Even though Bloomberg Indicated that the Canadian Banking system has been rated the soundest in the world for four straight years with no Canadian lenders needing a government bailout during the recent recession and credit crisis, unlike the U.S. and European banking systems, to maintain this smooth system keep running….Ottawa may now consider increasing down payment requirements for home purchasers and reducing amortization from 30 to 25 years to keep a watch on the industry.
This change is healthy for the economy but if you were thinking of home purchase…..your plans can fall in soup if you don’t rush in taking your decision before the start of summer….as generally that is the time when most major changes are implemented to real estate markets….so reacting now is the way to go, if you were seriously looking for a purchase within this year as even mortgage rates are at the lowest!
