New Mortgage Rules

 

This has been an ongoing topic of conversation these past few days, here are the changes coming into effect as of Oct 17th

 

– Buyers will now have to qualify for 4.64% mortgages (even if they are getting their lower 2.XX% rate) for high ratio (less than 20% down) mortgages
– Capital Gains Tax – closing the tax loophole for Non-Residents of primary residences on the increase in value of the property.

 

 

 

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