Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Ottawa tightens mortgage rules to avoid 'bubble'

I_H8_Crawford · 07-10-2008, 12:45 PM

IMO the biggest change comes in the regulation of the debt-income ratio.

Bringing the total debt ratio down to 45% from (sometimes) as high as 75% (!) is going to make a big difference.

Before, people who had car loans, and $10K on their Visa with a $60K/year job could still go get a 40/0 mortgage on a $400K house.

Now they will be lucky to get $220K.*

*all numbers are just pure BS from me, but people should get the idea...

07-10-2008, 12:45 PM	#11
I_H8_Crawford Franchise Player Join Date: Apr 2004 Location: Calgary Exp:	IMO the biggest change comes in the regulation of the debt-income ratio. Bringing the total debt ratio down to 45% from (sometimes) as high as 75% (!) is going to make a big difference. Before, people who had car loans, and $10K on their Visa with a $60K/year job could still go get a 40/0 mortgage on a $400K house. Now they will be lucky to get $220K.* *all numbers are just pure BS from me, but people should get the idea...