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A man rides a bike past houses in east Vancouver. (DARRYL DYCK For The Globe and Mail)
A man rides a bike past houses in east Vancouver. (DARRYL DYCK For The Globe and Mail)

Banks tighten mortgage rules for foreign home buyers Add to ...

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At least two Canadian banks have tightened restrictions on mortgages granted to non-resident home buyers amid widespread concerns about the overheating housing markets of Vancouver and Toronto.

Last week, Bank of Nova Scotia amended its income verification policy for non-residents, ending what it called a “pilot program” that had allowed some customers to get around income verification policies if they had large down payments.

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