Jim Flaherty announced new changes to the mortgage rules today.

Of the three changes announced, the change that will affect most people is the reduction of the amortization period from 35 years to 30 years for government insured mortgages.  Buyers must have mortgage insurance for any purchase when the down payment is less that 20% of the purchase price.  The reduction in the amortization period will affect how much of a mortgage Buyers can qualify for.

If you have a pre-approval this might be a great time to make your purchase before the new rules come into effect.  Otherwise, you may face looking for a home in a lower price range than what you had in mind.