Mortgage Changes Announced

January 18th, 2011

Here are few minor changes that the Finance Minister is implementing, effective March 18th. Changes include a drop in the maximum allowable amortization period to 30 years and a reduction in the amount an owner can borrow against the value of their homes to 85%.  (Paul Vieira, Financial Post · Monday, Jan. 17, 2011)

OTTAWA — Finance Minister Jim Flaherty unveiled changes Monday morning to mortgage lending rules that would see Ottawa stop backing home loans greater than 30 years and make it more difficult for households to use their property to access financing. continue…

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