Quote:
Originally Posted by OMG!WTF!
Well, here's a prediction...
http://www.huffingtonpost.ca/2017/10...ng_a_23249035/
I'm surprised the new mortgage rules haven't been mentioned much yet. This seems like a big big change to me. Even if you have over 20% down, you still have to qualify at 2% higher than BOC rates. I can't see this being helpful for anyone but the banks. If you have a renewal coming up you're basically stuck with the bank you're at. I see this as being bad for consumers and good for banks. Also of course it's going to bring sales and prices down in markets that are arguably struggling already. It's awesome for loan sharks though. Wish I had more money to lend. There are already more deals than usual from the last round of rule changes. |
I think it's great rule change. Protects stupid people from hurting them selves. If anything it will hurt the banks because people won't be getting as large mortgages. And anything that brings down the ridiculous prices, especially here in Calgary, is a good thing.