Although the Canadian housing market seems to be operating under the same status quo, there are many that are anticipating the inevitable bubble to burst.
With a new government in power, change is to be expected. As of February 15, 2016, the minimum down payment on homes valued at $500,000 or more has changed. In an effort to try and cool the growing housing markets in Toronto and Vancouver, a graduated 10% minimum down payment is now required – a change that impacts 1% or less of the market.
As mortgage rates remain at an all time low, 2016 is a great time to take advantage and lock into low rates. With a typical spring buying surge anticipated, expect to see an ample crop of homes listed on the market for sale.
If you're looking to buy or sell this spring, let me simplify the search for your new home. Contact me today to get started!