Business Is Dropping Because Mortgages Are Now Harder to Get ...

According to "Financial Post" yesterday, August 29, 2017, “Volumes decreased largely as a result of the new regulations,” said CMHC, referring to new income tests that have forced consumers with less than a 20 per cent down payment to qualify based on the Bank of Canada five-year posted rate, now 4.84 per cent, as opposed to the lower rate on their contract.

To Read the Full Article, please click the link below:

http://business.financialpost.com/real-estate/mortgages/cmhc-says-new-mortgage-regulations-are-shrinking-the-size-of-the-insured-housing-market