Buying a first home or taking out a loan against an existing residence will now be more difficult for Canadians.

But Finance Minister Jim Flaherty says it's for their own good.

For the fourth time in as many years, the finance minister moved to tighten the mortgage and lending landscape.

The changes mean up to five per cent of Canadians who might be considering buying a new home will likely no longer qualify.

Bank of Canada governor Mark Carney is endorsing the move, saying Canada's economic performance has been largely fuelled by debt.

(Canadian Press)