UPDATED: It was confirmed today by Finance Minister Jim Flaherty that indeed these are the rule changes. The first 2 will be in effect March 18, 2011 and the 3rd one April 8, 2011.
The benefits of having time shift for TV in Canada. CTV News is announcing that a new conference has been called to announce the changes to the mortgage rules in Canada. According to the report the changes are a follows:
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 the current 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.
Overall these changes are not as bad as some of the speculation that have been reported.
Timing of these changes are not know at the time of this writing. My guess would be, assuming an announcement tomorrow, March 17, 2011.
For the news report reference go to here CTV News.
What do you think about these changes? Will it affect you?
Your comments are always welcome.
