22 Jun 2012

New mortgage rules expected to cool Canadian housing market

The Canadian housing market has been red-hot in recent months, especially in places like Toronto. With economic advisors fearful the spending spree could get out of control for Canadian homeowners, new mortgage rules were recently adopted that are expected to curb the market a bit.

Finance Minister Jim Flaherty was worried that homeowners could get in over their heads when it comes to mortgages, leading to a "burst bubble," where people cannot pay back their debt. The new rules are minor changes, but should ultimately curb the high spending by homeowners.

For starters, insured mortgages will now be limited to 25 years, rather than 30, giving home buyers less room to spread out payments over time. In addition, those refinancing their home will only be able to borrow against 80 percent of its value, rather than 85.

With the rules likely leading to less options for homebuyers, those purchasing a house may have to consider a smaller home than they could have bought in the past. In these situations, it makes sense to turn to a Toronto self storage facility to make up the extra space. Choose a storage unit with affordable rates to house items that won't fit inside the new home.

Self storage can be a smart way to hang on to valuable items without taking up room in a house or apartment. For Toronto storage solutions, there's no better than Jiffy Self Storage. Those interested in self storage should check out the affordable rates on Jiffy's website, where they can also enter to win a free iPad 3.

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