BMO reports just before July 9 — the one-year anniversary of tighter amortization rules — that 64 per cent of first-time buyers indicate the recent changes have not affected their timeline for buying their first home.
In fact, while some19 per cent said the changes have encouraged them to wait longer to buy, 14 per cent said they are now prepared to buy sooner than earlier planned.
The report also pointing to a higher down payment amount of about 16 per cent.
For landlords, the new rules were seen as a boon, helping to tighten up vacancy rates and widen the pool of quality renters, now unable to afford to buy.
That may still be the case, although suggestions are that those delayed buyers are have not been discouraged entirely. That varies from region to region, however.The BMO survey, conducted by Pollara, suggests first-time buyers in Ontario are the most likely at 76 per cent to say that the mortgage rule changes will not affect their buying timeline. B.C. landlords are most likely to benefit in the long-term, with 33 per cent of would-be first-time buyers saying they’ve now been forced to wait.