Starting in 2018, buyers applying for a mortgage with one of Canada’s federally regulated mortgage lenders will have to pass a new “stress test.” In examples on its website, RateHub.ca explains that buyers could see their pre-approval amount drop by 21 per cent in 2018.
RBC anticipates a “brief run-up in activity” for the rest of the year as buyers rush to avoid the new rules. On the Sunshine Coast, this means the market could stay hot until the holidays before possibly slowing in 2018.
If you’re buying, talk to your lender and see how you’ll be impacted by these new rules. If you’re planning to sell in the new year, think about moving up your timeline to take advantage of what could be a busy end to 2017. Waiting may mean selling into a cooling market with less demand and lower prices.
Call me today to beat the deadline. Unlike many agents, I focus exclusively on the Sunshine Coast and don’t split my time between here and the city. Whether you’re buying or selling, this market gets my full attention.
Tony Browton - TrueBlueRealty.ca
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