• Thursday, June 21st, 2012

Ottawa announced changes in mortgage rules today that will go into effect July 9th, 2012.

There will be a cap of $1 million on insured mortgages. There will be a reduction to TDS ratio down to 39%.

The amortization period will be cut to 25 years maximum.

The maximum refinance LTV on insured mortgages will be cut to 80%.

Later today, OFSI will publish their underwriting changes to mortgages.

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