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Government of Canada Takes Action to Strengthen Housing Financing : The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians. 'Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals,' said Minister Flaherty. 'However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing.' The Government will therefore adjust the rules for government-backed insured mortgages as follows: Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future. Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per