By paNOW Staff

Mortgage rules tightened to curb household debt

Jan 17, 2011 | 7:37 AM

Ottawa is taking steps to help Canadians avoid crippling household debt.

Federal Finance Minister Jim Flaherty announced new mortgage rules this morning.

It means the maximum amount Canadians can borrow to refinance their mortgages will be lowered to 85 per cent from 90 per cent.

Under the new rules, mortgage amortization periods will be reduced to 30 years from 35 years.

The government will also withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.

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