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Mortgage changes will affect soft markets, analysts say Add to ...

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Ottawa’s changes to mortgage insurance rules will reverberate far beyond the overheated markets of Toronto and Vancouver, with analysts expecting the stricter requirements to have even greater impacts in parts of the housing market that are already soft.

Financial experts say the changes, including new qualifying standards for five-year mortgages, could slow sales in Atlantic Canada, Alberta and Quebec, where the markets do not need cooling off, and in cities and suburbs where buyers are seeking refuge from out-of-control prices. And the new rules are expected to have no effect on the most controversial segment of the market – the single-family detached houses in Vancouver and Toronto that are selling for more than $1-million.

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