CMHC will implement the following new measures to all applications for mortgage loan insurance:
Effective March 18, 2011:
- Reduce the maximum amortization period from 35 to 30 years for new insured mortgages with loan-to-value ratios of more than 80 per cent.
- Lower the maximum amount Canadians can borrow when refinancing a 1 – 4 unit owner-occupied property from 90 to 85 percent of the value of their homes.