Canadian Mortgage Rules to Change

Jun 21, 2012

By Jane Brown

Share on

Empty nesters buying condos will soon need a larger downpayment since Canadian mortgage rules are about to get tighter.

Finance Minister Jim Flaherty is expected to announce this morning that he will lower the maximum amortization period on a mortgage from 30 years to 25.

He’ll also limit refinancing loans to 80 per cent of a home’s value, from the current 85.

The changes will make it more difficult for Canadians with limited savings to buy homes, or obtain loans.

It will mark the fourth time Flaherty has tightened mortgage rules in a bid to rein in household debt, which has ballooned amid record low interest rates.

Advertise With Us

To learn about advertising opportunities with Zoomer Radio use the link below:

Join Our Fan Club
Coverage Area
Downtown Toronto
96.7FM
Toronto HD
96.3 HD-2
Kingston to Windsor, Parry Sound to Pittsburgh
AM740
ZoomerRadio Logo

Recently Played: