In October, the Canadian Federal Government enacted changes to the country’s mortgage regulations, requiring homebuyers to pass a “stress test” and qualify for higher mortgage rates.
As an Edmonton mortgage broker, Jason Scott has strived to stay up to date on all local and national market news and trends. Throughout his years of experience in the mortgage industry, Jason has seen the impact national changes, such as these new regulations, can have local markets.
His experience has taught him not only the importance of staying up to date on industry news but also the importance of embracing changes and making the most out of every situation.
Just as Jason can find the perfect home financing solution for every one of his clients, regardless of their situation, he has been able to see the good in these new regulations and the effect they have had so far on the Edmonton mortgage market.
Local markets may start to slow slightly as we head into 2017, but this can be great news for homebuyers.
As the market slows, home prices could start to decrease, giving homebuyers who are currently restricted by the new regulations more options in the market as time goes on.
First-time homebuyers might still have more difficulty breaking into the housing market. If you are interested in purchasing a home for the first time but are uncertain what the new regulations could mean to you, reach out to a local Edmonton mortgage broker like Jason.
We are only a couple months into these new changes, with November being the first full month since the regulations were enacted, so it is hard to be certain what lies ahead.
Regardless of the future market, Jason Scott will be here to help you make the best of your home financing situation.
Call Jason today at 780-721-4879 for more information or to make an appointment for a mortgage consultation.