New Mortgage Policies

July 20, 2012  |  Finance/Mortgage

The New Policy to strengthen Housing market by Minister of Finance:

The new rules will take effect on July 9, 2012

  • Reduce the maximum amortization period to 25 years from 30 years. The maximum amortization period was set at 35 years in 2008 and further reduced to 30 years in 2011.
  • Lower the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent of the value of their homes.
  • Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent.
  • Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million.


-This information is from Scotiabank.com

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