New Mortgage Regulations Driving Increased Purchases – Proper Conveyance Always Im­portant
Vancouver, BC—The Society of Notaries Public of BC is encourag­ing first time buyers – and all home purchasers and sellers – to ensure their real estate transactions are properly and thoroughly executed and documented, by understand­ing the key requirements. “Spring is always a busy sea­son for real estate transactions, but I’m hearing that notaries all through BC have seen an increase in first time home purchases over the last few weeks. This seems to be driven, at least in part, by the new regulations for mortgages which take effect later this week on March 18,” said Wayne Braid, Chief Executive Officer of the BC Notaries.

Among other changes, the new regulations will reduce the maximum amortization period on mortgages backed by government insurance to 30 years, from 35 years. While this move will make monthly payments higher it is part of an overall effort to ensure manageable debt load – particularly for first-time home buyers but for all home owners across Canada.