Canadians have less mortgage debt

Canadians are taking on less mortgage debt after the federal government tightened up credit rules.

According to Canadian Mortgage and Housing, the percentage of people refinancing their homes fell by more than 25% compared to the period before the changes took place.

In March, Ottawa cut the amount Canadians can borrow when re-financing from 90% to 85%.

It also reduced the maximum amortization period.