What kind of home can they buy?

While they could be the subject of a review right now, the central bank’s mortgage rules look like they’re here to stay, at least in the short term.

Typically, the buyer is limited to borrowing 3.5 times their earnings to buy a home, with a further 10 percent down payment requirement, meaning first-time buyers are tight to multiples of their salary when budgeting bound for their first home. Or at least those without significant parental gifts are – the proliferation of Mom and Dad’s bank could be one reason prices have risen so sharply despite mortgage rules.

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