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Canadian Mortgage Rule Change Sparks Real Estate Debate
In a sharp shift Ottawa will loosen mortgage insurance rules starting next month. Buyers can put as little as 7 percent down on a typical Toronto home, with 90 percent coverage on the first 125000 and 80 percent on the remainder. Critics warn of risky high ratio loans and higher future costs, while supporters say it will spur ownership and free rentals. The piece condemns the policy as dangerous and unsustainable in a rising market.
MENTIONED IN THIS ARTICLE
Feds
Ottawa
Mortgage Insurance Corporation of Canada
MICC
Canada Mortgage and Housing Corp
CMHC
Stewart McInnes
Toronto
Stewart