Mortgage Rules Changes



 A number of clients have been asking  me what are the new Mortgage Rule Changes

Here is the information: 

The Honourable Jim Flaherty, Minister of Finance, announced four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 percent:

  1. Reduce the maximum amortization period to 25 years from 30 years.
  2. Lower the maximum amount Canadians can borrow when refinancing to 80 percent from 85 percent of the value of their home   
  3. Fix the maximum gross debt service ratio at 39 percent and the maximum total debt service ratio at 44 percent.
  4. Limit the availability of government -backed insured mortgages to homes with a purchase price of less than $1 million.

The new rules  took effect on July 9, 2012.  -- from the TREB

 Joy Clarke, Sale Representative

   905 471 2121

   647 205 8842




Joy Clarke

Joy Clarke

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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