Effective March 18, 2011, it will be more difficult to buy a new home or consolidate your debts into a mortgage. The Finance Minister Jim Flaherty announced: - Reduce the maximum amortization period to 30 years from 35 years. - Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85% from 90%. - Withdraw government insurance backing on lines of credit . Its the opinion of the Finance Minister, that this will encourage Canadian families to save by investing in their homes and the future.
Mortgage rules have changed
- January 19, 2011
CENTURY 21 Leading Edge Realty Inc., Brokerage*