Canada to tighten mortgage rules (tomorrow)

Scottl

The Finance Department says Flaherty is scheduled to hold a news conference on Thursday at 8:15 a.m. (1215 GMT).

A government official, who spoke on condition of anonymity, said the government will reduce the maximum amortization period of a mortgage to 25 years from 30 years, and lower the level of home equity that can be borrowed against to 80 percent from 85 percent.

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