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This article nails it. With the recent regulatory changes and rate hikes, it is absolutely imperative that the Bank of Canada plays chess and not checkers. This is a very high stakes game with a lot on the line. Given how fast things have, and may continue to unravel, I wouldn’t be surprised if we see a call for reform or outright overhaul of the current mortgage "system" within the next 24 months. With two major election cycles on the horizon, this year and next, anyth...ing is possible. The lowest mortgage rates are available to those purchasing with less than 20% down-typically first time buyers. This is due to the Federal government via CMHC backing these loans. Meanwhile those refinancing (proven mortgage payers) or purchasing with greater than 20% down are subject to higher rates and stress testing. This is due to the Federal government via CMHC no longer backing these loans. Makes sense don’t it? http://business.financialpost.com//canadians-unprecedented

It's official, the Bank of Canada raised its overnight lending rate to 1.25% - this is the highest its been since the global recession and the 3rd hike since July. The Bank of Canada's .25% rate increase announced this morning will send the Prime lending rate from 3.20% to 3.45%. Our full take on todays news:... www.mikimortgages.com/blog See more

Rising Rates And More Regulations - What You Need To Know -