2011 Mortgage Rule Changes | Real Estate in Vancouver 3 of 3 Home Equity Lines of Credit HELOCS
From April 18, 2011 The Government of Canada Will No Longer Guarantee Home Equity Lines of Credit (HELOC) In January 2011, Canada's Department of Finance announced a series of changes to mortgage and property financing rules. These new mortgage rule changes are intended to cool Canada's real estate market and slow Canadians per capita debt growth in the short term and support the long-term stability of the Canadian property market. Jessi Johnson a Mortgage Broker in Vancouver was kind enough to come and explain the changes. In part 1 of 3, we talked about how the Department of Finance rule…