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.”..

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