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Ottawa Caps CMHC Mortgages

Blog by Century 21 Amos Realty | June 22nd, 2012

CMHC mortgages are going to be capped at 25 years. In previous years the cap was 35 and went down to 30. But now the ministerof finance Jim Flaherty has outlined new rules aimed at reining in a hot housing market and ensuring Canadians aren't taking on more debt than they can afford.

30 years is definitely better for people wanting a lower mortgage payment but does increase the cost in the long run but 25 years saves you money in the long run but your payment will be higher.

Now may be the time to get your mortgage if you need a 30 year mortgage! 

To read more on the changes click below.