Neighbourhood Price
to
Beds Beds
City Price
to
Beds Baths
Enter The MLS Number

Market Watch July 07/212

…residential housing market has entered its usual summer cycle. In the last 10 years, sales have consistently and marginally decreased from May to June, and this year is not an exception. This shows stability in the market and also represents a continued steady market.

Sales numbers collected from real estate boards across the country clearly indicate that the residential housing market has entered its usual summer cycle. In the last 10 years, sales have consistently and marginally decreased from May to June, and this year is not an exception. This shows stability in the market and also represents a continued steady market.

The new mortgages rules announced by the Finance Minister Jim Flaherty recently is expected to cool the housing market further in Autumn as it will make it difficult for the marginal buyers to enter the market due to the higher mortgage cost.

The Finance Minister imposed new policies on residential mortgages for the fourth time in four years. Effective July 9th, the maximum amortization period for government-backed mortgages was reduced from 30 to 25 years and purchases over $1 million cannot be guaranteed by CMHC. In addition the amount that homeowners can borrow against the equity in their homes is reduced from 85 to 80%.

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.