Oh Canada!

To cool down an overheated housing market, the Canadian government, in a move called for by some big banks, is reducing the maximum mortgage length to 25 years from 30 (no balloons), decreasing the maximum one can borrow against a house to 80% from 85%, and capping the maximum mortgage at $800,000 for government-insured mortgages. 5% of buyers will be affected. They’ve been watching the carnage south of the border.

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