The Federal government is now focusing on Condominium borrowing with new proposed rules to make it more difficult to get a loan.
The new rules being considered would see 100 per cent of Condo fees added to the list of expenses rather than the current 50 per cent.
The new rules being considered would see 100 per cent of Condo fees added to the list of expenses rather than the current 50 per cent.
It appears that the government will reduce the maximum length of mortgage amortization to 30 years, down from the current 35 years.
Another more controversial proposal is to raise the Condo down payment to a minimum of 10 per cent rather than the 5 per cent now.
Noted that these changes would only affect Canadians who require default insurance if they have less than 20 per cent down.
It appears these proposed new changes will definitely affect the Toronto Condo Market by squeezing out a lot of first-time buyers.
Related:
Toronto Downtown Condos (search)
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