Canadian home buyers are doing a better job of paying off their mortgages, reports the CMHC’s Q3 update. The average credit score of borrowers is also improving – read on for the full story.
The days of 30-year high ratio mortgages are over as the mortgage rule changes announced June 21st by the Department of Finance go live today. While the changes have been put in place to cool an overly aggressive housing market and curtail Canadians’ debt to income ratio levels, it’s the short term implications that have everyone from first time home buyers to brokers wondering – what’s it going to cost?
When it comes to a mortgage, the first thing most people want to understand is how much can I borrow, or how much can I afford. Nobody wants to make the mistake of biting off more mortgage debt than they can chew! Here’s how much you can afford.