Hello again! Here is some important information concerning purchasing real estate in Canada. Canadian Finance Minister Jim Flaherty intends to strengthen housing financing by requiring that all borrowers meet the standards for a five-year fixed-rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This requirement will help Canadians prepare for higher interest rates in the future. He will lower the maximum amount Canadians can withdraw in refinancing their martgages to 90 per cent from 95 per cent of the value of their homes. This will help insure home ownership is a more effective way to save. Also required a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation. Our banks are already cautious than other countries with it's lending practices, and who they lend to...the concern is that a lot of first-time buyers will now start re-thinking when to buy. If you have any questions feel free to contact this excellent resource www.NewlocalHome.com or email me via my VIP section on the top of my web page. Peace