As everyone should have been expecting if you are keeping up with the trends; CHMC (Canada Housing and Mortgage Corporation) has announced that they will be increasing their rates on March 17, 2017 for anyone that will be getting a mortgage with less than 20% down payment.
The silver lining for some of you is that if you already have a mortgage or you apply for one before the March 17th deadline, you will be grandfathered into the old rates and wont see an increase at this time.
So if you've been on the fence about purchasing and you plan to do so very soon with less than 20% down payment, you may want to bite the bullet before March 17, 2017 in order to save yourself a little bit of cash. There are also many programs available to help you save money if you are first time home buyer or wanting to purchase a new built home.
If you have any questions about real estate, feel free to contact us!
Article Reference:
CBC News
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