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Rental Income Gets Hammered Under New Rules

Jim Flaherty changed the mortgage rules on April 19. The changes were designed to prevent Canadians from piling on too much debt.

Most of the changes will have a minor impact on the overall housing market.

In Kelowna the change is going to impact first time buyers who have been relying heavily on rental income to qualify for our expensive homes.

I believe these changes will force more first time buyers into affordable condos and townhouses because rental income will not work as well.

What do you think?