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Maximum Mortgage Loans

Residential

Max Ltv

Commercial

Max Ltv

Home Purchase

95%

Rental

80%

Home Refinancing

80%

Storefront

80%

Second Mortgage

85%

Office Building

75%

Rental Property

80%

Commercial Plaza

75%

Private Mortgage

85%

Industrial Space

75%

Home Loan

85%

Farm Financing

55%

Vacant Lot

75%

Acreage

55%

 
Above is the current guideline, however, each case is considered on its own merit. For more info and to contact us Go to the Mortgage Site 

Mortgage Rule Changes

 June 21, 2012 -- The Honourable Jim Flaherty, Minister of Finance, announced four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent:

  1. Reduce the maximum amortization period to 25 years from 30 years.
  2. Lower the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent of the value of their homes.
  3. Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent.
  4. Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million.

The new rules took effect on July 9, 2012.

For more detailed information, please visit www.fin.gc.ca 

 

 



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