If the mortgage rules that changed this week worry several people who wanted to acquire a property, the short-term consequences do not seem disastrous in the real estate market according to Maxime Laporte, expert in real estate development.

In an interview in Quebec Morning on LCN, the specialist indicates that there was no race on behalf of future buyers, or of marked concerns on their part. "We did a survey, we talked with several developers, with mortgage brokers. There were no waves of customers rushing to get their approval. For 90% of the customers, it does not change much these new rules "explains Mr. Laporte.

According to him, a person who was already approved for $ 300,000, and who would now be limited to a $ 250,000 loan, "protects the client from himself." A person who would have done his homework n Would not have borrowed more than its ability to pay, notes the specialist.

However, it is the first buyers who are likely to be very limited in their choice and may even postpone the purchase of a property. "In some sectors, there would be a slowdown for this type of customer there. If they were thinking of buying a home, well they may be buying a condo. They will change product. Some of these early buyers will also seek help from their families, "says the specialist.

Buying a property is it a good long term investment?

According to Laporte, to make a real estate investment profitable, "people have to do their homework". According to him, the real estate market is no longer what it was like a few years ago and growth is no longer as rampant. "In 2010, when we bought, everything went up all the time. Today you have to make a good buying exercise, shop well, watch compare and evaluate your own situation. It's a good time to buy. The real estate product is a solid product, "says the expert.

According to him the application of the new mortgage rules is good news, since the government protects buyers. The key according to Maxime Laporte is to properly analyze his situation before buying.

The new rules apply only to insurable loans, those for which the down payment will be less than 20% of the total purchase value of the home.

So far, the maximum amount of borrowing you could do was calculated from the mortgage friend rate you obtained from your financial institution. Over five years, this rate is 2.39%.

However, financial institutions will no longer calculate the maximum borrowing on 2.39%, but rather on 4.64%, which is the rate borrowed from the Bank of Canada.

Result: the total amount of money that the institution can lend you will decrease; And this may prevent you from buying what you really liked.