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Mortgage rules tightening up again.

Posted on June 19, 2012 by Bettina Reid

The federal government once again has decided to implement more changes to prevent Canada from falling into the same situation as the US. This is the 4th time in 4 years they have made changes. The biggest change will be the 30 year amortization down to 25 year for government insured mortgages, as well as dropping the amount you can borrow from the equity in your home from 80% to 85%.

http://www.cbc.ca/news/business/story/2012/06/20/mortgage-rules-tightened.html

What do you think of these changes?

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.