The following News Releases or Speeches was posted on the Finance Canada Site. Ottawa, February 16, 2010 2010-011 The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada’s housing market and continue to encourage home ownership for Canadians. “Canada’s housing market is healthy, stable and supported by our country’s solid economic fundamentals,” said Minister Flaherty. “However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing.” The Government will therefore adjust the rules for government-backed insured mortgages as follows: [More]
The following News Release or Speech has just been posted on the Finance Canada Site. Ottawa, July 9, 2008 2008-051 The Government of Canada today announced adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market. The new measures include: * Fixing the maximum amortization period for new government-backed mortgages to 35 years; * Requiring a minimum down payment of five per cent for new government-backed mortgages; * Establishing a consistent minimum credit score requirement; and * Introducing new loan documentation standards. Today’s announcement marks a responsible and measured approach by the Government [More]