New mortgage rules kick in
Posted Mar 18, 2011 7:22 am.
This article is more than 5 years old.
New, tighter mortgage rules take effect across Canada Friday.
It means home owners can no longer get a 35-year mortgage.
Tom Lam of Urban Mortgage says it’s going to put a chill on the housing market, forcing some people out.
He adds that people looking to re-finance their homes will feel the pinch with the new rule that only lets them borrow 85 per cent the value of their home, instead of 90 per cent.
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