Yesterday, Jim Flaherty announced changes to mortgage rules that will take effect on March 18. Following is my reaction to these changes:
Many industry leaders say that the changes announced were a measured approach to balance the Canadian real estate market, scale back consumer debt loads and reduce the looming threat of personal financial crisis for Canadians who would be in danger if rates increase the next few years. I believe that this is an overreaction, however the fact remains that the best advice continues to come from the expert Mortgage Broker.
I do predict that some sales will be pulled forward over the next 60 days as serious buyers close deals to preempt the changes ahead of the March 18th deadline.
Rick Moran, AMP, OMB # M08001997
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