Among the possible rumoured changes:
- An “income test” to ensure people can make their variable-rate mortgage payments if rates rise (Canadian Press)
- Higher down payments for “certain borrowers” (Globe)
- Changes to investment property lending guidelines (CBC)
- Restrictions on home refinancing (CBC)
None of the above have been confirmed as of yet.
The government last made wide-ranging mortgage rule modifications in October 2008. (See: Goodbye to 100%/40-year Mortgages)
We’ll have full coverage of any announcements tomorrow. Flaherty has a press conference set for 8:00am ET.
- Ottawa ready to tighten mortgage rules
- Flaherty to toughen mortgage rules
- Flaherty Said to Tighten Canadian Mortgage Rules