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How Mortgage Changes Impact Fernie Real Estate
Manage episode 446528988 series 3397054
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In this episode of The Property Mindset Podcast, host Phil Gadd is joined by mortgage expert Stephanie Roughhead to break down the latest mortgage changes in Canada and their impact on the Fernie real estate market. With updates aimed at making homeownership more accessible, these changes bring new opportunities for buyers, sellers, and investors. Stephanie covers three major announcements and what they mean for anyone looking to enter or stay ahead in the market. If you're navigating the current real estate landscape, this episode is a must-listen for valuable insights and actionable advice.
Key Announcements Discussed:
- Increased Insured Mortgage Limit: Starting December 15, the insured mortgage limit will increase from $1 million to $1.5 million, allowing buyers to borrow more with lower down payments.
- 30-Year Amortization for Insured Mortgages: First-time buyers and new-build purchasers can now access a 30-year amortization period, making monthly payments more affordable and potentially increasing buying power.
- Changes to Stress Test Rules for Mortgage Transfers: As of November 21, stress tests will no longer be required for mortgage transfers between institutions, easing the refinancing process for existing homeowners.
- New Refinancing Options for Suite Additions: Beginning January 15, homeowners can refinance up to 90% of the property's "as improved" value for adding legal rental suites, encouraging increased housing supply.
- Potential Future Changes to the Stress Test: Stephanie shares insights on the possibility of the stress test being further modified or removed in the future, depending on economic trends.
Tune in to gain a better understanding of these changes and how they can influence your real estate decisions in Fernie and beyond. Don't miss this essential episode for staying informed and navigating the evolving mortgage landscape with confidence.
Show Sponsor: First Tracks Real Estate Group - eXp Luxury
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