Federal Government’s Mortgage Insurance Changes
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
If you have any questions about these new changes, please contact me for further details.