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Monday, January 31, 2011

New Government Mortgage Rules

Given the concern for household debt, the Harper government announced January 17th, 2011 several initiatives to support the long term stability of Canada's housing market.

In a nutshell:

1. Mortgage amortization periods will be reduced to 30 years from 35 years.

2. The maximum amount Canadians can borrow to refinance their mortgages will be lowered to 85 per cent from 90 per cent.

3. The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.

4. The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011.

5. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.

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GaraMark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.

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