They say we don’t read emails or articles anymore.. we just skim through them. But some things can’t be understood with a quick glance. The new mortgage rules will impact EVERYONE!
If you want to understand how they impact you, continue reading… If you don’t care or want to be oblivious, take the blue pill and move on.
I’ve put together a list of the mortgage rules so that you can understand what they mean and how they will impact you. Hey, let’s give The Federal govt some credit… they’ve been transparent about a few things, right?:
- They want house prices to drop.
- They don’t want anyone to have a mortgage if their home is worth more than $1,000,000.
- They don’t want you to ever refinance your mortgage. You should only require a mortgage when you buy a house.
- They don’t want you to buy a house and rent it out. You should only buy a rental property if it has 2 or more units.
- Mortgages should not be amortized for longer than 25 years.
- They want rates to go way up.
Here we go.. Forget the data and stats being reported today. Those stats don’t matter! We want to see the stats after March 30th, 2017.
Remember the mortgage rule changes of October 17th? How about the ones on November 30th? Get ready, we won’t see the full effect of these changes until after March 30th 2017.
That’s when the last of the mortgage approvals will have closed, that were done under the old rules. And all the new mortgage closings beyond this date, will have had to been qualified with the new rules. This is when we’ll begin to see the impact of these rules… And we’ll begin to see just how many Canadians will be have been impacted.
If you think I’m wrong, read the rule changes below and tell me what other conclusions you can come up with. Read the rest of this entry »