“Buyers who wish to take advantage of the zero down mortgage program will need to hurry as this program, and the 40 year amortization program, are discontinuing shortly. Buyers can get more information about these programs from their REALTOR®.” concluded, Jensen.Ed Jensen, August 1, 2008
I'm expecting Realtors (some who are struggling) across Canada to further increase their advertising/marketing budgets from now till October 15, 2008. With sales down 30%-40% yoy already, what will most of them do after that date?CREBB July 9th, 2008
I can already envision the new emergency marketing slogan:
"The best time to buy is now - before October 15, 2008."
What did Ed Jensen say about these loans on July 12th?
Funny that after these loans were introduced Calgary saw huge numbers in sales and prices and he didn't notice them. He seems to have noticed enough to make a sales pitch. See previous post.
The Canada Mortgage and Housing Corporation, the Crown corporation providing mortgage insurance on behalf of the government, eased the rules in 2006 to encourage homebuying.
That change, Jensen said, had little impact at the time.
"We didn't notice it in the market place," he said.
"So I believe in reverse, I don't think we're going to see a large impact on sales."