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New mortgage rules for Canadians

Posted on January 16, 2011 by Bettina Reid

As of March 18th new mortgage rules will be in place making it a little bit harder for 1st time buyers. The biggest change in the new mortgage rules is the maximum amortizations dropping from 35 yrs to 30yrs. Realistically this should only add approx. $100/month, but that $100 may be what prices people out of a new home. We are happy to see that the gov't didn't increase the minimum downpayment from 5%. Concern was that they were going to increase down payments between 7-10% which would have had a much greater impact on housing sales. Now is a great time to contact us about purchasing a new home!

To read more on this topic, please go to the following link:
http://www.theprovince.com/business/fp/Flaherty+tightens+mortgage+rules/4119505/story.html

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Kimberley Ensign

"When I was looking for my first home in 2022 I contacted Balance Real Estate Group and enlisted the help of Rachel and she was an absolute pleasure to work with. She is really knowledgeable and went above and beyond to ensure I found a place I would be happy with. I would definitely enlist her help in the future if I am in the market to buy/sell in the future and recommend her 100%."

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"A superbly professional and caring real estate team. The Balance Group staged and marketed our place to look its best, which generated an astonishing level of interest in our property. They provided expert advice all along the way. This resulted in a sales process that exceeded our expectations and was deeply satisfying to all parties involved. Highly recommend."

Gary Drouillard

"Zach from Balance Real Estate Group sold our moms town home in Surrey in September, closing in November. He was very patient with a senior widow, going into great lengths to explain the selling process and listed out all the possible expenses related to a sale with a specific sale price in mind. As we didn't live in Surrey we could rely and trust Zach for the information he provided. With a couple of offers going sideways, Zach provided continue encouragement and worked hard to find a new buyer. The logistics around the actual sale were challenging but Zach worked hard to make it all happen. He remained in contact with both our mom and us to make sure we all had the needed information. Thank you Zach, we really appreciated your hard work. My mom in law will highly recommend you to anyone looking to buy or sell."

Admin Buro

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.