With the introduction of the recent foreign buyers tax in early August 2016, it is clear to see how the supply and demand has shifted. While Detached Homes’ were in high demand, in September 2016 the demand has slowed from the rapid pace detached homes were turning over. However, the Condo & Townhouse market is demonstrating to remain strong for sellers. With the recent introduction of the mortgage stress test to be introduced to Canadian citizens, many families and their affordability will be subject to the current mortgage rates, and a ‘stress’ of their ability to afford a possible inflated rate. For more information and to speak to a mortgage specialist don’t hesitate to contact me. I will be able to put you in touch with a mortgage specialist that will help you understand your situation and how to move forward in the best way for you and your family.
Real Estate Update for September
New Mortgage Rules Reducing Risk on Housing (Stress Test)