OTTAWA — The federal government is moving once again to tighten mortgage-lending rules amid lingering concerns about an overheated housing market and household debt levels.

In a move called for by some of the big banks, Finance Minister Jim Flaherty announced Thursday the federal government is reducing the maximum amortization period for a government-insured mortgage to 25 years from 30 years.

It’s the third time the government has reduced the maximum amortization period in the last four years, ratcheting it back from 40 years to 35 in 2008, and then further reduced to 30 years in 2011.

Banks will still be allowed to offer 30-year amortization periods on low-ratio mortgages that include a downpayment of 20 per cent or more.

Read more: http://www.canada.com/business/Finance+Minister+Flaherty+tightens+mortgage+rules/6817896/story.html#ixzz1yRcC83US

VANCOUVER — The City of Vancouver will get as much as $32.8 million in community contributions and development charges from Holborn Properties’ long-delayed Little Mountain housing redevelopment.

But all of that money will be plowed back into a complex public benefit program for the neighbourhood, including a neighbourhood house, child care facility and improvements to transportation and parks.

The contributions represent potentially one of the biggest paydays for the city from private developers who now have to share the profit they make when land is rezoned for high-density housing.

In a report going to city council Tuesday, city planners say they’ve hammered out a long-awaited agreement with Holborn for what should be built on the 6.2 hectare L-shaped property at Main Street and 33rd Avenue near Queen Elizabeth Park.

Read more: http://www.vancouversun.com/business/Vancouver+million+from+long+delayed+Little+Mountain+redevelopment/6814246/story.html#ixzz1yNcEieiu