Holy crap! What happens if somebody bought a place intended for a rental last month, but it isn't scheduled for completion until 2011? They would need to come up with the other 15% down, or lose the 5% they already put down on it?
I saw a little bit about this on the news, and the finance minister was talking about how Canadians are doing better than the rest of the world with repect to fewer mortgage defaults. I didn't think by the way he was talking that the gov't was going to stick its nose into our business more than it needs to.
Seriously, who does this help aside from CMHC?
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