I am curious to hear what other people think about 30 year mortgages instead of 35 years.

It won't affect my area very much at all. Maybe in Toronto and areas such as that with very high prices. Around here most people go with 25 year amortizations as it is anyways. I always try to talk people out of 30+ yr amortizations. I am just glad that they left the minimum downpayment alone as that would have a much greater impact around here.

My thoughts are that the rule changes are of minimial impact to most buyers. I though most buyers where at a 25 or 20 year amortization period.

It seems most of the changes are targeted at people trying to get all the equity out of their home and have been made so people do not end up in a short sale position.

No short sales in Canada.

Home owners will still be able to refinance to a max of 80% of value but this is not longer available for CMHC insurance.

New to Canada can still buy with 5% down and Permanent residence Card with a full time job.

Cash Back Mortgages still exist for ZERO down purchase.
http://www.youtube.com/dpylyp#p/u/10/oKFIgUnQTAk

I think it will just make it a little harder keep spending money and then stuffing the debt into the credit line that is your house mortgage.