Quote:
Originally Posted by Flamenspiel
The thing is Weitz, its not just about you, who are you going to sell your house to when the time comes to cash in your chips?
Lets say you were frugal and even paid for your house already. next month you get transferred to Toronto and have to sell your house, this policy may have just cost you 10-20% of your tax free sale.
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You have to crack some eggs to make an omelette. I'm a homeowner and I welcome these changes. I feel we've been in a low-interest rate environment for too long and credit is too readily available. They really should have implemented these tests a few years ago as rates were on their way down to the bottom. Might have mitigated some of the problems in the GTA (not sure about Vancouver).
Also, your house is only worth what you sell it for, so I don't really agree with the concept of losing 10-20% off a theoretical max price.