Minister of Finance introduced the new rules for mortgage lending

On Tuesday, Finance Minister Jim Flagerti Canada announced the introduction of two months of the new rules, designed to help home buyers do not get into a quandary when they grow up rates on mortgages.

After consultations with Canada's largest lenders, the government developed a plan to reduce speculation in the housing market, read more http://friendfeed.com/anatolegerasim

In a broad sense, submitted a plan consists of three items. First, the authorities will require that all borrowers meet the standards of five-year mortgage with a fixed rate program, even if they choose another program with a lower rate and for a shorter period.

Secondly, it will be reduced by the maximum amount that Canadians can withdraw when refinancing a mortgage, from 95 to 90 percent.