To help Canadians save more and spend less, the federal government has introduced new rules for government-backed insured mortgages.

New mortgage rules

1. The government is reducing the maximum mortgage amortization period to 30 years from 35 years.
2. 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.
3. The government will no longer provide insurance backing to financial institutions insuring home equity lines of credit.

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