What do the new CHMC rules mean for first time home buyers.

 Effectively, the changes mean that first time buyers will be tested against their ability to pay their mortgage at a high interest rate of 4.64% (Bank of Canada's conventional mortgage rate). In other words borrowers will officially qualify for a smaller mortgage amount. This new rule formally kicks in on Oct 17, 2016. 

Ontario Government Helps First Time Home buyers !

 In the fall of 2016 the Ontario Government commits to increase the land transfer tax rebate from $ 2,000.00 to $ 4,000.00. Despite the new CHMC rules and regulations where first time buyers have to go back to the drawing board this helps out a little bit. Young families will now at least get a little help with their down payment when time to buy.

 Buy it while you can..

 I strongly suggest that home buyers look for their future home in the Clarington area of Durham. Clarington is a municipality consisting of Courtice, Bowmanville, and Newcastle. The prices of homes in Clarington are still affordable but increasing rapidly. Within the next two years we expect to have a growth of at least 20 %. Now affordable homes will be out of reach for many young families and for those who manage to get their property it will be a great investment. 

 

Affordable homes in Clarington