Canada's 30-Year Mortgages Seen Helping Small 'Sliver' of Market [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Canada's decision to allow first-time buyers to take out mortgages with 30-year amortization periods on new builds will only affect “a sliver” of the country's highly priced housing market, according to analysts. “It's not a needle-mover; it's not a game-changer,” Ryan Berlin, senior economist at Vancouver-based real estate firm Rennie, said in a phone interview. “The first-time home buyer segment of the market is really small, and then the presale — the new-home segment of the market — is also small.” Article content Article content The relaxation of Canada's mortgage rules — announced Thursday by Finance Minister Chrystia Freeland to ease the country's housing affordability problems — may increase the attainable purchase price for first-time buyers by roughly 6%, according to estimates from Berlin and his colleagues. However, new homes are oft
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