Canada Taking Even More Measures To Cool Housing Market

Canada’s national housing agency will no longer offer mortgage insurance for condominium construction – a further step by the agency to cool the housing market.

  • The maximum amortization period was reduced to 25 years, from 40 years. 
  • Government-backed mortgage insurance is available only for homes with a purchase price of less than $1 million. 
  • It is mandatory for home buyers to make a minimum down payment of 5%.  
  • If the property will not be owner-occupied, the minimum down payment is 20%.

This article was republished with permission from Global Property Guide.

Article source: http://www.nuwireinvestor.com/articles/canada-taking-even-more-measures-to-cool-housing-market-61895.aspx

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