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Tighter Lending Standards

Blog by | December 28th, 2009

Tighter Lending Standards?
Finance Jim Flaherty is shaking up the market leading up to Christmas. one of the most notably subjects he commented on was implimenting tighter restricting to the mortgage lending sector. the two areas that he touched on was raising the minimum down payment on a home from 5% to a figure he claims as being "significantly higher". The finance minister also talked about lowering the amortization on mortgage for where it stands at 35 years right now to something less. The government is trying to prevent a economic downfall from the housing market but they may also be preventing people from spending money. That seems a little like a double edged sword. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/12/flaherty-threatens-tighter-lending-standards.html

For more information on Okanagan Real Estate please contact:
Alexandra Rebagliati
MacDonald Realty
Associate Broker/Property Manager
Tel: 250.870.2792