Welcome to first full day of Summer!
Yeah, does that mean we will now start having less rain??
Our "summer" has already started for us. Emma finished her last day of Kindergarten yesterday. We had a little party at school and said 'fairwell' to her little friends and teacher, as we will be moving on to a different school in the new year.
Her summer schedule is already packed with different classes - thanks to me, she is in various summer camps, doing things that she normally does not get to do during the rest of year.
First day of Summer also brings the announcement of the NEW MORTGAGE RULES that will take place on July 9, 2012.
Here's the summary of the changes:
1. Amortization reduced from 30 years to 25 years
2. Refinancing limited to 80% ( this will have limited affect on customers, as many already do that)
3. Properties purchased at over $1 million no longer eligible for mortgage insurance
4. reduction of the qualification ratios. GDS and TDS set at 39% and 44% respectively
http://www.theglobeandmail.com/report-on-business/economy/housing/ottawa-tightening-mortgage-rules-no-more-30-year-amortizations/article4358876/
http://www.fin.gc.ca/n12/12-070-eng.asp
I don't foresee this affecting many of my clients.
However, if you are looking to buy the TOP DOLLAR amount of home that you qualify for, then please call me ASAP so I can assist you in the next step.
Please call/email me at 403 862 7111 or stella@stellatsang.ca if you have any questions.
Have a great weekend!
