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Joe Andreoli
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RE/MAX Ultimate Realty Inc., Brokerage
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Mortgage Changes and What it means to buyers and sellers in the short term

 

The government announced some changes to the mortgage rules which long term, will benefit the overall real estate market. Short term, people will be out buying trying to get into the market before the changes take place March 18th, 2011. Between now and March 18th, properties will sell quicker so you need to be ready to buy if you are buying. Pre-approvals are critical so that you don't waste time with the process.
 
The biggest changes are that the government will be reducing the ammortization period from 35 years to 30 years for those that opt for that particular ammortization period. That will be increased monthly payments. The higher the mortgage amount, the higher the mortgage payment goes up. Secondly, the government is reducing the amoun you can borrow against the value of the property from 90% to 85%. In a nutshell, buyers will need more of a downpayment now so that may slow down some first time buyers or investors from buying until they save more money. that's pretty much it. I've already noticed that the market is busier as buyers are rushing to buy before the new rules go into effect.
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