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Time Is Running Out In Brampton, Ontario, Canada

By Al & Peggy Cunningham, Brokers

Real Estate Sales Representative with RE/MAX West Realty Inc., Brokerage

February 25, 2011 10:43 AM

Time Is Running Out In Brampton, Ontario, Canada

hour glass

Looking for long term stability in the real estate industry the government is reducing the maximum amortization period from 35 years to 30 years for government backed insured mortgages with a loan to value ratio of more that 80 per cent.

It is also revamping the amounts Canadians can borrow on a refinance as well from 90 to 85 per cent. Both effective March 18, 2011.

This comes on the heels of the government previously shortening the amortization from 40 years to 35 within the last 12 months.

If your thinking of buying in Brampton, Ontario, Canada, now is the time!

Time Is Running Out In Brampton, Ontario, Canada

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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES

Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL

Florida Waterfront and Country Club Living

Appears that Canadians have learned from the mistakes of their southern neighbor and are taking steps to stabilize the market before it gets out of hand!

Feb 25, 2011 11:54 AM

Anita Clark

Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA

Realtor - Homes for Sale in Warner Robins GA

Hopefully buyers will jump before the new laws kick in...are you expecting alot of fallout from the changes Al/Peggy?

Feb 25, 2011 01:15 PM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Al and Peggy a 30 year amortization has been the standard here in the States for a long time, but we can still do a refi without cash out at 95 on conventional loans. It does not go to 85 LTV here unless it is a cash out refi.

Feb 25, 2011 01:19 PM

FN LN

Toronto, ON

Hi Al and Peggy - Interest rates are still very low so that is another great incentive to buy before the March 18, 2011.

Feb 25, 2011 01:32 PM

Nick T Pappas

Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL

Madison & Huntsville Alabama Real Estate Resource

Al & Peggy, I agree with Silvia. A little preventative action goes a long way.

Feb 25, 2011 02:39 PM

Brian Madigan

RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON

LL.B., Broker

Al and Peggy,

Good point. The time for buyers to act is now. That and a little pressure on the rates should be all the motivation one needs.

Brian

Feb 26, 2011 02:30 AM

Steve, Joel & Steve A. Chain

Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Al & Peggy,

I hadn't been following this, but I know 2 famous Brampton REALTORS who do. ( I smile)

Thanks for sharing this news,

Steve

Feb 26, 2011 01:44 PM

Chris Smith

Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON

South Simcoe, Caledon, King, Orangeville Real Esta

Al and Peggy, these changes are just bringing sanity back to our markets. We should not be leveraged so high.

Feb 27, 2011 08:55 AM

Time Is Running Out In Brampton, Ontario, Canada

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