Important changes to Canadian mortgages

As of October 15 of this year, the zero-down mortgage will no longer be available. It's been a popular option for a few years now, for those with good income and good credit but no cash on hand. The new rule (aka reverting back to the old rule) is that you'll be required to have a minimum 5% down payment.
The interesting twist is that they are lowering the Beacon score and TDR (total debt ratio) requirements, so you can have more debt and poorer credit, but you have to have the cash!

The 40-year amortization will be history also, which isn't an awful thing. What it meant was that you could afford to spend more on a house, but you'd pay a couple of thousand extra in CMHC fees, and it would take you considerably longer to start paying down the actual principal on the loan. The maximum amortization under the new changes will be 35 years, a healthier option in my opinion.

Some of the major banks have already stopped offering zero-down options, so if you had been considering this as a possibility, contact your mortgage broker NOW to get the process started.

Here's a selection of articles about the changes:
CBC
Globe & Mail
Reuters