The Federal Minister of Finance, Jim Flaherty, made some comments about possible mortgage tightening policies…. see both Winnipeg Free Press, Reuters, and the Financiap Post. The govt is concerned about a possible ‘overheating’ of the housing market.
The honorable Minister just needs to wait for September’s figures to put that concern to rest. The numbers aren’t out yet, but early indications show that the housing market has definitely slowed down. Prices are flat and in some cases, have decreased.
Further tightening of Canada’s mortgage policies are not necessary in my opinion… but this does bring up an interesting situation for anyone that is refinancing their mortgage or looking to buy a house…
My advice…get your mortgage preapproved immediately….no need to chance any possible rule change….