Mortgage rules to be "tightened" further by Ottawa

[chemgear]

Sounds like they're finally putting it back to the original 25 years. Announcement for tomorrow and probably kick in after 60 days like usual?

http://business.financialpost.com/20...official-says/

http://www.cbc.ca/news/business/stor...tightened.html

Buyers who purchase a home with a down payment of less than 20 per cent of its value are required to purchase government-backed mortgage insurance through Canada Mortgage and Housing Corporation.

Under the new rules, mortgages amortized over a period longer than 25 years will no longer qualify for that insurance, making it effectively impossible to get a highly leveraged mortgage of more than 25 years in Canada.

[chemgear]

Looks like an earlier post thread had already been started, sorry I missed it.

Please delete this?