This morning, Federal Finance Minister Jim Flaherty announced changes to mortgage insurance rules intended to ensure the stability of Canada's housing market.

These measures include:
• Amortization period capped at 30 years
• Reduction of government backing for home equity lines of credit
• Maximum refinancing reduced to 85% from 90% LTV (Loan To Value)   
 

There was a reasonably detailed account of these changes published in the Globe & Mail. Click HERE to read the article.

These changes do not affect the vast majority of home buyers as the difference in qualifying for a 30 year mortgage versus a 35 year mortgage is very small. Most lenders had already implemented a 30 year maximum in their qualification criteria but were still allowing a 35 year mortgage if the buyer chose.