October 11th, 2016
Green shoots in Calgary’s economy but will it be enough to counter act the federal government changes.
This week the federal government announced changes to how high ratio mortgages are approved in Canada. Basically they announced that 5 year, high ratio mortgages, that previously used market interest rates for buyer to qualify would now have to use the Bank of Canada Posted 5-year fixed rate. The bank of Canada rate is currently running about 2.35% higher than the market rate.
This is a di ...