Your Personalized Real Estate Professional
Today Jim Flaherty announced new mortgage rules to help curb household debt. Included in this are:
- decreasing amortization rate from 35 to 30 years on loans with a down payment of 20% or less.
- they're also lowering the limit that Canadian's can borrow using their home as leverage from 90% down to 85%.
These rules come into effect March 18th. It is basically the difference between someone buying a $200,000 property and one that is $180,000 or $190,000. So, if you are in the market for a new home, do not delay! Give me Amanda a call today, 519-621-2000.
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