Wednesday, January 5, 2011

Potential Changes to Mortgage Financing Rules

Excerpted from The Oakville Milton District Real Estate Board:
Jan 4- There is strong speculation the federal government may further tighten mortgage financing rules; in particular, raise down payment requirements and shorten amortization periods. This would make it more difficult for some Canadian families to realize the dream of homeownership and could have a detrimental impact on existing homeowners and the economy. Finance Minister Jim Flaherty said he is monitoring the situation, and will take action if needed.
In a December letter to the Minister of Finance, CREA’s CEO Pierre Beauchamp raised concerns about additional changes to mortgage financing rules.
It is important for Boards and Associations, Political Action Committee Representatives and individual REALTORS® to respectfully write their Member of Parliament (MP) and explain the negative impacts additional mortgage financing rule changes would have on homebuyers, homeowners and the economy.

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