New Mortgage Rules Take Effect

New mortgage rules take effect in Canada today. I outlined them in a prior post here:

http://ontariomortgageinfo.blogspot.com/2010/02/new-canadian-mortgage-rules-to-come.html

Please note the new Bank of Canada benchmark rate for qualifying variable rate mortgages and 1-4 year terms is currently 5.85%.

Please call or email me if you have any questions regarding the new rules.