Here is an announcement from the federal government with changes to mortgage rules and an explanation of what it means for a buyer.
NEW MORTGAGE RULES TAKE EFFECT JULY 9, 2012
1. Reducing the maximum amortization period to 25 years from 30 years
2. Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44%
WHAT DOES THIS MEAN TO YOU, THE BUYER?
If you look at a mortgage amount of $200,000 at a current rate of 3.09%, the reduction in the amortization period by five years means an increase of $105 per month.
Additionally, if you are making $50,000 per year, the gross debt service ratio of 44% currently allows your monthly payments to be as high as $1,600. That would cover a mortgage up to $335,000. When the gross debt service ratio changes to 39%, your monthly payments cannot exceed $1,400 per month which would only cover a mortgage up to $290,000.
Plant yourself in a vibrant, growing community and gain access to the best British Columbia has to provide. Located in the heart of Pemberton, Elements offers an all- access pass to top outdoor pursuits – from skiing to hiking, golfing to biking, fishing to foraging, simple take-out to world-class dining, it’s all here at your doorstep.
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Offered at $224,500. Seller received 91% of the asking price after 31 days on the market. Contact me for more details.
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401 Town Plaza. 4314 Main Street, Whistler, BC V0N 1B4
Love your vacation home, love your lifestyle with this two bedroom, two bathroom condo in the heart of Whistler Village. This top floor, spacious suite on the quiet side of Bear Lodge has a great, open layout for enteraining family and friends. Park your car and enjoy village living; you can walk to ski lifts, shops, and restaurants. Strata fees are all inclusive-electricity, hot water, propane, cable, phone, and internet. Town Plaza has front desk, hot tub, exercise room, ski locker, and underground parking. Personal use or nightly rentals are allowed.