Canada’s new mortgage rules for 2018 will re-shape the Canadian real estate market – and may especially affect the competitive Greater Vancouver market in a significant way.
In fact, the changes have already begun. While the new rules are creating challenges for some homebuyers and property investors, those who navigate the market the right way can come out ahead.
How to make Canada’s new mortgage rules for 2018 work for you
Canada’s new mortgage rules for 2018 are making it more difficult to get a mortgage from a bank. In fact, over 100,000 people who were approved for mortgages in 2017 would not be under the new rules.
While this can sound intimidating if you are looking to buy a home, it can end up working in your favour as there will now be much less competition for properties.
Imagine being able to buy a Vancouver property without entering a bidding war. Or being a first-time homebuyer who does not have to face a feeding frenzy just to get affordable housing.
Less competition also means a decrease in demand, which may bring home prices down slightly. So while Canada’s new mortgage rules for 2018 may complicate your mortgage journey, they may also bring you closer to owning your dream home.
How an alternative brokerage can help make Canada’s new mortgage rules for 2018 work for you
In order to take advantage of the cleared out homebuying field, you need to be able to get a mortgage. Doing this, however, may require looking past traditional banks, to the alternative options that Freedom Capital provides. With more flexibility than the banks, our alternative brokerage continues to remain focused on common sense lending. That means less paperwork and a faster turnaround for our clients. Given this, an alternative brokerage like Freedom Capital can help you get the financing you need, when you need it, allowing you to take advantage of the quiet housing market.
Talk to the expert alternative brokerage at Freedom Capital about your options in the face of Canada’s new mortgage rules for 2018. Get in touch or apply for a mortgage with us today.