Mortgage Rules Help Fuel Rent Hikes
Young adults have to live somewhere. And when they outgrow their parents' house and join the workforce, the choices are typically to rent or buy.
But for many first-time buyers, the choices narrowed last July. That’s when Ottawa reduced the maximum allowable amortization and gross debt service ratio on insured mortgages. This immediately made it harder for younger buyers to qualify.http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2013/05/mortgage-rules-fuel-rent-hikes.html