New mortgage rules will affect especially first time buyers
Tighter mortgage rules as announced by the federal government could affect the property sector.
Finance Minister Jim Flaherty has decided to adopt 25-year maximum amortization period.
In the Outaouais region, it is expected that this new measure mainly affects first time buyers, or at least 40% of all home buyers.
The Home Builders Association of Quebec in the Outaouais argues that it could accelerate the trend towards urban densification started in 2002.
According to the realtor, Lysanne Brault, it is mainly the regions where house prices are high like Toronto and Vancouver who will be affected.
The new rules could also add to the uncertainty in the Ottawa-Gatineau where one must already deal with downsizing in the federal public service.
Finance Minister Jim Flaherty has decided to adopt 25-year maximum amortization period.
In the Outaouais region, it is expected that this new measure mainly affects first time buyers, or at least 40% of all home buyers.
The Home Builders Association of Quebec in the Outaouais argues that it could accelerate the trend towards urban densification started in 2002.
According to the realtor, Lysanne Brault, it is mainly the regions where house prices are high like Toronto and Vancouver who will be affected.
The new rules could also add to the uncertainty in the Ottawa-Gatineau where one must already deal with downsizing in the federal public service.