Jordan Vanherwynen

CMHC new rules and what that means for you. Starting July 1st, CMHC is making it more difficult for Canadians to buy property if you have a down payment that's less than 20%. Currently, you can use up to 44% of your income to service overall debt payments. This is being changed to 42%. Currently, you can use 39% of your income to service a mortgage, and this is being reduced to 35%. What does this mean for you? This means that buying power has been reduced by appro...ximately 10%. Prior to July 1st, a buyer who qualifies for $500,000 as a new first mortgage can now only qualify for $445,000 under these new rules. Remember, this is ONLY for purchases that are less than 20% (Owner occupied and second homes) Another change is the minimum credit requirement to 680, which is up from 600. These changes are drastic and it's important for us all to know about them as it directly affects us as real estate investors. See more

STUNNING LISTING!! A double wide mobile home with 3 bedrooms and 3 bathrooms and a basement! 241 St. Paul St W #241 St. Catharines $182,900 Full description below:... Double wide mobile home with a basement! Welcome to what could be your new home in Westhill Estates. Front entrance with lots of natural light. Open concept living room. Main level laundry room, next to a 5 piece washroom. 3 bedrooms, master bedroom features an ensuite bathroom. Downstairs you will be welcomed into a recreation room waiting for you to add your personal touch. The basement also has two large rooms with lots of potential, a bathroom and a separate entrance. You can not find a home this big for the price. Roof was redone in 2019. Sitting on the largest lot in Westhill Estates, you can't ask for much more. Close to all amenities including shopping, hospital, churches, recreation facilities, public transit and easy access to highway. Park fees of $450 monthly include land tax, garbage removal, and snow removal from park routes, and will increase by $50.00 with new owner. Closing date flexible.

CMHC new rules and what that means for you. Starting July 1st, CMHC is making it more difficult for Canadians to buy property if you have a down payment that's less than 20%. Currently, you can use up to 44% of your income to service overall debt payments. This is being changed to 42%. Currently, you can use 39% of your income to service a mortgage, and this is being reduced to 35%. What does this mean for you? This means that buying power has been reduced by appro...ximately 10%. Prior to July 1st, a buyer who qualifies for $500,000 as a new first mortgage can now only qualify for $445,000 under these new rules. Remember, this is ONLY for purchases that are less than 20% (Owner occupied and second homes) Another change is the minimum credit requirement to 680, which is up from 600. These changes are drastic and it's important for us all to know about them as it directly affects us as real estate investors. See more

STUNNING LISTING!! A double wide mobile home with 3 bedrooms and 3 bathrooms and a basement! 241 St. Paul St W #241 St. Catharines $182,900 Full description below:... Double wide mobile home with a basement! Welcome to what could be your new home in Westhill Estates. Front entrance with lots of natural light. Open concept living room. Main level laundry room, next to a 5 piece washroom. 3 bedrooms, master bedroom features an ensuite bathroom. Downstairs you will be welcomed into a recreation room waiting for you to add your personal touch. The basement also has two large rooms with lots of potential, a bathroom and a separate entrance. You can not find a home this big for the price. Roof was redone in 2019. Sitting on the largest lot in Westhill Estates, you can't ask for much more. Close to all amenities including shopping, hospital, churches, recreation facilities, public transit and easy access to highway. Park fees of $450 monthly include land tax, garbage removal, and snow removal from park routes, and will increase by $50.00 with new owner. Closing date flexible.

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