Our housing market is healthy and stable. The federal government wants to keep it this way.
On February 15, 2010, The Hon. Jim Flaherty, Federal Minister of Finance, announced changes to rules for government-backed insured mortgages. To prepare for possible higher interest rates:
• Borrowers must meet standards for a five-year fixed rate mortgage even when choosing lower interest or short term mortgages.
• Borrowers will be able to refinance up to 90% of the value of their homes instead if the current 95%.
• Borrowers buying a non-owner-occupied property for speculation will require a minimum downpayment ...
Click here to read more detail about 'New rules for mortgages'