What does new CMHC rule means to you , Buyers?
As of October 17, 2016, in order to qualify for the mortgage, you will have to be approved based on posted interest rates. As per this article attached, if before you were able to qualify for $665,000.00 mortgage, after the new rules are implemented , you would be able to qualify for a mortgage of $505,762.00 only. Result of all this, the only real estate that most buyers will be able to qualify for, will be apartments and town homes. I think prices for apartments and town homes will be going up, while prices for single family homes will be going down as a result of buyers not being able to qualify. What do you think?
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1 year 1 month ago
Do I need to pay my property taxes if I am selling my property?
Absolutely! Many people think that property taxes are paid July to July… Actually, it is common misconception. We pay property taxes for the calendar year. So in July this year, you will be paying your 2016 property taxes. The amount that was paid by you will be adjusted on the Statement of adjustments by your Notary at the time of a Sale of your property.