01/17/2011
~ The maximum number of years the government will back a mortgage was lowered from 35 to 30.
~ The upper limit that Canadians can borrow against their home equity was lowered from 90 per cent to 85 per cent.
~ Government insurance backing on home equity lines of credit, or HELOCs, has been removed.
Read more: http://www.cbc.ca/money/story/2011/01/17/flaherty-mortgage-changes.html
Federal Finance Minister Jim Flaherty is expected to announce new mortgage rules to stem the tide on household debt.