Jim Flaherty's Announcement Today
February 16th, 2010Jim Flaherty announced today that effective April 19, 2010 buyers will have to qualify under this set of guidelines:
- Any borrower arranging a mortgage less than 5 years in term or a variable rate mortgage must be qualified as if they are taking a 5-year term. It is not yet clear whether there will be a huge impact, as variable rate mortgages and terms of 3 years or less are alread ...