Bruce McCallum, REALTORĀ®

Homes In Victoria

 
Back to Blog

Just when you think home affordability in Canada begins to get easier, the Finance Minister announces that come October 17, 2016 it's going to be a bit tougher to qualify for financing.The new qualifying rate will be 4.6% which is 2.25% ABOVE current current qualification rates.


This could mean a 20% reduction in your purchasing power. Bottom -line if you qualify for max $500,000 today, after October 17th you'll qualify for max $400,000.

 


What to do? Contact your financial advisor or I'd be happy to help: www.bmccallum.com

Here are some articles & videos on this topic:

http://www.cbc.ca/…/ottawa-housing-tax-real-estate-1.3788725

http://business.financialpost.com/…/ottawas-moves-to-tighte…

http://www.theglobeandmail.com/…/do-ottawa…/article32250068/

 

Comments

No comments

Post Your Comment: