Canada’s New Mortgage Rules

A customer was in today and i had joked with him about spending some money at our store – he told us earnestly that he and his wife were saving every penny he’s got – to beat the deadline for April 19th 2010.  I asked him what deadline and apparently, effective 19 April this year – the government will implement a new rule for obtaining mortgages.  One of the new rules is that a new buyer willhave to put a 10% downpayment on a house instead of 5% that we had enjoyed for years.   So everyone is urge to beat that deadline to own your own house – so he said to me – the wife can’t buy any best anti wrinkle cream even if she started to look draggy – because they wanted a house bad.  And if this window line closes – it would be harder for them to own one.  So for those who are eyeing on a house or looking to be a new home owner – hurry up now – beat that deadline.  But whatever you do – do not buy Maple Leaf Homes.