The bank said no: Now What?

National Post

Tighter mortgage rules have sent buyers looking elsewhere

Investors Group threw coals on the housing fire this week by cutting its three-year variable mortgage rate to a market-share-boosting 1.99%.  Federal Finance Minister Joe Oliver is watching.  As competitive pressures among lenders  push rates down to nearly unheard-of levels, the government keeps trying to cool things off.  It is a delicate public/private balancing act.  CMHC, the federal mortgage insurer, recently stopped insuring mortgages on second homes and tightened requirement for the self-employed, requiring independent validation of income staements.

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