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Federal Government's
Mortgage Insurance Changes
This morning, Federal Finance Minister Jim Flaherty announced changes to mortgage insurance rules intended to ensure the stability of Canada's housing market.
These measures include:
- Amortization period capped at 30 years
- Reduction of government backing for home equity lines of credit
- Maximum refinancing reduced to 85% from 90% LTV
There are no changes to down payment requirements as CAAMP recommended.
CAAMP will continue to update members on any new developments.
For additional details on the changes - click here
For a copy of CAAMP's Press Release - click here
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