The Canadian Real Estate Association has cautioned the federal government to stay out of the mortgage market until the effects of recent changes can be gauged, as it suggested buyers are racing to secure 35-year mortgages before they are banned in late March.
The federal government recently announced the end of insurable 35-year mortgages, leaving new buyers to take on amortization periods of 30 years or less. The move was made to help lower household debt in Canada, and makes it more expensive on a monthly basis to own a home.
Source: Steve Ladurantaye — Real Estate Reporter
From Wednesday's Globe and Mail
Published Tuesday, Feb. 15, 2011 9:41AM EST
Last updated Tuesday, Feb. 15, 2011 9:43PM EST
Click here to read more...