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All borrowers must meet the standards for a 5 year fixed rate mortgage- even if they choose a variable rate or go with a shorter term. The reason for this is to make sure borrowers are qualified for a standard mortgage, in preparation for higher interest rates in the future.
The maximum amount that homeowners can refinance their home will be lowered to 90% of the home's equity (presently homeowners can borrow up to 95% of the equity out of their home).
Require a minimum down payment of 20% for investment properties where the owner does not occupy the residence.
Aside from that, all the current rules remain unchanged, including the minimum 5% down to get a CMHC insured mortgage.
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