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Rising Interest Rates, New Mortgage Rules, and Variable vs Fixed Mortgages in Canada for 2023

Build Wealth Canada Podcast

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Putting 20% Down on a Property Is Not an Insured Mortgage

The OSPE is looking at bringing in this cap of like 4.5 times your annual income, because they just don't want people to overextend themselves. Another thing that they want to bring in is for anyone putting more than 20% down on a property, there is some leniency in terms of the debt ratios. If you have a strong credit score, good savings and all that like a good job and stable income, lenders will let you go above the standard 39 or 44 GDS ratio.

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