Four major changes to Canada's housing mortgage rules unveiled today;
- Effective Oct. 17, 2016; all new mortgages must qualify against a 4.64% rate. Aimed at insuring buyers would re-qualify for their mortgages if there was a hike in the rates.
- Effective Nov. 30, 2016; New restrictions on insurance for low-ratio mortgages.
- Effective 2017 tax year; exempted taxes on capital gains made from selling your primary residence must now be reported.
- Proposed for 2017; Federal government is aiming to shift more of the responsibility onto lenders, having them take on more risk in covering insured mortgages that default. This could cause mortgage rates to increase.
For more information on theses changes read the globe and mail article below.
