It could get tougher for home buyers to get a mortgage if the federal government opts to curb the housing market.
The Financial Post reports that Ottawa is undertaking consultations to ascertain whether it should impose new rules to take the heat out of the market. Options being considered include raising the minimum down payment and imposing specific conditions for high-value housing.
The Department of Finance denies considering changes to down payment requirements. The article suggests that tougher mortgage lending restrictions, such as a 20-year maximum amortization or tweaks to mortgage insurance, are also being considered.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage.