New, tighter mortgage rules coming!
The Goverment of Canada has announced new, tighter mortgage rules effective March 18, 2011 with the goal of keeping Canadians out of unmanageable debt http://www.ctv.ca/CTVNews/Cana
35-year mortgage amortization period reduced to 30-years maximum;
90% mortgage loan to home value reduced to 85%; and
Home equity loans no longer backed by the goverment.