Canada’s new mortgage rules took effect yesterday, April 19, 2010 but what does this mean for new and exisiting Canadian home buyers and owners?
The following interview features Phil Soper, President of Royal Lepage Real estate services. It’s interesting that BNN chose a real estate guy to discuss mortgage issues, namely that banks are now required to qualify clients at a 5 year rate (this is not new, just mandated), refinancing is limited to 90% of the home value, down from 95% and investment properties require down payments of 20%, which by the way, is the norm for the market and insures you avoid expensive Mortgage Insurance premiums. Not much new here….
Click Here to watch the clip on Business News Network
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