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mg_1200On January 5th, I wrote about the Minister of Finance’s concern over Canadians’ household mortgage debt, and how some changes to borrowing rules were probably in the works. Those changes were clarified and confirmed this morning. 

Per the Department of Finance’s website, here are the changes to mortgage rules that people in Edmonton and across Canada will face in the coming year:

  • Effective March 18, 2011, the maximum amortization period will be reduced from 35 years to 30 years for new government-backed insured mortgages that have a loan-to-value ratio of more than 80%. According to the government, this will reduce the overall interest payments that Canadians must make on their mortgage, which will free up more money to go towards principal.

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