Government of Canada announces changes to mortgage lending Effective March 18, 2011

Today, the Government of Canada announced new mortgage lending regulations that will affect every home owner or potential future home buyer. There are 3 main changes namely,

• Mortgage amortization will be reduced to 30yrs from the current 35yrs.
• The maximum borrowed to refinance a mortgage will be lowered to 85%. Currently it is 90%. 
• The government will withdraw its insurance backing on secured lines of credit, such as home equity lines.

In essence, these changes likely will not have any effect on home buyers in the Winnipeg area, however can affect those looking to refinance their existing mortgage.

For further information on hoe this may affect you, please call me at 204.946.5333 oe email BloggerHelp@jeffstern.com