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Changes on the way to mortgage rules in Canada

VANCOUVER (NEWS1130) – It could be tougher for you to get a mortgage next month.

Canadian Mortgage and Housing Corporation is about to make it harder for some Canadians to obtain government secured financing for real estate purchases.

The CMHC says as of May 30th it will no longer ensure self-employed workers without third party income validation and will not ensure Canadians seeking to buy a second property.

The finance department has tightened mortgage rules four times over the past few years to try and weed out marginal buyers and curb excessive speculation in the market.