Vancouver Condo Real Estate Video Blog #637 - February 3, 2011
New Mortgage Rules Won't Change Real Estate in Downtown Vancouver
Ian Watt video blogs about the New Mortgage Rules and Goodbye 35 Year Amortization Periods If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian
Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. Of course
we've seen in the news that mortgage situations are changing. Canadian
government wants to ensure that the weaker people pouring money the more
financial riskier people are can be in cut out of the market. Maybe
their saying that things are not gonna be a stable on the next little
while, who knows they are trying to tell us but nonetheless they don't
think obviously that the market is going to increase. So what their
doing they changing the 35 year amortization period to 30 year and
that's gonna be the maximum. What that's going to do is going to
instigate some buyer activity for the next 60 days no doubt. However, I
don't think it's gonna change too much in the Downtown core. Because
most people are not stretching it out that far by their first place at
$300,000 dollars and if they are stretching it out that far chances are
they have some financial aid from their parents or some other way. So I
don't think it's gonna change too much in Downtown Vancouver except
instigate some panic on the side of buyers which is great for the
sellers but I don't think it's gonna change our business whatsoever. My
name is Ian Watt if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!