We are at the dawn of a new market in real estate. What we once knew to be true has been changed by the government and is threatening the stability of our mortgage and real estate market. The changes that are scheduled to take effect in January of 2018 will not only impact the mortgage & real estate market but will have a major impact on other sectors that desperately rely on mortgage transactions to occur. In the last week, Mortgage Pros Canada has lobbied against the changes that are scheduled to take effect, however, nothing has been done as of yet and if you ask me, I personally feel that all our efforts have fallen on deaf ears. Only time will tell what the real ramifications of the changes will be.
In this time of change, it is important for Canadians not to be caught like a deer in headlights. Rather be proactive and take control of the future of their homes and mortgages. It is also important to educate yourselves about the changes our government put in place (you can read more about that here.)
What we should really learn from all of this is that change is a constant and that change is the only thing that we can truly count on. How we as consumers deal with change will determine the outcome of our success in business, life, and our homes. It is important for anyone who is currently in the market to purchase a home, that if your mortgage is up for renewal, or if you are carrying debt that you want to refinance into your mortgage, the time to act is NOW. After January 1st the rules will change and the average consumer will be able to qualify for about 20% less than what they were able to qualify for before.
It is also imperative that you associate yourself with knowledgeable and qualified individuals who are able to advise you on the changes that are occurring and help guide you through the turbulent waters. I would like for you all to think about this. If you were about to go on a ride down the Colorado River, would you take with you the guy who sells the rafts or would you take with you a guide who knows the river? Would you do it on your own or would you have some used car salesman guide give you directions on the phone or on a website? For most people with half a brain, they would choose to use a qualified and reputable guide with a proven track record of success.
Mortgage Brokers in Canada are highly trained individuals who specialize in mortgages. Much like the guides who take you down the Colorado river successfully. It is imperative in these turbulent times to have the right team around you. I am not telling you to use us. But I am telling you that it is time for a change and you need the support of a broker more than ever. Your home is more than just a house and your mortgage is more than just a rate. Be smart, use a broker!
As always I am available for comments or any questions. Thank you for reading
514-680-4674 Mtl / 647-952-1000 Tor