Federal government announces changes to mortgage financing!

The Federal Government announced massive changes today which come into effect October 17th! In two weeks anyone looking to purchase (or refinance) will have to go through a "stress test" to see if they can afford their mortgage when interest rates rise. 

"While many buyers are currently qualifying for five-year mortgages at around two per cent, they will now have to prove that they can make mortgage payments at the Bank of Canada posted rate of 4.64 per cent." For the full article see the link below:

http://business.financialpost.com/personal-finance/mortgages-real-estate/federal-government-closing-tax-loophole-used-by-foreign-home-buyers