Under new mortgage rules just announced by Finance Minister Bill Morneau, all insured mortgage borrowers must now pass a "stress test" proving that they can carry a mortgage at a realistic rate (the Bank of Canada's conventional five-year fixed posted rate), and not simply the "teaser" rate offered for a short period by the mortgage lender.
Read more: Mortgages, Debt, Mortgage Crisis, Blog, Liberal Party of Canada, Bill Morneau, Mortgage Rules Canada, Real Estate, Toronto Real Estate, Vancouver Real Estate, Canada Housing, Canada Business News
Original Article Seen: http://www.huffingtonpost.ca/douglas-hoyes/federal-government-totall_b_12322460.html
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