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www.insideHALTON.com · OAKVILLE BEAVER Friday, June 29, 2012 · 22 HHHBA News Last week, Canada's Minister of Finance, Mr. Jim Flaherty sent out a very clear message to all homeowners in Canada: getting mortgages will be tougher in order to ensure the stability of the mortgage industry. (905) 632-4444 ext. 230 Don't let the new mortgage rules change your mind about homeownership SeNiOr GrAPHiC DeSiGNer amortization time, now is still a great time to buy a property. As President of the HHHBA, I strongly support realizing your dream of purchasing a brand new home. I will always remind everyone that the most important element is to make sure you are purchasing a home you truly can afford. After all, what good is the home of your dreams if you are so tight on cash that you can't enjoy it? I've seen dream properties with no furniture in them, not because of choice, but because people bought properties that were outside of their financial means. Okay, fair enough; condos in Toronto are very hot and properties in Vancouver are way past realistic prices. So reducing the amortization back to 25 years should be the adequate thing to do, right? After all, I've heard people say, "If you can't pay off a property in 25 years, then you shouldn't buy it". I will not go into the details of the choice to use blind broadbased rule changes instead of the much better consumer specific indicators ­ you can read all about that on our website at www.hhhba.ca. What I will say is that no matter the maximum squraishi@burlingtonpost.com The mortgage rates are still at historically low levels, I remember when they were close to 20 per cent back in the 80's. Now anything over five per cent seems high. That's a very good thing for everyone with a mortgage, especially first-time homeowners, because we pay sema Quraishi Does that mean that the average buyer can afford to pay that road with a little less revenue or when facing unplanned expenses? Not necessarily. The key is to buy what you can afford now and in the future and to save funds for a rainy day. less interest. But let's not forget that mortgage rates will go back up one day, and that day will definitely come in the next few years. Therefore, the mortgage you get today on a five-year term will definitely have a higher interest rate at renewal. Be sure to build up your capital in your property in order to face any possible variance in property values. Plan in advance and always leave yourself a little extra money aside to face the unexpected. BILD Today in Hamilton, the average price of a property ® is $355,000. That means an average homebuyer will make monthly mortgage payments of $1,961.46 (this was $1,827.08 with a 30-year amortization). BUILDING A GREATER GTA Carla Agostino Building Industry and Land HHHBA PrESIDENT Development Association level of mortgage? Probably, but how about later down the The Burlington Post is a proud member of the HHHBA. Visit their website at www.hhhba.ca Portfolio of New Homes and its advertisers are not responsible for errors made in advertisements or editorial. All prices are correct at press time, however, due to the lead time required to publish Portfolio of New Homes, prices and other conditions may have changed. Please note prices and conditions are subject to change without notice.