Toronto Buyers Seek Sub-Prime Loans for Million Dollar Homes

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March 05, 2015

In the Canadian housing markets of Vancouver and Toronto, median home prices have passed the million dollar mark, and homebuyers need to look to sub-prime mortgages to help finance their homes.

This has led analysts to question whether Ottawa should reconsider its government backing threshold for mortgage loans, as regulation bans government backing on homes worth more than CAD$1 million.

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