1- General Overview of NEW Rules – 0:30 minute mark
- Government has introduced a new downpayment strategy
- Effective as of February 15th 2016
2- “Background” of Previous Changes We’ce Seen So Far- 1:18 minute mark
- 40 year mortgages
- 0% downpayment and sub-prime mortgages
3- Latest Federal Government Change – 4:00 minute mark
- Buying a Home Worth Over $500,000? Government Just Increased Your Downpayment!
- Government “says” they’re targeting Canada’s biggest real estate markets (roughly 1%)
4- How Will this Change Effect Burlington? – 4:45 minute mark
- Since the average Burlington home price is well above the $500,000 this change will effect more that just the 1% as the government suggests.
5- Example of CURRENT vs NEW Rules on a $650,000 Home – 6:10 minute mark
- CURRENT RULES: Your minimum downpayment on $650,000 home is $32,500
- NEW RULES: Your minimum downpayment on $650,000 home is $40,000
6- Does Every Home in Burlington Sell? – 8:40 minute mark
- CMHC fees will also change however it’s unclear if they’re going up or down.
7- So What Does The Future Hold? – 11:00 minute mark
- My prediction is we may see a flurry of activity January and early February. Then everything will come back to normal and the Burlington real estate market will continue to grow at a steady rate.