Blog by Corina Marin

NEW MORTGAGE NEWS

June 21st, 2012
The Federal Government announced this morning four new clampdowns on insured mortgages that will quickly come into effect on Monday, July 9th, 2012.

These changes include:
  • Reducing the maximum amortization period to 25 years from 30 years
  • Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85%
  • Limiting the avail ...

Canadian government is tightening the rules on mortgage lending again

June 21st, 2012
Ottawa tightens mortgage rules again

Reuters
9:00 AM, E.T. | June 21, 2012

In its fourth crackdown in four years on a still-hot housing market, Ottawa tightened conditions for both borrowers and lenders on Thursday to put the brakes on home buying and deflate a possible housing bubble before it pops.

Mindful of the U.S. housing crisis, where consumers ratcheted up debt only to be sideswiped by ri ...