My son, a licensed paramedic in NB, has been trying to purchase a home in Saint John for over a year. His credit is excellent and he had several options for a pre-approved mortgage from several lenders. He has a substantial down payment. After searching for months, spending hundreds of dollars on home inspections, after being approved by several mortgage companies, CMHC told him he need a co-signer; for $150,000. I have bought property before and never was told by CMHC that a co-signer was needed. If this is a new policy By CMHC, then the housing market here will take a dive. My son also ownes and operates a vending business on the side. My son is 21 years old. I have a feeling this is simply age discrimation. Also, my health is poor and this was to be a family home with a granny suite for my husband and I to live in. With this decision, we are homeless and I am scheduled for eye surgery. Thanks CMHC. Really helping Canadians!!!!

Natalie your comment is a heart wrenching story. May I enquire - Is your son being represented by a real estate licensee?

I would strongly urge anyone considering a house purchase to hold off for a year or two.

There is a very strong possibility that interest rates will be rising fairly soon, within the next couple of years.

Higher rates will tend to decrease home prices.

Be careful where you get your advice.

Always remember that real estate agents are commissioned salespeople. No different from the guy at Honest Ed’s used car lot. If you don’t buy, they don’t get paid.

You should also be aware that local newspapers are heavily reliant on the real estate industry for advertising revenue. A lot of the “news” articles you read about real estate are really nothing more than advertisements for the real estate industry, thinly disguised as news.

Don’t let anyone tell you “it’s different” here in New Brunswick.

If you need real estate advice, get it from someone who is not seeking to profit from your purchase:

www.greaterfool.ca

"some catchphrase" is wrong about one thing - In New Brunswick the person who is licensed by the Province as a real estate agent is the agent, who may or may not employ salespeople. An agent must represent the best interests of the principal (the client) and that includes when providing professional advice.

When it comes to buying real estate, consumers need to be aware of the difference between being represented (a client) and and being unrepresented (a customer)

Accepting the premise that "higher rates will tend to decrease home prices", higher interest rates will definitely mean higher mortgage interests payments. Unless you have no need for mortgage money, it makes no sense to wait until interest rates rise. If one expects rates to rise then lock in for 5 years or more.

Is it a good time to buy? That depends on each buyer's situation. If you need real estate advice, consult with a licensed agent or one of their salespeople.

My son, who tried to buy a home for his family for almost a year, was represented by a real-estate agent and had a mortgage broker. I am having surgery to save my eye-sight and yes, we are staying with a friend and are homeless, all because CMHC would not insure 3 or 4 pre=approved mortgages from various lenders. He also had a large down-payment and first rate credit. What kind of mortgage will CMHC back? Once again, a federal government program to help first time home buyers and it has been tightened so I don't know who would be eligable. I mean if a licensed paramedic with A plus credit, large cash down-payment and who ownes and operates a vending machine business which makes money cannot get approval from CMHC WHO CAN!!!!!!!!!!!!!!!!!

If this gentleman has a "large" down payment, he wouldn't need CMHC insurance. This only applies to high-ratio mortgages where they buyer is unable to come up with 20% of the purchase price. Anything less than 20% I would not call "large".