affordability shrinking again
February 24th, 2011New lending rules scheduled to take effect next month are stimulating housing sales, according to local mortgage brokers. first-time home buyers are trying to arrange financing for 35-year mortgages.
The federal government’s decision to reduce the maximum amortization period for government-insured mortgages from 35 to 30 years, effective March 18 will reduce affordability, particularly for ...