There are new changes that are going into effect this month surrounding Mortgage Guidelines in Canada.
A major shift in mortgage rules announced by the federal government this week will drive up rates for consumers and cut competition in the lending sector, say some in the industry.
The Liberal government has announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates.
Mortgage expert Robert McLister says Ottawa is cracking the housing market with a “sledgehammer.”
He predicts consumers will bear the brunt of the blow and that housing prices will tumble because a “sizable minority” of first-time and high-ratio buyers will no longer qualify for the…