Last Oct 15-2008, the Canadian government eliminated the 40 year amortization and the 100 % finance program . The self employed programs were severely tightened. The has been buzz that a further tightening is about to come. Today this article came out ( see below )
No one knows if the changes will come however if they do like last changes they come with little notice
thus any potential purchasers with small ie 5% downpayments or tight payments should revisit and move up there time frames.
ie be buying now
Toronto - The Canadian Press Published on Monday, Dec. 21, 2009 6:28AM EST Last updated on Monday, Dec. 21, 2009 9:01AM EST
CTV says Ottawa is considering raising the minimum down payment for home buyers as well as reducing the amortization period in order to stop some consumers from taking on too much debt. Watch interview here.
In an interview with CTV Question Period, to be aired next week, Finance Minister Jim Flaherty says the measures will be taken if there's evidence of excessive demand in the housing market.
Flaherty says the new measures would target consumers "who are taking on obligations that they will not be able to handle in the future when the interest rates do rise."
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