized name in Real Estate today.
Let me assist you in finding your dream home, in a neighbourhood that is right for you, and in the price range you want. Or if you are interested in selling a property, I also have the expertise to help you get the fastest sale possible and at the best price.
I look forward to the opportunity of working for you!
Please, let me clarify any of your questions right away at:
I am a working mom. My kids are 16 and 8. My daughter is twice as old as my son. She takes good care of her brother as if she was his mom . When we go on vacation, they check as in as a 3+1 child...
She is working, she has a boyfriend, and even has a driver's licence. But when I buy cup cakes for both of them she takes a quick look over to THE OTHER one, in order to make sure that they are equal...
They are never old enough to stop being kids.
I am currently employed as a sales representative at a real estate company located in Richmond Hill. I focus on residential properties in that area as much as Thornhill(Vaughan) and a North York.
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