Effective April 19, 2010 the following changes will take effect.
Home buyers must qualify for their mortgage using the five-year fixed mortgage rate, regardless of the term that they chose to finance their home.
Refinance loans will be limited to ninety percent of a home’s value.
A twenty percent down payment will be required to finance government backed mortgage insurance on investment property.
Do these changes go far enough to cool the Canadian housing market?
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Royal LePage Vidorra