The Bank of Montreal did a poll recently and nearly half of Canadians didn’t know the new mortgage rules that went into effect this month. The government is trying to avoid a real estate crash like they had in the U.S. by putting in new regulations to cool down our overheated housing market.
It seems to be working as the Globe & Mail is reporting the average residential sale price in Vancouver declined 1.3% between May and June.
Click on the link below to take the quiz. Answers discussed tomorrow.
I had no idea about the 35 yr amortization if you put down over 20%. Cool Quiz… will share it on my FB to see how the fans make out. Cheers
Thanks CBB, I was surprised by that fact too. Here is more info on the 35 year mortgages. http://goo.gl/yt13v
Thanks mate.. I’ll go read it now… I posted it so I hope many of my fans test their knowledge. It’s a great quiz.
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