Looks like the government is set to introduce new mortgage rules tomorrow morning.
- Mortgage amortization periods will be reduced to 30 years from 35 years.
- The maximum amount Canadians can borrow to refinance their mortgages will be lowered to 85 per cent from the current 90 per cent.
- The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.
http://www.ctv.ca/CTVNews/TopStories...-rules-110116/
Surprised how fast they acted on this.