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How much will the new rules impact homebuyers?

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Justin da Rosa | 12 Oct 2016, 08:15 AM Agree 0
A recent lender commentary hints at what sort of impact new mortgage rules will have on home buyers
  • jimmyb99 | 12 Oct 2016, 10:44 AM Agree 0
    First National is probably the strongest monoline lender. So if they have suspended 2 of their programs and see an 8 - 10% drop in single family home mortgages, what will the impact be on monoline lenders that haven't been in business for 20 years? and that don't have a diversified funding group of investors? The chartered banks through a dagger into their competition and the effects will be felt throughout the industry, negatively of course. I haven't seen one article or comment on anything positive to do with the coming changes. anyone?
  • John Murphy | 12 Oct 2016, 10:54 AM Agree 0
    $13 Billion out of $22 Million (?) Hard to have any confidence in a report that discusses numbers but doesn't understand math. If you want us to rely on the information you supply perhaps proof reading a report before publishing it would be a good idea.
  • Marcus K | 12 Oct 2016, 11:22 AM Agree 0
    Amen John! Just about to write a similar comment!
  • Carmine G | 12 Oct 2016, 11:48 AM Agree 0
    How about "through a dagger"? Talk about poor proof reading!!
  • Joe C | 12 Oct 2016, 04:13 PM Agree 0
    How about the fact that we'' MUST'' now report the sale of our primary residence to Revenue Canada going forward. They tell us the capital gain will still be waived, but how long will it be before they want to get their hands on some of that money.

    In addition our politicians say that they want the banks to now share some of the risk in the 100% insured mortgages, which they say'' COULD'' lead to higher rates. The reality is it certainly will lead to higher rates but it was the banks who raised them
  • Jerry Rush | 16 Oct 2016, 02:50 PM Agree 0
    The sign that a market has reached it's top price is when two well employed individuals can't qualify for a mortgage on a starter home. These new mortgage rules effectively eliminate a significant number of first time property buyers from the market. Not good for them. Not good for the country!
  • Brent | 18 Oct 2016, 07:25 AM Agree 0
    Why does the Fed continue to feel that we have a national housing crisis when we only have localize issues. Stop using a hammer across the country to solve issues in localize markets(Van, TO, Calgary). This will negatively impact all areas of Canada bringing down afordable housing for first time homebuyers and mostly markets that do not need to be cooled.
  • MAR | 24 Oct 2016, 10:53 AM Agree 0
    So the fed's have made it even more difficult for the first time home buyers so now the lowest priced homes will see a sharp increase in prices because those that did qualify for the next level priced homes will now be kicked into a lower price range. This now increases the amount of people bidding on starter homes. More business for 2nd mortgagors...RESULT... Increase in monthly mortgage payments. And as far as those foreign investors coming in .... Well they're laughing because we've just lowered prices for them..they have the money.. It's our first time home buyers that we've kicked back into the rental housing and what a mess that is... They really thought this one through... Again. What's next..
  • MarlBroker | 25 Oct 2016, 10:43 AM Agree 0
    Called inflation and it's the cost of everything else as well.. Why don't the Feds govern the insurance companies and put something in place to limit what they charge. My insurance takes a huge chunk of my after saving. Then people could save more . What about our income taxes. WE used to have to work several months to pay our income taxes ... Now I think we work until sometime in August to pay income taxes and we get to keep what we make from September to December. We are like a communist country and no one is doing anything but complaining to the wind.
  • Maxy | 26 Oct 2016, 10:07 PM Agree 0
    Hi John, your comment on First National's typo was technically correct but ethically too harsh. Did you imagine that the problem with the author of the material was math literacy? I doubt that. Humility demands that we be kind to other people's omissions. It will be very rare to find anyone who had never made a typo error even with thesis that are reviewed many times before publication. Read some well respected higher education textbooks and you will find typos. Let us be kind with our correction of others. The "$13 Billion out of $22 Million" was definitely a typo and had absolutely nothing to do with "understanding math" as you presumed. In all situations, let us be kind and empathetic.
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