Don’t Miss The Home of Your Dreams! You will have 18 to 20% less buying power after January 1st.

The federal government is changing the qualification rules on conventional mortgage qualification as of January 1st.  A conventional mortgage is when you have 20% or more down payment.  Now you can no longer qualify at the at

actual rate you will pay, You have to qualify at fictional rate 2% points higher.  That means if you earn $80,000 per year instead of qualifying to buy a $518,000 home you will only be able to purchase a home worth $420,000.  

This is what that would look like in terms of actual homes you could buy. 

 

Before January First 2017

  • List price $515,000
  • 2 Storey Single Family  in Westmere
  • Built in 2004
  • 3.5 baths
  • Walkout basement developed
  • Backs on to green space and path
  • 2246 sq. ft.
  • View this home here

After January First 2017

  • List Price $419,900
  • 2 Storey Duplex in West Creek
  • Built in 2005
  • 2.5 baths
  • Undeveloped non-walkout basement
  • Backs onto power lines and rear lane
  • 1914 sq. ft.
  • View this home here

No one knows how long this program will last!  Is it the new normal?   Please call us if you want to get the home you want.

Call a Realtor