Date Posted: October 30, 2017
Frank Napolitano, Paul Rushforth and Steve Gregory invite Paul Taylor, the President and CEO of Mortgage Professionals Canada, to talk about the details of the OSFI rule changes, affordability and the new qualifying term in the Canadian market place. Mr. Taylor will be in Ottawa this week to discuss the impact these changes will have on the mortgage and housing markets.
The team chats about how Ottawa market will feel the impact of the new rules, however, much less than other cities in Canada.
Frank advises to consider a move to a new mortgage sooner rather than later if you think you may be close on qualifying. Franks also recommends running the numbers on the qualifying rate now to ensure your figures are in line for the January 1st changes.
Paul discusses the impact on individuals selling their homes and the buyer pools that may be limited given the qualifying rules. He also providing some tips when selling your home and goes into what buying in the new year is going to look like.
To learn more about the mortgage changes and how they can affect you, contact one of our mortgage brokers today!