40 year amortizations, which only came into affect 2 years ago, will be going bye-bye as of October 15th. Due to the housing trouble in the U.S., the federal government decided to tighten up its mortgage rules. Among capping the amortization period to 35 years, the new rules also include a mandatory 5% downpayment, a miniumum credit score in order to borrow, and proper documentation from borrowers on stated income and sources.

Check out these articles for more info:

The Globe and Mail

The Toronto Star