Bruce McCallum, REALTOR®

Homes In Victoria

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/

 

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