The changes that Jim Flaherty announced this week, make a difference in lending guidelines, but more to investors than to those buying a home for their family. The increased qualifying rules will not shut people out of home ownership and the ceiling on refinance will assure that there is always equity in a home.

The biggest impact will be on the investment market in the GTA where speculators often buy numerous Condo units as soon as they are released for sale, thus driving up the values. Investment buying will now require 20% as a down payment.  Most of the investors we deal with avoid CMHC fees so they were already buying with 20% down.  Read more:

http://budurl.com/gq6x

Rates are holding steady with no changes expected in the near future even though inflation is creeping upward.  Home sales continue to be very strong with multiple offers being the order of the day. This would be a great time to sell a home if that is part of the plan for your household. Market times are very short as is supply, so homes sell quickly!

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Elfie Hayes

Lowrate.ca

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