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Houses are seen in a suburb located north of Toronto in Vaughan, Canada, in this June 29, 2015, file photo. If houses in Toronto were affordable for middle-class families, they’d cost an average $228,657. The actual average in September was $627,395. (MARK BLINCH/REUTERS)
Houses are seen in a suburb located north of Toronto in Vaughan, Canada, in this June 29, 2015, file photo. If houses in Toronto were affordable for middle-class families, they’d cost an average $228,657. The actual average in September was $627,395. (MARK BLINCH/REUTERS)

Alternative lenders face ‘major changes’ in wake of new housing rules Add to ...

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Ottawa’s attempt to cool Canada’s overheating housing market and impose stricter regulations on mortgage lending is likely to have a profound impact on alternative lenders that compete with the country’s largest banks.

The new rules, announced Monday, apply to all residential mortgage lenders. However, the banks, which account for 70 per cent of the market, have the highest underwriting standards in the country – and the implicit message has been that Ottawa is most worried about the alternative lenders.

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