Canada’s New Mortgage Rules
Canada's New Mortgage Rules Canada's new mortgage rules and what they mean for you! With the advent of Canada's hot housing markets, the Canadian and provincial governments introduced new stop gap measures to cool down the market. Provincially, both Vancouver and Ontario implemented the 15% foreign buyers tax. At the Federal level, as of January 1st 2018, the Office of the Superintendent of Financial Institutions (Canada’s banking regulator) introduced three new rules on mortgage lending. First of the three new rules, is the new "stress test". All prospective home buyers, even those with a down payment of over 20% will now have to...