Finance minister Jim Flaherty has made changes to the rules governing mortgage financing which will be effective from 18 March 2011 onwards:
- the maximum amortization period for high ratio mortgages (in excess of 80% of the property value) has been reduced from 35 to 30 years
- maximum loan to value (LTV) of refinances has been reduced from 90 to 85%
- maximum financing on HELOC (line of credit products) reduced to 80% LTV
There is still some time to buy your new property and complete by 17 March to take advantage of the present mortgage rules.
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