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Government Changes to Mortgage Financing

As you know, On January 17, 2011 the Government of Canada announced new guidelines for mortgage financing.

TD Bank will meet these requirements by making the following changes: 

  • Maximum amortization for High Ratio and Conventional mortgages reduced from 35 to 30 years
  • Maximum Loan-to-Value ratio for refinance transactions reduced from 90% to 85%

For purchase transactions

For those who sign an agreement of purchase and sale, prior to March 18, 2011, will be apply for a 35 year amortization.  The closing date can be after March 18, 2011.  However, the agreement has to be signed prior to March 18, 2011 AND a mortgage application has to be submitted prior March 18, 2011.

For refinance transactions

For those applying for a refinance, a credit application has to be submitted prior to March 18, 2011 to refinance their mortgage up to 90% of the appraised value.

TD Canada Trust Mortgages


RE/MAX Hallmark Realty Ltd., Brokerage
723 Mount Pleasant Road
Toronto, ON
M4S 2N4



Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 2/21/2019 11:27:34 AM