The New Canadain Mortgage Rules

Well Jim Flaherty finally brought the hammer down to burst the real estate bubble, a bubble he really did not feel was there despite pressure from the banks and mortgage lenders.  At the end of the day the new rules are sensible and conservative…hmm how Canadian.

Rule #1 to qualify for any mortgage you must meet the criteria for a 5 year fixed term mortgage, even if you are taking a different kind of mortgage.

Rule #2 when refinancing your home you need to leave at least 10% equity, before you only had to leave 5%.

Rule #3 to purchase an income, investment, or speculative property that you are not living in, or going to live in you must put down 20%.

You can get more information by visiting:

My Views: these are great changes that only shifted a small portion of potential buyers out of the real estate market and they probably should not have been buying anyways.


Real Estate Dave


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