Here’s our picks for the five biggest developments that helped shape Canada’s mortgage industry in 2007.

1. The downpayment required to qualify for a conventional mortgage fell from 25% to 20%, saving homeowners thousands in default insurance premiums.
2. The American subprime debacle hurt Canadian mortgage shoppers by increasing interest rate spreads and decreasing alternative lending options.
3. The surge in popularity of longer-term amortizations bolstered Canada’s housing market.
4. The mortgage default insurance market became more competitive, with big new entrants like AIG United Guaranty.  Consumers have benefited with lower insurance premiums and more mortgage choices.
5. CMHC’s 100% financing program for rental properties, opened up income property investing to the masses.

Last modified: April 26, 2014