Mortgage Rule Changes Affect Investors
Mortgage Rule Changes Affect Investors

Mortgage Rule Changes Affect Investors

Peter Kinch was Right Again at REIN in Jan & Feb

As suspected and confirmed, the government of Canada has made head way to change the mortgage rules in Canada to tide, what they believe is too much speculation in the Toronto and Vancouver markets.

We are RIGHT NOW analyzing the changes to see where the opportunities arise, the unintended consequences of the actions and most importantly how it will affect you the investor. The truth is that there will be hundreds of opinions, with many people weighing in on these changes with little or no real analysis… just raw emotions (most based around fear). Our measured analysis will be posted here in the next day or so after we have spoken to all of the insiders, analysts and have got our leading researchers on the task.

Well, as discussed at the last 2 REIN Workshops, REIN Members are not even remotely surprised that these changes came (rather than a large interest rate jump) and most took action steps to take advantage of the CURRENT rules before the changes become law. REIN members who took the suggested actions at the REIN Workshops have already analyzed their portfolios, worked on upcoming renewals (under the current regulations) and have prepped as best they can. So congratulations on being leaders, but more importantly, congratulations on understanding that being a real estate investor means MANAGING your business in an ongoing fashion… not passively responding to changes.

If you haven’t done so, here are the first few steps to take today as the new regulations do not take effect until April 19th so there is a window of opportunity for you to work with:

  • Analyze your current residential portfolio, see what mortgages are coming due in the next 1 – 6 months and work with a PK approved broker to see whether it makes sense to renew/refinance under the current regulations. Interest rates remain very low now. BUT GET ON IT, as the great brokers will be getting very busy in the next couple of weeks.
  • Work to close any purchases before April 15th so you can use the current regulations.
  • NOW, more than ever it is important to learn how to use the RRSP mortgage strategies we discussed at the last REIN Workshops (in Western Canada). For investors, this strategy will allow much more control over your portfolio, while providing others with tremendous returns on within their RRSPs. It is so important that I have included the overview presentation by expert Greg Habstritt below:
  • Get to the upcoming ACRE Workshop in Edmonton March 12 – 14th as we will be having a whole new section on how to work with these new regulations — what types of properties will see an increase in demand, and which will see a softening. Here is the link to register, and if you are a REIN Member, remember I pay your full tuition so you attend for FREE but only if you are pre-registered (myREINspace.com visitors receive a deep discount)

Non-REIN Members click here to register at a discount

REIN Members call the office at 1-888-824-7346 or email REIN Office to grab one of the limited Members seats remaining

Watch my Blog (as well as my new twitter feed @DonRCampbell) for the release of ongoing analysis.

Yes, there are opportunities hidden in these changes, but there are also unintended consequences. So stay informed, and stay out of the emotional responses that will be surrounding these changes!

See you soon!

Mortgage Rule Changes Affect Investors was last modified: April 26th, 2010 by admin
 
 
 

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