Last-minute buyers rush to beat deadline for mortgage rule changes

Some homebuyers have been scrambling to make purchases this week before new mortgage rules taking effect March 18, according various news reports.

News stories this week in Calgary and Vancouver said realtors have been flooded with last-minute homebuyers trying to sign a mortgage before the new rules kick in. On Friday, the maximum mortgage payback period of 35 years will be dropped to 30 years.

While activity didn’t seem to fluctuate much in the real estate sales figures in January and February since the rule change was announced, some realtors this week said there now was a sudden rush of interest with the deadline almost here.

A Calgary realtor, Sam Patel, told Global Winnipeg that the past three weeks have been extremely busy, and the activity will likely pick up even more through the end of this week.

A similar rise in activity was seen in Vancouver, according to the Vancouver Metro publication.

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