On March 21st, 2013, Finance Minister Jim Flaherty delivered the 2013 Federal Budget. One of the major hot topics in the Mortgage Industry are plans to eliminate the 30 year amortizations for conventional mortgages. Jim Murphy of CAAMP (Canadian Association of Accredited Mortgage Professionals) sent out an Industry update May 15, 2013 encouraging members to join CAAMP in its effort to curb further constraints by sending comments to their local MPs. In his communication, Jim Murphy stated since mid-2012 housing resales in Canada are down by 9%, sales in new housing in several cities is at a record low, new construction is rapidly declining and the growth of mortgage credit has slowed dramatically. The CAAMP has been in contact with the Department of Finance and the OSFI concerning the elimination of 30 year amortizations for conventional mortgages and made recommendations to examine measures to support first time buyers impacted by regulatory changes instead of further restrictions on uninsured mortgage products. He has spoken to the federal government with concerns on the impact of the budget on the Asset Back Commercial Paper market which is vital to non-deposit taking lenders and the importance of choice for Canadian Consumers. If you wish to assist CAAMP in the effort to curb further constraints, contact your local Member of Parliament.