Canadians support tighter mortgage rules

Canadians support tighter mortgage rules

Canadians support tighter mortgage rules Tightening mortgage rules are supported by 80 per cent of Canadians according to a new poll for the Globe and Mail. The study carried out by Nanos Research shows that 41 per cent of respondents would ‘somewhat support’ making lending rules tougher with 39 per cent in support. Those who would ‘somewhat oppose’ tougher rules accounted for 12 per cent of respondents with those who would oppose at 5 per cent. 
 
11 Comments
  • Tony Piattelli 2015-05-06 9:07:55 AM
    What I find amazing is that they poll people who really don't understand how these rule changes will impact them especially their ability to refinance at maturity, because many of them won't qualify to support their current debt structure, hence unable to transfer to another lender and are trapped. I'm sure you'll get the same support for the tightening of the rules
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  • John W 2015-05-06 10:13:31 AM
    I'm sure they didn't give them any examples of how ridiculous some of the tightened policies are. Had a client who went back to school and got his MBA and has a $50,000 Student line of credit. I can't get him approved because they have to use a $1500/mth payment on the line instead of $250. I'm sure if they polled people on if they supported this the number would be under 20%. I wouldn't be surprised if the people who made the policy aren't aware they are punishing graduates this way.
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  • Tony Piattelli 2015-05-06 10:17:15 AM
    It's not just the new graduates who are going to get clobbered with these new rules. Pretty well anybody who has a $30,000 unsecured line of credit will be negatively impacted unless they make over $100,000/year as the $900 required payment represents 11% of their gross income so if they were approved with a 38% tds using interest only, they'll be at 49% upon renewal and that's if rates stay were they are. Where are they going to go at maturity if they don't like the rates being offered to them? They won't qualify anymore for the debt they currently have. Nice!
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