New Government Rules

by Jeff
(North Bay)

How are the new rules the government of canada announced for lending going to impact the strategies you teach? No more 5% down for speculators, it's now 10% minimum and the qualifying standards are more strict as well.

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Feb 18, 2010
 RE: New Government Mortgage Rules for Investment Properties
by: Tom Karadza

Hi Jeff,

Thanks for the question!

The principles don't change (good property, good area, buy for cash flow). The strategies around advertising your properties won't change either.

But the down payments for a brand new investor will. You'll need to put more money down now as you mention - some new investors we work with were actually putting 20% down already). Investors who already owned a few properties were already faced with this, so for people investing for some time already nothing has changed. But if you were just starting out an could qualify for a lower down payment program it's now gone. Never a dull moment!

We're actually going to be sharing more detail around this in our weekly email newsletter which will be out later today!

Tom.

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