Mortgages, page 3, The Globe and Mail
“The mortgage rule change that had a significant impact on first-time buyers, from the round of changes implemented last July, was the reduction of the maximum amortization period from 30 to 25 years,” says Debbie McPherson, senior vice president of sales and marketing, Genworth Canada. But while that led many prospective homebuyers to decide to sit on the sidelines a little longer before buying a home, “according to our profiles, about 80 per cent of buyers who qualified for a 30-year amortization would have qualified at 25 years,” says Ms. McPherson. “This means that the vast majority of fist-time buyers can still achieve homeownership – with as little as five per cent down if they qualify for mortgage insurance.”
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