As mentioned several times previously, here in my blog, the media is saying that Canada's Finance Minister Jim Flaherty is set to table new rules today with restrictions on mortgage restrictions/qualifications for first-time buyers.
Most likely, we can expect to say goodbye to amortizations over 35 years and purchases with less than 5% down.
See this article in The Star.
Also, in the Globe and Mail.
And in the Financial Post.
Wednesday, February 17, 2010
More details From The Star
In the Financial Post, they're writing "Don't worry - the rules can still be bent" and that the "changes target reckless buyers"
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