Canada’s new mortgage rules are drawing fire from an Aboriginal group.
The Congress of Aboriginal Peoples says it is concerned that many low- and middle-income Canadians will never be able to own a home due to the measures that were announced this week.
Ottawa said on Monday that lenders can only issue home equity loans up to a maximum of 80% of a property’s value, and that homeowners have less time to pay off their mortgage.
Congress Vice-Chief Dwight Dorey says this will likely hurt many people living off-reserve who are currently renting, due to the fact monthly mortgage payments will be higher.