Mortgage “Make-over”

The federal government has announced that 40-year mortgages and 100% financing options will be no longer as of October 15, 2008. This responsible and measured decision aims to ensure Canada’s housing market remains strong and will guard against a U.S. style housing bubble. Economic factors such as low interest rates, rising incomes, a growing population, and the demand for residential housing is keeping Canadian housing prices in line.  The government emphasized that Canada’s housing and mortgage markets are performing much better then in the U.S. with more the 200,000 housing starts a year. The historically prudent and cautious approach taken by the Canadian financial institutions to mortgage lending will continue.

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