Mortgage Rules: Did they just make it harder to buy a house, AGAIN?

Yesterday, OSFI (The Office of the Superintendent of Financial Institutions) announced some new rules to tighten up the real estate market. These rules will affect anyone putting 20% as down payment or more on a home. Currently, anyone purchasing a house over a million dollars will have to put a down payment of at least 20% to qualify for a mortgage. Those who spend less than a million dollars and put down less than 20% have been experiencing this additional stress test for the last year. Continue reading