Earlier this week Finance Minister Jim Flaherty announced changes to the Canadian Mortgage Rules. The changes are subtle and have been well-received by economists and the public for calming down the market without de-railing it. The new policies are: -Applicants for CMHC backed mortgages must pass a credit test-Applicants must qualify on the 5-year rate (up from the 3-year)-You may only refinance your home to 90% loan to value (scaled back from 95%)-Minimum 20% down on rental properties
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