Update June 21: I received an email from a mortgage broker which states the following: “If you have a client on the fence if they produce a contract within the next 2 weeks (to July 9th) they will be subject to the old rules until December 2012.”
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The government will reduce the maximum amortization period for a government-insured mortgage, lowering it from 30 to 25 years, and also drop the upper limit that Canadians can borrow against their home equity from 85 per cent to 80 per cent. The government expects less than 5% of home buyers will be affected by the changes.
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