July 2012 Canadian Mortgage Rules! 25 Year Amortizations for Insured Mortgages Only & CMHC Insurance for Homes over a Million Gone!
New Canadian Mortgage Rules Come Into Effect July 9 2012 Federal Finance Minister Jim Flaherty recently announced major changes to Canada mortgage lending rules. This move continues the theme of the 2011 mortgage rule changes were the Federal Government does a focused cooling of the housing market without resorting to raising interest rates which would have a negative impact on the overall economy. What are the Changes in Canada's Mortgage Rules? The four major changes effective July 9, 2012 are as follows: 1) 25 Year Amortizations Only for Insured Mortgages - CMHC will no longer insure mortgages with an amortization longer…