Finally, to obtain warranty insurance Canada Mortgage and Housing Corporation (Canada Mortgage and Housing Corporation) for the purchase of housing as an investment would need to make the first payment of not less than 20 percent of the cost. This rule is intended to deter speculators who own other property in addition to the immediate place of residence.
Previously it was assumed that the Ministry of Finance may increase the down payment from 5 to 10 percent or reduce the amortization period from 35 to 30 years. This is not a part of a plan announced Flagerti, but is considered on a case, if you change the state of the market housing, read more http://friendfeed.com/anatolegerasim
These measures will come into force on 19 April 2010 and did not produce a radical change in the market. In fact, the current policies of many major banks like the first part of the plan Flagerti. Given the average price of housing in the $ 337 thousand dollars, to meet the new standards, the annual income the buyer must be at 9200 dollars more.
Canadian Association of Accredited Mortgage professionals supported the amendments, calling them the preventive measures against possible risks.
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