Mortgage Brokers are noticing an increase of clients house-hunting and looking to obtain mortgage pre-approvals. Many of these clients are first-time buyers, who stepped back from the housing market last summer when new mortgage regulations were introduced. The regulations, including shortening the maximum amortization period on insured mortgages to 25 years, were an obstacle for several first-time buyers, but as 2013 gets rolling, a stronger real estate and mortgage market seems to show that these buyers have had time to save a little more and are looking to try again. The Toronto Real Estate Board is reporting a favourable start to the year. Sales are down 1.3% when compared to January 2012, which is a positive change following months of double-digit decreases.
Click here for the full article from the Toronto Star.
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