New Mortgage Rule

Department of Finance announced changes to mortgage lending and qualification guidelines yesterday, what it is and how will it affect you? 


The following link is the official announcement from the Department.  


Government Website


These changes will be implemented October 17 but if you have not yet found a new home, your current preapproved applications will be affected. 


Four major changes to Canada’s housing rules

BILL CURRY

OTTAWA — The Globe and Mail

Published Monday, Oct. 03, 2016 7:16PM EDT

Last updated Tuesday, Oct. 04, 2016 7:46AM EDT


The Liberal government has announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low-interest rates.


The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes.


Below is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday.


Full article

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