Applying for a mortgage? Already own a home? The federal Liberals have announced mortgage changes that will have an impact on homebuyers and homeowners. Read on to find out what these are and how they will affect you.
Mortgages spotlight: ATB drops their posted rates practices and CMHC introduces cap for lender mortgage guarantees.
The CMHC has announced new restrictions on the amount of mortgage guarantees available to mortgage lenders per month. This in turn will make it harder for some buyers to qualify for a mortgage – and may push current fixed rates up by 60 basis points.
The latest Q1 2013 report from CMHC shows a 54% in insured mortgages compared to March of 2012. Last summer’s mortgage rules are a contributing factor, as fewer buyers qualify for financing, and are choosing to save longer for their home down payments.