New Downpayment Rules

(February 22, 2016)

In an effort to reduce the out of control buying activity in markets like Toronto and Vancouver, the federal government's new downpayment rules for residential homes are now in effect across the country.

I'm in personal disagreement to these changes, primarily because I think it will have next to no affect for the problems in those regions while it may have some negative consequences to our already slow local market and make it harder for some people to buy. The fortunate thing is that I don't typically see many clients buying more expensive move up type homes with minimal down payments. So that being said, the impact from this should be minimal but it will take away options from some people and perhaps slow the sale of a few higher priced homes.Read the article here...

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