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.
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
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.