The Canadian Government announced new mortgage rules today. The 3 main changes are:
- maximum amortization period reduced from 35 years to 30 years
- maximum value for mortgage refinancing reduced from 90 percent to 85 percent
- government insurance will no longer back lines of credit secured by homes - more commonly known as a "Home Equity Line of Credit"
These changes are expected to come into effect March 18, 2011.
Full Globe & Mail article here: http://www.theglobeandmail.com/report-on-business/economy/housing/flaherty-details-new-mortgage-rules/article1872599/