This morning the government announced some major changes for insured mortgages (downpayments of less then 20%). Here is a breakdown of the changes:
1) Maximum amortization of 25 years
2) Refinancing maximum of 80%
3) The maximum purchase price for an insured mortgage is 1 million
4) The government has also lowered the maximum calculation for a clients gross debt service ratio, limiting it to 39%
These changes are extremely important and come into effect as of the 9th of July 2012, so please accept offers and plan to have offers accepted before then. Read the full CBC article below and please call me if you have any questions.