The Finance Minister, Jim Flaherty, has said that the federal govenment is going to make it tougher for people to get a mortgage. Ottawa is going to require that all borrowers meet the standards of a five year fixed-rate mortgage. This will take effect on April 19th. Flaherty said that these measures would “have some stabilizing effect on the housing market. And stability is a good thing.” As well, he said the changes should still make housing affordable for first-time homebuyers. His main concern, he added, was that Canadians were at risk of overextending themselves as interest rates are at historic lows and are bound to climb.