If you’ve been considering moving from a rental property into your own space, now’s the time to take action. Similarly, if the kids are grown and you want to downsize, you can get more home for less at this time of year.
Homebuilders often have year-end inventory they’d prefer to move at a reduced rate. These are quick possession homes or spec homes that are already built and ready for families to move into. In addition, clearance promotions often give homebuyers even greater incentive to buy. Check out our quick possessions at our nearly sold out Savanna project here.
This is a perfect time to get more for less because new mortgage rules come into effect January 1st 2018. In a nutshell, new regulations will mean that you may not be able to obtain a mortgage for the home you want. Banks will be ‘stress-testing’ your ability to pay your mortgage at a higher rate should the Bank of Canada increase rates. Time is fast approaching, so if you’re thinking of a new home, it may be prudent for you to buy now and lock in your mortgage sooner than later and take advantage of the special promotions from homebuilders.
This Global News item may help you understand the new rules: https://globalnews.ca/news/3807946/mortgage-rules-stress-test/
You can read the official line on new regulations at this Government of Canada site: http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/b20_dft.aspx