Tightening of Rules for Obtaining a Mortgage

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Camille Laberge, Economist at the Québec Federation of Real Estate Boards, presents the new measures for government-backed mortgages announced by the federal government, and explains the impact they will have on the real estate market.

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Costantino Panone

( 21 weeks, 6 days ago)

It seems to me that your quest's explanation makes some confusion when refering to the changes to the down payment for owner occupied homes. At times she says the new down payment is 10%, and at other times she says it's 5%. Which one is it?

GMREB Reply:

Currently, borrowers may purchase a residential property or a duplex with a 5 per cent down payment and a triplex or a 4-plex with a 10 per cent down payment. The new measure will require a 20 per cent down payment for small (i.e., 1- to 4-unit) non-owner-occupied residential rental properties. Borrowers purchasing owner-occupied residential properties which also include some rental units (e.g., borrowers purchasing a duplex to live in one unit and rent out the other) will still be able to access government-backed mortgage insurance with a 5 per cent down payment (and with a 10 per cent down payment for those occupying a unit in a triplex or a 4-plex.).

James

( 22 weeks, 5 days ago)

thank you this video answered all my questions. and was very helpful.

Steve Osgood

( 23 weeks, 8 hours ago)

Great job Camille, very succinct...and in your 2nd language...bravo!

Deya

( 23 weeks, 1 day ago)

Great information. The later commentary was quite useful to get a better idea on how this measures will affect the market

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