Mortgage Change Of Space – Explained

— BILL MORNEAU Finance Minister, as reported on

banner-image-2_Canada’s finance minister said the Liberal government is not considering any further actions to tamp down overheated housing markets. The federal government’s recent mortgage rule changes, which will end tax breaks for non-residents and make it harder to qualify for mortgages “were the right thing to do,” Finance Minister Bill Morneau told a Toronto Region Board of Trade audience Friday. However, he told reporters afterward that while the government continues to be “vigilant in monitoring the market, we have no further actions under consideration in terms of housing.” “Our role is to ensure that we protect the housing market for the long term, that we create the kind of stability that Canadians need as they consider housing investments,” he said after a speech that focused on financial stability.

The new mortgage rules announced by the Federal Government on October 3, 2016 caught the entire industry by surprise and we continue to assess the potential impacts of these changes. —
Our current view is that the new rules will make it more difficult and more costly for many Canadians to obtain a mortgage. In turn, this should result in more Canadians using a mortgage broker as we have access to hundreds of lenders who can provide the right mortgage product at the best rate.
President, Dominion Lending Centres, as quoted on

Download the FULL PDF explaining the recent changes and what they mean for you.

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