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Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term loans is caused by a five-year maturity cap on government-guaranteed deposit insurance, and a prepayment penalty limit on residential mortgage loans in the Interest Act. That said, the availability and cost of residential loans for prime borrowers are comparable to those in the United States.

Finance --- Business & Economics --- Banking --- Mortgage loans --- Housing --- Mortgage guarantee insurance --- Finance. --- Insurance, Mortgage guaranty --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- Home loans --- Mortgage lending --- Real estate loans --- Social aspects --- Insurance --- City planning --- Dwellings --- Human settlements --- Loans --- Secondary mortgage market --- Banks and Banking --- Investments: Bonds --- Industries: Financial Services --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Insurance Companies --- Actuarial Studies --- Investment & securities --- Insurance & actuarial studies --- Residential mortgages --- Covered bonds --- Financial institutions --- Bonds --- Banks and banking --- United States