12 July 2013
12 July 2013
Stricter mortgage rules had little effect on luxury real estate buyers
Experts believe that Ottawa’s implementation of stricter mortgage rules had less of an influence on the high-end real estate than on the rest of the housing market.
“In most cases those who plan to purchase a $3-million to $5-million house have the necessary access to the funds,” – noted Elli Davis, a sales representative with Royal LePage in Toronto. “As a result, they don’t really care if they need to pay a bit more.”..