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Derek Hulewicz
RE/MAX SELECT
12650-151 Avenue, Edmonton, Alberta
P: 780-220-4224
F: 780-457-2194
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Thursday, January 27, 2011 - New Mortgage Rules

Should buyers be concern?

As of March 18, 2011, it will be much harder to buy a home or consolidate your debt into your mortgage. Finance Minister Jim Flaherty announced changes to
 

1. A 30-year maximum amortization on insured mortgages over 80% LTV
2. An 85% LTV limit on insured refinances
3. No more government insurance on secured lines of credit

At last count, the average consumer had $25,163 of non-mortgage household debt.
The average household carried an additional $74,667 in mortgage debt.
Revolving credit has been a primary driver in overall indebtedness levels, jumping 17.5% year-over-year.

Some of our clients are asking if they should be buying now? We have seen similar situation last year when the national bank of Canada was talking about dramatic increase of interest rates by summer, ergo, we have seen great number of sales at the beginning of the year. Are we in familiar waters again? Maybe, and maybe not. Fear and uncertainty definitely plays an important role in market speculations.

canadian mortgage rates january 2011
 

posted in Real Estate News at Thu, 27 Jan 2011 09:48:03 -0700



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Data last Updated: 2019-09-23 at 00:39:46 MDT America/Edmonton
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