Specials abound.  Fixed rates as low as 3.69% on five year terms and variable rates as low as 1.95% or prime minus .30%.

As well, some new mortgage rules are slated to take effect April 19th as this morning Finance Minister Jim Flaherty made the following three announcements to mortgage insurance rules:

1.      Variable mortgages qualified at five year fixed rate ( previously used 3 year term );

2.      Refinancing limited to 90% instead of 95%;

3.      Non owner occupied residences require 20% down payment;

This announcement is the result of a review process on debt levels undertaken by the federal government who was fearing possible asset bubble and over heated housing market.