Looks like mortgages will go only one way, up! That means the cost of buying will increase.
Posted on August 9, 2013 by Rick Persad
With the latest announcement from CMHC regarding their cap on the total amount available for secured mortgages, it is likely the banks will increase the interest rate on mortgages. Ifthis is the case, the end result to the consumers is an increased cost to borrow and that means the overall cost to own a home will also increase. If you are thinking of buying, it may be a wise idea to make the move now. The new change will be effective by the end of August. Check out the details here:ARTICLE RE: CMHC ANNOUNCEMENT
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