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  #1  
Old 2010-02-17, 07:53 AM
MattG187 MattG187 is offline
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Default Impact of New Finance Policy

Hey Everyone,

Just wondering what everyones opinion of the new finance policy from Minister of Finance Jim Flaherty?

See link:
http://thechronicleherald.ca/Editorials/1167988.html

IMO it should only affect the speculators and the buyers who would have been mortgage poor if they bought. We are considering buying a house in the near future and I am hoping it will be a positive for us. I think it might be a positive because it will slow down demand for townhouses/ houses geared towards first time home buyers and I think the builders would be more inclined to offer benefits and perks.

What do you think?

Matt
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Old 2010-02-17, 09:18 AM
FindlayCreek FindlayCreek is offline
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Quote:
Originally Posted by MattG187 View Post
Hey Everyone,

Just wondering what everyones opinion of the new finance policy from Minister of Finance Jim Flaherty?

See link:
http://thechronicleherald.ca/Editorials/1167988.html

IMO it should only affect the speculators and the buyers who would have been mortgage poor if they bought. We are considering buying a house in the near future and I am hoping it will be a positive for us. I think it might be a positive because it will slow down demand for townhouses/ houses geared towards first time home buyers and I think the builders would be more inclined to offer benefits and perks.

What do you think?

Matt
Hi Matt,

Take your time, with the HST kicking in this summer along with the new rules, it will definitely slow the housing market down. I would recommend reading as many threads as possible about builders, also read up on the CHMC & Tarion web sites. I have found that the warranty is only worth the paper it is written on. Here is a link to guide you through the builders guidelines. http://www.tarion.com/NR/rdonlyres/8.../CPGDoc_v2.pdf

Also read your contract over before signing, don't be pressured into buying, have your lawyer or someone with a legal back ground read it over. If your lawyer tells you there is nothing that can be changed in a contract before signing find another lawyer, quick

Most of all, be prepared. Visit the models and also the builder design centers. That will tell you a lot about the builder, if the models are falling apart then you know not to buy from them. I have seen it, broken furnace, cupboards falling apart, holes in the floors, vents not connected, etc.

So much to do, it is quite an experience in itself. Try to talk to as many folks that have built several times.

Oh, and before you visit these sales offices ask about referrals, I know Tamarack gives the buyer and the referral $500.00 each. It's usually at your first visit, they will make you sign a little paper for registration. Once you sign that little paper they have you registered for life. For example, some builders keep it on file and say you go back ten years down the road and you have a real estate agent, they will not pay your agent a finders fee. It's usually 1.5%, and if you do have an agent he/she is technically representing you whether you are buying new or re-sale.

I hope this helps you out?

Andrew
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Old 2010-02-19, 11:30 AM
ketsana ketsana is offline
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Andrew,
I have read that the market may go up 5-10% this year from supposed "experts" as well. The only certain thing is that nobody knows. I just hope the OP doesn't sit out too long to wait for prices to come down only to see them continue to climb.

Just look at what happend to Ottawa house prices during the recent recession. Nothing! If we survived that, I am sure we can survive this latest news and HST.

The only way to save that magic 20% down without external help is to actually be "IN" the real estate game. Sitting out, I don't know if I could have saved that much.
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Old 2010-02-19, 11:33 AM
mart242 mart242 is offline
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Just look at what happend to Ottawa house prices during the recent recession. Nothing! If we survived that, I am sure we can survive this latest news and HST.
The govt will be laying off people (or simply not hiring and letting attrition take care of reducing the work force) so it may change things in Ottawa. The govt is the only reason the recession didn't do anything to ottawa.
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Old 2010-02-19, 11:59 AM
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mom2philip mom2philip is offline
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Maybe, but I suspect the high tech sector is ripe for a comeback.
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Old 2010-02-19, 12:12 PM
mart242 mart242 is offline
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Maybe, but I suspect the high tech sector is ripe for a comeback.
I doubt it. It may come back but it will be spread over a long time. Companies aren't doing that great and governments are in the hole so no big spending to help high-tech..
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