The Government announced on July 9 that they will no longer back new 40 year amortized mortgages or 100% financing. As of October 15, 2008, insured mortgages will require 35 year amortization or less, minimum of 5% down, a minimum credit score and new loan documentation. The new rules were put into effect to protect and strengthen Canada’s housing market as a result of the housing troubles in the United States. To read more visit: http://www.fin.gc.ca/news08/08-051e.html.