Bank of Canada Changes to Mortgage Laws

The Bank of Canada has implemented the following changes to mortgage rules that are effective July 9th, 2012

  1. The Maximum amortization for a government insured mortgage will be 25 years from 30 years.
  2. The gross debt service ratio, which is the carrying cost of your new home (mortgage, taxes and utilities) when the mortgage is insured, must not exceed 39% of your family household income.

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