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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 ...

Ottawa tightens mortgage rules againReuters9:00 AM, E.T. | June 21, 2012In 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 ...