Mortgage Changes Target Condo Speculators

I found the following comments from Finance Minister Jim Flaherty to be particularly relevant in light of next week's Tribeca launch and the number of queries I've been getting from first time condo investors:

“The underlying message is that Canadians should be prudent in the obligations they take on because we can all expect that mortgage interest rates will rise over time... The measures will not affect the ability of a Canadian family to buy a house. It will affect those who are speculating.”

Although the new mortgage changes are set to go into effect April 19, buyers should take note that some banks are implementing these changes immediately.