Now might be the ideal time to secure a mortgage. Rates remain low for starters, but changes could be coming in other areas that could make it more difficult for some buyers to get a mortgage in the future. There is some thought that the federal government could choose to cool off the housing market with changes to mortgage requirements.
According to The Financial Post Ottawa is using consultants to assist in deciding whether there should be new rules to cool down the hot real estate market in many areas of Canada.
Right now there is talk that an increased minimum down payment is being considered as well as other conditions for high-value housing. The Financial Post article suggests that tougher mortgage lending restrictions, such as a 20-year maximum amortization or tweaks to mortgage insurance, are also being considered.
The Department of Finance is saying little and currently denies considering changes to down payment requirements. The Financial Post article reads, “They are definitely looking into this but it doesn’t mean that they will do it,” said one source close to the department, who asked not to be identified.
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