New rules for Canadian mortgages
The federal government has made changes to mortgages effective October 15.
Some key highlights:
- Maximum amortization of 35 years
- Minimum down payment 5%
- Maximum 45% debt service ratio (percentage of gross income for housing costs)
Good luck trying to buy the average home in Vancouver!
http://www.theglobeandmail.com/servlet/story/RTGAM.20080709.wmortgages0709/BNStory/Business/
