Less Canadians are treating their homes like an ATM. The report by the Canadian Housing and Mortgage Corporation (CMHC) says, since new stricter rules were brought in last year by Finance Minister Jim Flaherty, refinancing activity of insured mortgages has dropped by 40%.
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As of Friday, new mortgage regulations are going to make it increasingly difficult for first-time home buyers to get on the property ladder. With the maximum amortization changing from 35 years to 30 years, buyers will need to consider how five fewer years are going to affect their buying power.
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Finance Minister, Jim Flaherty, has announced he’s having a press conference this morning @ 8am. And there were rumours flying around yesterday that he would announce some changes to the mortgage regulations to try and cool down the housing sector. …
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