govt steps in to chage canadian mortgage market

very interesting
the government has changed the lending regulations for insured loans as of October 15th
they are eliminating 100% financing and requiring a minimum 5% downpayment (no clarification yet on whether clients can still borrow the 5%)
reducing the amortization from 40 years to 35 maximum
adjusting the maximum ratio for qualifying to 45% of gross income (still too high in my opinion)
this is all a function of the US spillover - we certainly live in interesting times

greygoose out.....