The Federal government is being targeted by the mortgage brokers’ organization stating that the new law that was passed in the summer of 2012 makes it difficult for clients to be eligible for an insured mortgage.
People who are involved in the housing market knew that things would eventually slow down, as has happened in the past. It seems that the market has taken a break and will shortly rise again.
As predicted by the Canada Mortgage and Housing Corporation they predict that growth of sales will become more reasonable, and there will be an estimated 1.5% increase in prices to come.
Some suppose that a housing crash has occurred or the market will be in the ground for a while. U.S. home owners are said to have a significant amount of less home equity than Canadians in their homes. Canadian subprime loans are 7% of Canadians total mortgage portfolio and in the U.S there is a staggering 25%.
All and all, the market will soon rise and things should be back to where they were. Throughout the years the market usually slows down but nevertheless 2013’s housing market is looking up.
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