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October 2016 Changes to Mortgage Rules in Canada – Cheat Sheet

On October 3, 2016, Canadian Finance Minister Bill Morneau unexpectedly announced changes to the mortgage rules in Canada. These took everyone by surprise, including many in the mortgage industry! Several of these changes took effect on Monday October 17, 2016, giving very little time for the market to adjust or react.

There is still some confusion regarding these changes, so here is a 4-page ‘cheat sheet’ covering them, courtesy of my brokerage’s parent company The Mortgage Centre. Click here or on the image to view a copy of these mortgage rule changes.

 

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 Mortgage Agent Lic. M16001744 -- iBrokerPower Capital Inc. (The Mortgage Centre), Brokerage Lic. 10538