Financing a Premium Home: What Changed This Year

Following our clients' financing applications closely, we've noticed several banks growing more conservative on financing ratios for properties above a certain value threshold, compared to last year.

What to watch for

• Maximum financing ratios can differ noticeably between banks for the same property
• A bank's own valuation may differ from the listed sale price
• Pre-approval timelines have grown somewhat longer in some cases

We recommend securing pre-approval from more than one bank before finalizing price negotiations — it gives you real negotiating flexibility.