Toronto Real Estate CMHC NEWS
You should be concerned or not? Most Buyers have no reason to be after CMHC announcement.
CMHC will begin (if they already haven't) to tighten it's loan insurance approvals for perspective home buyers.
They are already nearing $550 Billion dollars of loans insured and who knows how fast they will reach their $600 Billion limit set by the Government and insured by Tax payers.
How will it affect you? Well, first time buyers, self-employed and those with less than 20% should be especially concerned if they were thinking of buying a home in the near future.
Banks should be taking some of the blame for even insuring loans where Buyers put down more than 20%. This is an "accounting move" and banks "positioning" themselves to save their ass if anything happens in the market because the "tax payers" are liable to pay for it.
So if you were thinking of buying... you might have to come up with more soon 10% instead of 5% or be able to pay higher monthly premiums if amortization rules change to 25 years.
So make sure you pull your "credit scores", talk to your lender to see what you are approved for, have reasonable savings and you might want to consider buying now at these record low- interest rates.
These rules will impact SELLERS too and will tend to cool the market down and put downward pressure on pricing. So Sell Today with my 30-60 Day Sold Guarantee!
Jas Jagpal, Broker
RE/MAX Dynasty Realty Inc
To Buy, Sell, Assign, Invest give Team Jagpal a call.
Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos
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