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Canadian Market News – November 2016

You may have heard that some of the Canadian mortgage rules and regulations have been changed recently. Naturally, these changes have raised many questions among both buyers and sellers and at Canadian Mortgage Authority Inc., we are here to help you figure out the answers.

As a Grimsby mortgage broker, Mark Buller believes the best solutions come from being well informed. While the new rules were designed with the national market in mind, they will certainly affect local markets as well.

By staying up to date with the changes that are being made in the local real estate market, Mark can better assist his clients to find the perfect Grimsby mortgage or home financing for their situation.

The new measures for assessing and approving mortgages went into effect on the 17th of October this year. Included in the new measures is the addition of a "stress test” for high-ratio mortgage, and the termination of certain tax exemptions for non-Canadians who were previously taking advantage of these "loopholes” when buying and selling Canadian properties.

The "stress test” was designed to help determine whether home buyers, would still be able to afford their mortgage payments, including interest, should interest rates rise in the future. These tests will now be mandatory for all high-ratio mortgages, meaning any mortgage where the buyer makes a down payment of 20 per cent or less.

These changes will affect many potential home buyers, and could potentially prevent some interested home buyers from being approved for certain mortgages. These changes could also potentially affect pre-approvals, if you have not taken any further steps. It is important for you to seek advice from a mortgage broker in Grimsby if you plan to move forward.

The full effect of these new rules might not be seen until the beginning of next year, but the long-term effect will be positive for home buyers. Eventually these new measures could reverse the market from the current seller’s market to a buyer’s, just with more restrictions. Canadian housing markets that were previously overpriced will most likely begin seeing drops in prices as soon as next spring.

In the end, the smartest thing you can do is make sure you remain informed. Canadian Mortgage Authority Inc. is here to help you through this adjustment period and to answer any questions you may have. Contact Mark Buller today for assistance finding the best mortgage for you.

Source: http://creastats.crea.ca/osha/

Source: http://www.huffingtonpost.ca/samantha-brookes/new-mortgage-rules-canada_b_12376098.html?utm_hp_ref=mortgage-rates-canada

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