NEW Mortgage rules

FOREVER

I don't think new lending rules will affect Vancover RE very much if at all

You're right. The goose is cooked regardless. Watch out below.

I don't think its a bubble and NOBODY can call the Vancover RE market

Prick….. Pop

maybe, maybe not quite yet for vancouver. I just had dinner with a family member who has spent the last 30 years doing business in china. his take on the next 12 months or so is that things are going bad fast and every one who can is busy stealing as much as they can as fast as they can then getting the ef out. only a portion of that will be syphoned into canada. but the pop might not happen quite yet.. for the rest of B.C., maybe?

i'm in for 35 years :(

maybe, maybe not quite yet for vancouver. I just had dinner with a family member who has spent the last 30 years doing business in china. his take on the next 12 months or so is that things are going bad fast and every one who can is busy stealing as much as they can as fast as they can then getting the ef out. only a portion of that will be syphoned into canada. but the pop might not happen quite yet.. for the rest of B.C., maybe?

sookes on its way down.
huge number of high priced listing. nothing is moving.

Doesn't matter when you show up with bags o cash.

sookes on its way down.
huge number of high priced listing. nothing is moving.

Go to realtor.ca [HTML_REMOVED] there's places in Sooke, Jordan River area that have been for sale for AGES!

Go to realtor.ca [HTML_REMOVED] there's places in Sooke, Jordan River area that have been for sale for AGES!

literally, years.

Low volume precedes low prices. To say Vancouver has seen low volume this year would be an understatement.

Whats particularly interesting about these changes is the new CMHC ceiling, 1 million, on high leverage loans. This means that if banks will be lending to buyer with less than 20% down they are doing so at the risk of their own balance sheets. No more pawning loans off to CMHC. What banker in his right mind will lend a million dollars thats secured by an East Van shack? I think few lenders will be interested in that, especially at 3% and with consumer debt at all time highs.

Interesting time to bring this in too. Sales have been lethargic this year, listings are high. This is not something that will soothe the market in Vancouver.

It will also have a pretty meaningful impact on the rest of BC, particularly the areas that have already been hit, Okanagan etc. This doesn't make it any more affordable for buyers to come in and bail out owners looking to offload their flips gone wrong.

Gods I hope so. We need to get our place in Kits sold!

Kn.

List it at a realistic price?

List it at a realistic price?

Whoa, whoa… that's crazy talk.

These rules are only going to affect the desperate who would have been in over their heads anyway. Forget the Government protecting people … anyone who wants to spend almost 1/2 their gross (?) income servicing debt or wants to borrow 80% of their home equity (ie going deeper into debt using money they used to pay off a previous debt - their mortgage) needs to give their heads a shake.

OLD Mortgage rules!

This bring the maximum amortization period back down to 25 years, which is where it was before the Conservatives came to power.

Sound financial management… NOT!