Flurry of Activities Expected before January 1, 2018
By most accounts, homeownership will become less attainable for a sizeable portion of the consumer market by the beginning of next year, and it appears that many are less reticent about pulling the trigger on one of the biggest financial decisions they’ll ever make. “I’ve talked to a number of realty brokers and mortgage brokers, and more so from the real estate broker side they’re seeing a flurry of activity,” said Mortgage ArchitectsPresident, Dong Lee. “They’re informing customers of the potential impact of the rule changes, so those on the border are making decisions quickly to either get into the market or wait for the market to change. So, really, you’re seeing a lot of people trying to get in before everything changes.” Lee says Canada’s two most expensive markets, Vancouver and Toronto, will feel the mortgage rule changes the most, and are likely the two places wherein the most buyer activity will occur before January 1. But they aren’t the only places.
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