Changes to Mortgage Regulations & CREA’s Position

Recently, the Minister of Finance announced changes to the standards governing government-backed insured mortgages: the maximum amortization period was reduced from 30 years to 25 years; the maximum amount Canadians can withdraw in refinancing their mortgages was lowered to 80 per cent from 85 per cent of the value of their homes; the maximum gross

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OREA: June Queen’s Park Plus

Ontario Budget Passed: On June 20th, the Ontario Legislature passed its first minority government budget , averting a potential summer election in Ontario. All 35 Progressive Conservatives (PC) present in the legislature voted against the budget, while 52 governing Liberals supported it. New Democrats abstained from voting, which allowed the bill to pass… (read more)

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