The Canadian housing market is not looking healthy, particularly the Toronto condo market.
The government is reacting with finance minister Chrystia Freeland extending 30-year loan amortization to all first-time home buyers and buyers of newly-built homes, all with CMHC insurance.
Canada has gone back-and-forth on 30-year mortgages since the financial crisis.
2008: The government reduced the maximum amortization period from 40 years to 35 years.2011: The maximum was further reduced to 30 years for insured mortgages.2012: The maximum amortization period for CMHC-insured mortgages was reduced to 25 years
This article was written by Adam Button at www.forexlive.com.
