Looks like the 2016 resolution for lots of Toronto REALTORS® was to start writing more and boy are they having a field day with these mortgage changes that take effect Feb 15th of this year. The only Buyers that are going to be in a “Frenzy” as so many Toronto Agents are claiming are the borderline ones that shouldn’t be buying properties anyway and the misguided ones that think these rule changes are another expense when in reality you’re just forced to have more equity from day 1 and that’s a great thing.
Calm down, everyone!
Here’s what’s going to happen: Just like every year at this time, inventory is very very low but Buyers are still out, money in hand, buying properties. These new mortgage rules aren’t going to change a thing and we’ll experience the same intense winter market we’ve seen for the past decade with no additional insanity some pros would have you believe so sit back relax and buy that property that makes you feel WOW and don’t settle because you feel unnecessary pressure.
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