Mississauga, Ontario (PRWEB) November 23, 2012
Mortgage expert and CTO of Syndicate Mortgages, Marcus Arkan believes that the recent changes in the mortgage policy have had an overall effect in most areas of Canada. Mississauga is also equally hit by these changes and its real estate market is critically suffering from their impact.
According to reports by The Canadian real Estate Association, home sales in Mississauga dipped by a grave 12 % in the October of 2012 as compared to the last year. This meant that home sales had sunk down to only 806 units as a result of the latest mortgage policy changes that have declined the residential sales activity in Mississauga for the first time in the third quarter of this year. This decline has been seen after five successful quarters of the Mississauga real estate sector.
Mortgage brokers and real estate agents are quite worried about this decline as it has directly affected their business. Even potential homebuyers are not very happy as now plenty of them no longer qualify for a mortgage and have to remain tenants in a rental property.
Mr. Arkan, being a mortgage expert, totally understands the plight of both the brokers and potential home buyers. Even though the rules were changed to manage the overheating market of Canada, the brokers and potential buyers willing to invest a property of their own have to bear the brunt of the situation.
According to Mr. Arkan, “The average selling price of homes in Mississauga has increased in the wake of these new policies. Potential buyers can now just wait until this phase ends to invest in a property of their own.”
Samantha Parker, a first-time home buyer said, “I am a single mother who wanted to invest in real estate property. I wanted to have a place I could call home and get rid of my tenancy status. Even though now I am earning quite well for some time, the recent hike in prices has rendered my savings insufficient to invest in the down payment of a home. I have no idea how long I will have to wait before I can afford my own home.”
Canadians may now have to wait for a better time to invest in a real estate property. Till then everyone should just be patient and optimistic.
To know more about the current mortgages being offered, visit http://www.syndicatemortgages.com
About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062