Top 2 Changes in the Mortgage Market For 2007

Looking back on 2007 there were a couple of significant changes to help people that want to either enter the housing market or build their portfolio of rental houses. In my opinion these were the top 2 changes in the Canadian mortgage market:

1. Down payment requirements being lowered from 25% down to 20% down.
   
2. 100% financing for rental units.

The reduced down payment requirements was a change in the long standing Bank Act which greatly reduces the insurance premiums people must pay to CMHC or Genworth. With housing prices increasing the way that they have over the last 30 years it's a change that only makes sense.