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New Rules for Household Debt!

Updated Tuesday, January 18, 2011  ::  Views (957)

Today Jim Flaherty announced new mortgage rules to help curb household debt.  Included in this are:

- decreasing amortization rate from 35 to 30 years on loans with a down payment of 20% or less.

- they're also lowering the limit that Canadian's can borrow using their home as leverage from 90% down to 85%.

These rules come into effect March 18th.  It is basically the difference between someone buying a $200,000 property and one that is $180,000 or $190,000.  So, if you are in the market for a new home, do not delay!  Give me Amanda a call today, 519-621-2000.

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