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Flaherty Threatens Changes To Canadian Mortgages & Tighter Lending Standards
The federal government is considering raising the minimum down payment for Canadian home buyers as well as reducing the amortization period for mortgages
Finance minister Jim Flaherty told CTV that that would “take some action” to stop some consumers from taking on too much debt.
The measures will be taken if there’s evidence of excessive demand in the housing market.Flaherty said: “The likely action we will take is to increase the size of the down payment from 5% to a higher figure, and probably once again, reduce the amortization period – so bring it down from a maximum of 35 years to something less.”
Last week, the central bank warned that when interest rates rise to normal levels, up to 10 per cent of households could face difficulties in meeting monthly payment requirements.
It seems to me that this may be a “knee jerk” reaction to the speed the Canadian economy has come out of the recession. It is only 12 months ago that equally “knee jerk” commentators were questioning if the recession would go on for years and would the economy ever recover.
I recently heard the recession referred to as the first of the internet age; everyone had instance access to the information and this resulted in a rapid spiraling down of the economy. The good news or should I say not so bad news was equally available and the recovery was similarly rapid. It all boils down to not over extending yourself. Basic maths to only borrow what you can afford to pay back and still maintain the lifestyle you have. Note not the lifestyle you wish for in this consumer age. Have a nice home you can afford but maybe not the 50″ flat screen, Playstation and X Box plus exotic holidays.
History has proved that real estate is a very safe investment over the medium to long term. First and foremost though it is a home to be enjoyed with family especially at this time of year. Banks will alwys lend and Canadians will always have access to mortgages.
