Changes to mortgage rules - effective March 18, 2011

Canada's regulations in the housing sector have saved us from the mistakes of other countries and helped us thru the recession; to build on that strenght, new measures are taking effect March 18, 2011:

1) Maximum amortization on new government-backed insured mortgages reduces from 35 to 30 years.

2) Maximum amount to borrow when refinancing mortgages reduces from 90 to 85% of the value of home.

3) Government insurance backing lines of credits secured by homes will no longer be available.


Let me know if these changes affect your plans and you need to purchase sooner.

Sylvie Lalumiere

Century21 In Town Realty

604 805-4526

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