If you are currently looking for a new property to call home, especially as a first time buyer, there are few things that are as unsettling as hearing that major changes are being made to mortgages. Suddenly, you are concerned about your dream of home ownership and if you will be able to survive financially in this new real estate landscape. The changes to Toronto mortgage rules are significant, but they do not need to be a major cause for concern for prospective home buyers.
Read on below to learn more about what the changes will mean for you and Contact the team at The Davies for more information about new condos for sale in downtown Toronto. Our luxury units combine design, functionality, and location in an affordable package that can still be attained with the changing mortgage regulations.
How New Mortgage Rules will Impact Condo Buyers in Toronto
If you have not already familiarized yourself with the new mortgage changes, here is what you need to know:
- Qualified Mortgages: Lenders now have to take additional steps to confirm that borrowers are able to repay mortgages. The changes are not dramatic or drastically different than before, especially since many lenders already enforced stricter lending regulations during the
recession - Self-Employment: Borrowers who are self-employed may face the toughest time convincing lenders that they will be able to pay back their loan. If you work for your own company, expect to produce more paperwork during the approval stage. Be patient and open through the process and, although it may take a bit longer, everything should work out just fine.
- Big Mortgages: It is anticipated that the group that will be impacted the most by these changes are those looking for large loans. Whether for buying or refinancing, new regulations have loan limits for housing, falling in the $417,000 to $625,000 range, and debt requirements. These restrictions may disqualify some borrowers from being approved for huge mortgages.
The new rules are designed to protect borrowers from unrealistic lenders and should not have a huge impact on the majority of buyers. Do not let these changes deter you from making your dreams of owning a condo in downtown Toronto a reality. If you are interested in a luxury condo in a beautiful area of the city, you can ease your concerns by discussing your options with the team at The Davies. These luxury condos are ideally located. Just minutes from your home, you can enjoy fantastic shopping on Bloor, culinary delights and nightlife in Yorkville, and exemplary schools within walking distance. Our range of diverse units are very close to Robertson Davies Park, giving you the perfect balance between the accessibility and hustle of concrete and the calming influence of greenspace. The building is suited for working professionals, young families, couples looking to downsize, and anyone who values comfort and convenience in the urban landscape.
Call 647-360-9588 today to speak with our team about your ideal living space. Find out how the new mortgage rules can work for you, not against you, at The Davies. Register online for more information and see our variety of floorplans for New Condos in downtown Toronto.