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New Canadian Mortgage Rules Eat Away Afforability
The New Mortgage rules that have been changed from the Federal Gov’t is a game changer for affordability, especially for first time home buyers who have no equity to put towards their first home.  This new rule will really hurt single parents and anyone trying to get their first home.
 
In an eggshell if you have less than 20% down you will have to qualify for a mortgage at the Bank of Canada Posted rates which are about 4.64% instead of rates that range from 2.2 to 2.7% for a 5 year term.  That will really erode first time home buyers ability to qualify for the home that meets their needs.  Take a look at this comparison chart we have prepared.  It uses a mortgage rate of 2.7% before Oct. 17th compared to 4.6% after.    If you make $50,000 per year under the new mortgage rules you will qualify for $50,000 less of a home or maybe no home at all!
New Mortgage Rules Will Erode Buying Power.
With out a doubt this will affect the economy as more first time home buyers are forced out of the market.  They will have to continue to waste money on rent or continue to live ... more

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