Positive news for Canadian housing
Canadian Finance Minister Bill Morneau announced today that the government will lower the rate needed to qualify for insured mortgages. It will now be the weekly median five-year mortgage rate based on mortgage applications, plus 200 basis points. At today's rates that would be about 4.6% compared to 5.19% previously.
That should offer a real boost to Canadian housing, which is already showing some pockets of strength.
