Hello Everyone!
I hope you had a great weekend doing some of the several amazing Ottawa events that went on this weekend. I personally enjoyed the Community Cup at Brewer park, the Dragonboat festival at Mooney’s Bay and of course, Ribfest. I used to go to it all the time with my family when I was younger in Guelph, now I get to go with friends and see so much excitement on Sparks Street.
This week I bring up a couple stats from two leading economists from BMO and CIBC giving their views on what could potentially happen with the new mortgage changes. I really do not think these rules will derail the housing market, but it could dampen it slightly. I have already, had a lot of first time home buyers call me with questions regarding these regualtions and getting their pre-approvals in for 120 day rate guarantees at the higher amortization amount.
I have a feeling the mortgage rates will be low for the near future. Banks will have to keep them low to try to gain clients and market share by the slight easing of the new mortgage rules.
Here is an interesting graphic that is showing our constant rise in home prices in Canada as well as the historical amortization years with insured mortgages.
Have a great week and enjoy Canada Day in the Capital, always one of my favorite days of the year!
Here is the video:
[youtube]http://www.youtube.com/watch?v=5xM1RIjfSUg[/youtube]
Nick Bachusky, 613-294-4475, Ottawa Mortgage Specialist.
