Individuals looking to purchase real estate as an investment (ie: rental property), there is a MAJOR change you must know about. The new Federal changes made to mortgages include a change to your required down payment. Effective APRIL 19, you must have a down payment of 20% for government backed (ie: CMHC) mortgages. There are also changes regarding how much rental income can be included in the mortgage application.
If you are looking to purchase rental or investment real estate and you don't have the 20% down, you had better make your purchase prior to APRIL 19TH.
We encourage your comments. If you would prefer confidential real estate advice, please contact us direct.