Toronto Mortgage Broker - Eduarda Pita New Mortgage Rules effective July 09, 2012...
Ottawa tightens Canada's mortgage rules, not good news for homeowners or potential buyers.
Only CMHC insured mortgages will be available for a maximum amortization of 25 years, down from 30 years.
Maximum Equity take out on homes will be 80%.
Homes with a purchase price of more than $1 million will no longer be available through CMHC
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