You may need more down-payment next year.

Canadian Govt is considering plans to make it harder for Canadian to buy a home. Finance Minister Jim Flaherty says that conservatives in Ottawa may tighten mortgage eligibility rules to avert a possible housing bubble. The government and Bank of Canada are worried that when interest rates rise upto 10% homeowners may not be able to keep up with the higher mortgage payments. In the coming few months the downpaymnet and amortization requirements may change for the borrowers. Right now you can get a CMHC insured mortgage with 5% downpayment and with upto 35 years amortization to lower the monthly payments. Its not clear what the new rules are to be but a higher downpayment requirement will keep lots of first time buyers out of the housing market.