Changes To Mortgage Rules

This morning, Federal Finance Minister Jim Flaherty announced changes to mortgage insurance rules intended to ensure the stability of Canada’s housing market.

These measures include:

Amortization period capped at 30 years
Reduction of government backing for home equity lines of credit
Maximum refinancing reduced to 85% from 90% LTV

I enclose the link to the CRA for your review.

http://www.fin.gc.ca/n11/11-003-eng.asp

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This entry was posted on Monday, January 17th, 2011 at 7:48 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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