If you are looking to buy a house, tighter mortgage rules take effect Monday.

One of the major moves sees the maximum amortization period cut from 30 years to 25 years. Last year, about 40 per cent of all new mortgages were taken over a 30-year period. The changes, announced by the government last month, are aimed at protecting the economy by keeping Canadians from drowning in housing debt.

Chartered Mortgage Broker of Northeast Mortgages, Terry Kilakos, believes the changes are positive. He says by reducing the amortization period, you also lower interest in the long run.

He says the change will affect a small portion of people who might have a more difficult time to purchase a home.

"But that begs the question, should they be buying a home in the first place?" says Kilakos. "The change in mortgage will only be about $100-$150 a month."

Furthermore, he believes the impact on the housing market will be minimal, and as long as interest rates stay low, we shouldn't see a major difference. However, condo sales might take a small hit.

"The condo market will probably be affected, especially because the market is usually for younger people just starting off."