To help Canadians save more and spend less, the federal government has introduced new rules for government-backed insured mortgages.
New mortgage rules
- The government is reducing the maximum mortgage amortization period to 30 years from 35 years.
- The government is reducing the maximum amount of the value of a home that can be re-financed to 85 per cent from 90 per cent.
- The government will no longer provide insurance backing to financial institutions insuring home equity lines of credit.
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