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The tighter lending rules that came into force July 1 are making it harder for some Canadians to buy homes, but mortgage pros say there’s no reason to panic.
The Canadian Mortgage and Housing Corporation (CMHC) announced plans in early June to reduce borrowing limits, demand higher credit scores and restrict down payments for anyone who needs default insurance from the agency. That kind of insurance is mandatory for “high-ratio” buyers putting less than 20 per cent down on a home.