New Condo Buyers & The Latest Mortgage Rules !

Tue, 25 Oct by Ken MacAulay

With the recent changes to the mortgage rules in Canada recently , the Condo Buyers who wrote an accepted offered  and agreed on a sale price for their ” New be built condos ” are finding out they must qualify for their mortgage with the new “Stress Test ” rules .. meaning they must come up with the extra $$ or loose their deposit … If they were smart enough to have a Realtor looking after their interest rather than the builders sales staff .. they could have written a Buyers condition stating ” the property must appraise at or above purchase price on possession day or the deal is nil & void ” .. if the builder did not agree and wanted the condition struck .. then it would be a good sign to walk,

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board.

MLS®, Multiple Listing Service®, and the associated logos are all registered certification marks owned by CREA and are used to identify real estate services provided by brokers and salespersons who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.