Michael Mikail had saved $75,000 for a down payment and secured a preapproved mortgage to buy a house in Toronto.
Now, Mr. Mikail’s financial adviser has told him that he will qualify for a smaller mortgage in a city where the average selling price of a detached house was $1.29-million in September and where the bidding process has become so competitive that homes are often sold before the open house has even begun.
How new rules will affect first-time home buyers (CP Video)
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