Mortgage Regulation Changes
The three new changes announced yesterday by Finance Minister Jim Flaherty:
- A 30-year maximum amortization on insured mortgages over 80% LTV
- An 85% LTV limit on insured refinances
- Elimination of government insurance on secured lines of credit (aka., HELOCs)
Flaherty says these regulations are meant to “(encourage) hard-working Canadian families to save by investing in their homes and future.”
To review the full press release by the Department of Finance.
A backgrounder as to why these changes have been announced was also given by the Department of Finance on its website.
“Toronto’s Condo Authority”