Can anyone say "AUSTERITY"?
Potential Changes to Mortgage Financing Rules
There is strong speculation the Canadian federal government may further tighten mortgage financing rules; in particular, raise down payment requirements and shorten amortization periods. This would make it more difficult for some Canadian families to realize the dream of home ownership and could have a detrimental impact on existing homeowners and the economy. Finance Minister Jim Flaherty said he is monitoring the situation, and will take action if needed.(yah right). Comments:This is just one of the many 'planned' steps by "goverment/corporations" to push Canadians toward austerity measures. There is no justifiable reason to lesson ammortization periods and raise down payment. This should be up to the private banks to make their own rules about the 'money' they are 'lending' (which of course isn't real money at all). Brace yourselves, this is only the beginning.

