Time Flies! March 18th will be the last day a 35 year amortization mortgage will be available to Canadians. This does not mean the house has to close by the 18th of March, however you must have a FIRM purchase (all conditions waived–including having financing in place) by this date.
Other changes on this day will include CMHC not insuring high ration lines of credit, and refinacing your existing home will be allowed to a maximum loan to value of 85% down from 90%.
Despite the changes in tightening up Mortgage Rules this will help create and maintain our stable housing market in Canada.