New Mortgage Rules from Finance Minister Jim Flaherty
On January 17th, Finance Minister Jim Flaherty announced three new changes to Canada's Mortgage Rules.
1. A 30-year maximum amortization on insured mortgages over 80% LTV
2. An 85% LTV limit on insured refinances
3. Elimination of government insurance on secured lines of credit (aka., HELOCs)
Flaherty says these regulations are meant to “(encourage) hard-working Canadian families to save by investing in their homes and future.”
You can click on the following URL link to review the full press release by the Department of Finance:
A backgrounder as to why these changes have been announced was also given by the Department of Finance on its website. Please follow the link below http://www.fin.gc.ca/n11/data/11-003_1-eng.asp?sms_ss=email&at_xt=4d345f2f64f9cd4b%2C0