Proposed condo rules could make it harder to buy
Federal government is considering new rules to make it harder to qualify for a
loan to buy a condominium.
The new regulations would be part of Ottawa's effort to toughen borrowing guidelines
and tamper down Canadians' debt.
The change would add 100 per cent of condo fees to the expenses considered when a
buyer is applying for a mortgage. Currently, only 50 per cent of the fee is
considered.
Toronto realtor Brad Lamb says the move is going to push a lot of
people out of the market.
"A lot of people are going to get locked out of buying a condo, which, in most
cities in Canada, is the most affordable option for
housing," he told CTV News. "It's a terrible idea."
loan to buy a condominium.
The new regulations would be part of Ottawa's effort to toughen borrowing guidelines
and tamper down Canadians' debt.
The change would add 100 per cent of condo fees to the expenses considered when a
buyer is applying for a mortgage. Currently, only 50 per cent of the fee is
considered.
Toronto realtor Brad Lamb says the move is going to push a lot of
people out of the market.
"A lot of people are going to get locked out of buying a condo, which, in most
cities in Canada, is the most affordable option for
housing," he told CTV News. "It's a terrible idea."
The maximum length of a mortgage could also come down from 35 years to 30.
"You're talking $150 to $200 more per month, which works out to $40,000 in purchase
price," Lamb said.
Craig Alexand er with TD Bank says the new rules might not take people out of the
market completely.
"It really wouldn't take people out of the market. It would mean people would end
up taking a lower mortgage and buying a lower-priced house," he said.
Prime Minister Stephen Harper acknowledged the rumors of
the new rules.
"The government remains concerned about growth and the level of household debt, and
will look at taking prudent steps to moderate that growth," he told
reporters. "We've seen some moderation recently."
There is also speculation the government might increase the minimum down payment
required. Currently it is five per cent.
Source-http://www.ctv.ca/CTVNews/Canada/20110114/condo-rules-110114/
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