Realtors fielding questions about how much buyers can expect to save in monthly payments as well as about concerns the reforms will drive up home prices
Realtors and mortgage brokers said they have been inundated with calls since thethat will make it easier for buyers to afford pricier homes.
And first-time homebuyers will be allowed to stretch out their payments over 30 years instead of 25 years, which will reduce monthly mortgage payments. The new rules are to go into effect Dec. 15, ahead of the traditionally busy spring selling season.
“Houses valued between $1-million and $1.5-million will see a surge in demand,” said James Laird, co-founder of mortgage brokerage and lender CanWise. “It will make a dramatic difference in all our expensive markets,” said Neil Bosdet, a sales representative with Royal LePage Coast Capital Realty, who has sold homes in the Victoria region for a dozen years.
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