Mortgage Insurance Rules Tightened

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

 

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Rajesh Kothari

Rajesh Kothari

Sales Representative
CENTURY 21 New Star Realty Inc., Brokerage*
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