Feds Make Mortgage Changes
The Federal Conservatives have announced some changes to the way Banks will hand out mortgages, as with any change there is good and bad.
Feds Make Mortgage Changes Blog Transcription
Hey There! Rob Reynar here, checking in. Really interesting changes today announced by the federal government regarding mortgages. I think it's a step back from what was sort of floated as a trial balloon going from the now allowed five percent down to ten percent down. They've changed their tune on that a little bit for first time buyers. But they are making it difficult for first time buyers and probably speculators to qualify for mortgages. They're saying you have to qualify for fixed five-year even if you're taking a variable. Not a very bad idea, if you're gonna make some of those changes, that probably is the way to go. But I think the bigger question is, should the government be getting involved in the natural day-to-day real estate market at all? and you know hey if you're a proponent of less government intervention, this is a bad thing, the government shouldn't be telling people how to use or not use their money and they shouldn't be influencing the markets. But I think the government is in a really tough spot here, if they don't do anything and we end up with a big housing bubble and it bursts and we have lots of foreclosures like they do in the States. This government's cooked, they're gonna get roasted for saying why didn't you stop this when you had the chance and if they do, do it thy get criticized for meddling in the market because there's a good chance in Canada that we're not gonna see a melt down that we did in the States. So overall I think these are pretty positive changes. I frankly don't think that they're gonna impact us on the street very much because I don't think they're changes that will significantly impact most buyers. I'd love to hear your comments on this. The question, are these changes for Canada's Real Estate Market? I'd love to here your comments, info@robreynar.com, R-E-Y-N-A-R, info@robreynar.com. Talk to you later, buh bye!
This is a transcription of the latest Video Blog from MorrisReynar.com . If for any reason there is a discrepancy between this text and the Video Blog, the Blog is deemed accurate.
