On July 9th (only two days from now) insured 30-year amortizations will be a thing of the past.
And as the Globe and Mail newspaper noted, Mr. Klein was disappointed that he had not seen the expected rush of activity from some buyers eager to get into owning a home prior to the changes taking effect;
“We thought (we) would see a fervour of activity from people trying to get in under the line of the due date, but members haven’t been telling us that that’s the case. So we don’t know if the information is really out there, if consumers really understand it.”
After lamenting what isn't happening, a story is crafted about a couple who learns of the impending mortgage changes, the story is packaged up, sent to a news reporter contact, and... lo and behold... the media eats it up and we are presented with a profile of couple who scrambles to buy before they are priced out by the new mortgage rules.
... with the underlying message that you might be missing out if you aren't doing the same.
The Perretts spent 48 hours looking at homes and put an offer that was accepted last week on a property in Maple Ridge that has everything they want.
The best part is that they qualify for a 30-year mortgage.
“We probably wouldn't have been able to afford to mortgage a house, or at least not the house we wanted, if we hadn't jumped on it,” Bruce Perrett said.
Then he lamented that perhaps his industry wasn't getting the word out to the public about what they needed to do.
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