If our phones and clients are any indication, the new tougher mortgage rules should mean a busier than usual Christmas season. At Robert Floris’ Mortgage Architects office in Hamilton, we have clearly stated that the new stress rule of being approved at a higher rate for a mortgage will be a crushing blow to the real estate industry.

Our clients are very much concerned and they’re acting accordingly. In the last few days we have had two families buy homes in advance of this new debilitating rule. I am sure this year’s holiday season will be a lot busier. If we use approximate numbers, we believe the mortgage affordability will drop by 20%. People will still buy homes but they will have to sacrifice the price point at which they expected to enter. Ensure that you understand the rules and affordability implications pre- and post-implementation date (January 1, 2018).

If you have any questions, please do not hesitate to contact our office.

Robert can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com. You can fill out an application online here with absolutely no pressure and no obligation.

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