CJOB News Team reporting
The Federal government is trying to stem the rising tide of household debt. Finance Minister Jim Flaherty is tightening up mortgage rules that will limit the maximum mortgage payment time to 25 years, down from 30. Lorne Weiss of Winnipeg Realtors tells CJOB, the change is going to have more of an impact on who qualifies for a mortgage rather than on the affordability side:
Buyers will also have to demonstrate they have the means to afford mortgage payments, property taxes and heating costs on their home.