On February 16, Canadian Minister of Finance Jim Flaherty announced that the rules for government-backed insured mortgages will be adjusted, effective April 19, to: (i) require all borrowers to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term, (ii) lower the maximum amount that can be withdrawn in refinancing mortgages to 90% from 95% of the value of a home, and (iii) require a minimum down payment of 20% for government-backed mortgage insurance on non-owner-occupied properties.  Department of Finance Release.