Alleyne Team 

Call, text or e-mail us.  Happy to help.  We won't stalk you

Friends to Lead, Friends in "Deed"

 

Back to Blog

Financial analysts in Ottawa have been eyeing the hot condo market in Toronto and other Canadian cities with concern for some time. 

To cool things down they made changes to amortization periods for government insured mortgages.  The history of the changes to these mortgages are: 

     From maximim 40 years to 35 years in 2008

     From maximum 35 years to 30 years in 2011

     From maximum 30 years to 25 years effective July 9, 2012

Although this move provides longer term stability and reduces foreclosures http://business.financialpost.com/2012/06/21/ottawa-cuts-mortgage-amortizations-to-25-years    it also has an effect on the housing market.   In particular, hardest hit is the hottest moving condo markets such as Vancouver (and surrounding areas such as Surrey, South Surrey, Langley, North Vancouver, White Rock, Coquitlam, Port Moody, Ladner, Tsawwassen) and Toronto. 

BC realtors are finding the summer of 2012 to be the quietist market since 2008.

 

 

 

Comments

No comments

Post Your Comment:

*indicates required fields.
Your Name:*
Please note, your email will not be shown publicly
Your Email (will not be published):*
Comment:*
Please type the text as it appears above:

 

 

 



 

 

Blogs
Posts By Date
Categories