News: Vancouver Real Estate MarketFederal Government Changes to Mortgage Insurance Rules - October 3, 2016The Federal Government announced significant changes to regulations for new-government backed insured mortgages today. Effective October 17, 2016, all insured homebuyers will have to qualify at the posted 5-year qualifying rate. This is a change from previous policy where only variable rate mortgages and mortgages with terms less than 5-years were subject to a higher qualifying rate.
With this move, the Federal Government has chosen to offset a modest risk to the taxpayer by severely eroding... |
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