What Could the Coming Changes to Mortgage Rules Mean to You?

Chart A- shows how Sales behaved in 2016 & the past 3 years

Chart B- shows how Resale Home Prices behaved in 2016 & 3 years past

There are impending changes to mortgage rules that will take effect soon as announced by the Federal government. I have also posted at the right column articles to this effect- scroll down to Real Estate News- Recent Developments.
How this will affect you as a homeowner whether a first time buyer, a move-up seller/buyer, or investor, needs some careful consideration.
Chart A shows the monthly number of sales in the GTA to September last month (see 5-point star) and the past 3 years. From this month (October) to year end you can expect a decline in the number of sales- see downward arrow I placed from its peak in June. It's effect on you will depends on what you aims are real estate wise in the next few months.
Now consider Chart B. It shows the monthly average resale home prices and 3 years before. Note the average prices for September (marked with 5-pt star) which is on the high side if not the highest, yet September is supposed to be the start of the decline in the number of sales as shown in A. I put clouds from October to year end as we do not yet know how prices will behave in the next few months because of these forthcoming changes to mortgage rules.
Whatever your next moves are contact your real estate agent.