Canadian Mortgage HELOC update from
Sheila Hawkins located in Edmonton AB

This is an important piece of information that you should be aware of. It was brought to my attention by a member of our National Advisory Board that CMHC and the Finance department are in the process of reducing the upper limits of Home Equity lines of credit. Presently the limit is 80% of the value of a property the proposal is to reduce that amount to 65%. The biggest effect will be on investors that use the Smith maneuver, or for investments, or who are buying revenue property using the line of credit for down payment. If you or any clients you may have need line of credit you may want to advise them to secure one as soon as possible as this will greatly reduce the amount they will be able to take out in equity in the future.

Feel free to contact me directly at Canadian Mortgage Brokers for more information or for help securing a home equity line of credit now by phone at 780-707-0808  or email at sheila@getamortgage.ca