This past week Finance Minister Jim Flarehty introduced new mortgage regulation that will come into effect in March. The three changes are
- The maximium amortization period for high ratio mortgages is reduced from 35 years to 30.
- The most you can borrow on a refinance is 85% a change from 90.
- The Canadian Government will no longer insure lines of credit secured against a property.
These changes will freeze out some buyers who need the 35 year amortization to lower the monthly expense for qualification purposes.