Two weeks into new rule and we are not able to experience much of an impact as expressed by the media. Some said it is to put a breakneck on the high markets like Toronto, and at the same time will be beneficial for markets like Mississauga. There were the opposite reactions as well. Let's look into the new rule: Purchase Price Minimum Down Payment Up to $500,000 5% Minimum $500,001 to $999,999 10% Minimum (5% on the first $500,000) $1 Million 20% Minimum What's your thought on this? Even though I'm mostly into US market, I'm very much interested to know the changes in CAN as well. They do impact, in a way, in the Northern part of US. Let's talk Source of the numbers: http://www.thefinancialforum.ca/blog/mortgages/fixed-rate-mortgage/down-payment-rule-change/
I'm in Seattle so pretty close to Vancouver. Love that city...it's amazing! I'm sure the rule changes will slow the market down a bit, but I doubt there will be much of a change. It certainly won't affect all the mainland Chinese buyers up in Vancouver who are snatching up enormous amounts of real estate with all cash deals. I just hope the USD continues to stay strong against the CAD. It makes our annual trips up to Vancouver much more enjoyable when I review my credit card statements afterwards
