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Thursday, June 21, 2012 - Mortgage Changes

The federal Canadian government announced amendments to government-backed mortgage standards, to take effect July 9, 2012.  These are: (1) Maximum amortization period reduced from 30 to 25 years (2) Maximum withdrawal amount for refinancing was lowered from 85% to 80% of the home value (3) Maximum gross debt service ratio was fixed at 39 per cent and the maximum total debt service ratio fixed at 44 per cent  (4) Availability of government-backed insured mortgages was limited to homes with a purchase price of less than $1 million.

posted in General at Thu, 21 Jun 2012 18:52:24 -0600

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