Ottawa has tightened mortgage lending rules that will limit the amount many Canadians can borrow to help ensure that when interest rates rise, they’ll still be able to make their payments.
Basically the change means that borrowers must be able to qualify for their mortgage using a higher interest rate than they will actually be paying on their mortgage. With the new rules, first time home-buyers will probably have to reduce some of the things on their wish list for that first home.
Get the full story on the changes coming into effect October 17, 2016
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