New mortgage rules pushing 1st-time homebuyers to wait.
Posted on July 9, 2013 by Bill Ripplinger
Taken from the CBC.ca
A year after Finance Minister Jim Flaherty tightened mortgage rules to not allow insured mortgages with amortization terms of more than 25 years, many prospective buyers say they are waiting longer to buy their first home.
About 19 per cent said they would wait longer to buy, a survey by Pollara for BMO Bank of Montreal showed.
In June 2012, Flaherty laid out rules aimed at reining in a hot housing market and ensuring Canadians aren't taking on more debt than they can afford. The rules went into effect July 9, 2012.
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