interesting...
any truth to it?
yes, lots of truth to it....... in some ways I understand it, in other ways its frustrating, especially when trying to upgrade our home.
You have to have all paperwork in to the bank on a firm purchase by the 17 for this not to affect youTell me about it, we are currently trying to upgrade... our lower pre approval should hold up if we buy by the 17th but whats it going to be in 5 year...
I don't see an issue with this, just makes people not buy outside their income if rates go up. I know whenever we qualified for a mortgage it was way higher than we thought we could afford, so we have never bought even close to what we were approved for.
Unfortunately OFSI is making it for people putting 20% and all conventional mortgages also.The new rules are correct.
CMHC is being cautious and don't want to be stuck with default mortgages.
20 to 25 percent down and it won't effect people. I realize that is a lot down.
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Especially in Vancouver and Toronto. People are borrowing down payments from the bank to get mortgage approval. Can you say terrifying?The small down payments haven't even covered the Realter fees in most cases.
It's just crazy the amount folks have been willing to finance and get approval for?
Link doesn't work.
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15 years ago we were paying 6% 25 years ago 15% 35 years ago 22%....just for kicks figure your current mortgage at a higher rate.
https://www.cmhc-schl.gc.ca/en/co/buho/buho_021.cfm
15 years ago we were paying 6% 25 years ago 15% 35 years ago 22%....just for kicks figure your current mortgage at a higher rate.
https://www.cmhc-schl.gc.ca/en/co/buho/buho_021.cfm
Houses are cheap ? Interest rates are high.
Housing prices high? Interest rates low .
Always in the banks favor.