More mortgage rules planned if housing market gets too hot
Article from the Financial Post
A new round of new mortgage rules form Ottawa could include tough new measures for calculating how the self-employed qualify for loans and tighten regulations for condominium buyers. Ottawa remains concerned about the possibility of an inflated housing market and wants to crack down on the practice where consumers self-disclose what they make when applying for a loan. In the case of the condominium buyer, the government continues to consider a proposal that would have 100% of condo fees count when assessing how much debt a consumer could afford, currently 50% of condo fees are used in debt calculations. Going back to the standard 25 year amortization is also on the cards for this year. Only time will tell if we get new mortgage rules this year.