Patrick Murray Logo

New Mortgage Rules

As I'm sure many of you have heard, the mortgage rules for Canada have changed.  As a Realtor, the ones that affect me most have to do with one's ability to purchase a home.  We used to have 30 year mortgages available for many years.  Then the government instituted 40 year mortgages for a few years and then back to 30 years.  Now the government has stated that there will be no new mortgages available for more than 25 years. 

What does this mean as a new home buyer wanting to make a first purchase?  It means it will be more difficult to qualify!  It also means that the average $350,000 mortgage will cost you $150 more each month (25 year mortgage versus a 30 year mortgage).

As a Canadian, I am pleased that our government is taking steps to enusure that we are not getting ourselves into more debt than we can handle.  We don't want what happened in the United States or in Europe to happen here.  Unfortunately it comes at a cost to many people and that means their ability to purchase a home.  If you have questions, contact me and I would be happy to discuss the changes with you.

Thanks for reading!

By Patrick Murray 

One Response to New Mortgage Rules

  • Hello,

    I am a financial writer. I write on several finance related topics like mortgage, refinance, home loan, investment and so on. I came across your domain: while surfing through the Internet to find a suitable financial domain for writing articles. It is highly resourceful with rich and nice contents and has a vivid presentation. I must appreciate your hard work and wish you good luck.

    I was wondering if you can allow me to write for your domain. I assure you to provide absolutely unique but relevant article so that it proves to be useful to your readers. I wish you consider this proposal and will wait for a reply from you.

    If you are displeased with my email, I cordially regret in advance.

    Thanks & regards,
    Angelina Brown