Christy Clark Strikes Again
Never put it past Christy Clark to drop the ball. Starting January 16, 2017 she’ll start handing out 37,500 dollar freebies to over leveraged and desperate first time buyers. Essentially adding on a second mortgage to over extended first timers 5 years down the road. Of course this comes on the same day the Bank of Canada warned about excessive household debt levels and a stronger possibility of a housing crash. As per the Bank of Canada Nearly a third of recent Canadian homebuyers with so-called high-ratio mortgages wouldn’t qualify for their loans under new rules recently implemented by the federal government. The number of high ratio mortgages in Vancouver above 450% loan to income has soared to 39% in recent years.