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New Mortgage Rules Now Official

Posted on January 17, 2011 by Tom Bushey

Posted in Buying a Home In Calgary, Selling a Home In Calgary

Effective March 18, 2011, it will become harder to buy a new home or consolidate debt into your mortgage.

That's due to three new changes announced today 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."

Here is the full press release.

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Tom Bushey, Associate Broker & Realtor®

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