29 November 2011
29 November 2011
Level of refinances is down by 31% according to CMHC
| According to CMHC latest release, refinance activity remains down compared to last year before new mortgage rules, introduced this spring, capped refi amount at 85% from property value. However, in our office we don’t see such a drop in refinances, since most of the clients were simply confused with new rules and after proper explanation and assessment were able to complete refinance transaction for various purposes (i.e. renovation, purchase of investment property, major debts payout or simply rate reduction on existing mortgage)… Read more |