For me, this is the time of year where I like to sit back and reflect on things that I have noticed that changed and how they have impacted me. And I can honestly say that 2016 has been a tumultuous year.
First, 2016 has seen the passing of so many cultural icons. With David Bowie in early January, Prince in April, and Leonard Cohen just last month, the number of people who passed that has had an influence on my life is staggering. These passings have changed many lives.
Second, Donald Trump becoming President-Elect for the United States came as a complete surprise to me. I sat up watching the election results post until 4 am, in utter fascination that this was happening in my lifetime.
Third, here a TeamClinton we went through some organizational changes, which have had some real impact. We saw an increase in business. We are super excited about what that means for the future, but we will save that for next year!
Finally, the mortgage rules in Canada have changed. They have made it harder for home buyers to enter the market, and more important for you to work with a mortgage broker to make sure you are getting the best possible deal. Some things that you should keep in mind:
- The minimum down payment for a purchase is still 5%.
- You can still refinance your home up to 80% of the market value.
- Interest rates on rental properties, specialty programs, and amortizations above 25 years could be higher.
- All purchases with a down payment less than 20% are qualified on the posted rate. This is known as the “stress test”.
With all that doom and gloom, the silver lining is that we are always here to help. If you have any questions, please do not hesitate to contact us.
And with that, I want to wish you and yours all the best this Holiday Season! May it be filled with family, friends, good cheer, and lots of snacks!
All the best.
Clinton and team.