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Canada: Economy, new laws support strong housing sector: CMHC

Posted on 30 August 2011

New rules brought in by the federal government have caused a sharp reduction to mortgage refinance activity, the Canada Mortgage Housing Corporation said Monday. Finance Minister Jim Flaherty altered mortgage finance rules early this year, restricting Canadians to borrowing 85 per cent of their home’s value, as opposed to the previous 90 per cent.
Under Flaherty’s new rules the maximum amortization period was also reduced from 35 to 30 years, in cases where the down-payment is less than 20 per cent……………………………………….Full Article: Source


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