The Real Estate and Mortgage Show - May 18
Steve, Frank and Paul, together again! This week, the guys talk about the spring housing market, home improvements that will add value to your home, and some new proposed mortgage changes.
As the May long weekend draws to a close, the spring housing market is in full swing. The guys talk about the purchase plus improvements mortgage, getting the most out of your renovations, and some new changes being proposed by the Office of the Superintendent of Financial Institutions (OSFI) that, if implemented, may yet again create hurdles for first-time home buyers.
If you're getting ready to sell your home at this time of year, curb appeal should be a priority, along with any repairs that need to be performed. Potential buyers don't want to look at a home and see the work that needs to be done. Paul lets listeners know that typically, first-time buyers don't tend to have the budget for repairs, and those who are moving up will tend to want something move-in ready. He also cautions sellers to be aware that they should not expect the same value back that they put into home improvements when selling, and to price their homes appropriately.
A hot topic this week is another proposed change from OSFI to reduce the maximum amortization period to 25 years on conventional mortgages. (Mortgages with a down payment of 20% or more). This regulation was implemented last summer on insured mortgages, and created difficulty for many first-time buyers. Ottawa Mortgage Broker Frank Napolitano tells listeners that it is the intention of the Canadian Association of Accredited Mortgage Professionals (CAAMP) to approach OSFI in an attempt to discourage this change.