The clock is ticking on Canada's mortgage rules.

Come Monday, insured 30-year amortizations will be a thing of the past, and the shift means many buyers are scrambling to find a home and seal a deal this weekend, before time runs out.

As part of an attempt to cool the housing market and reduce household debt, the maximum amortization on government-backed mortgages will be 25 years.

“It will mean some people will not be able to buy into the market, some people will buy less into the market,” Finance Minister Jim Flaherty said in announcing the new rules last month.

Bruce and Denise Perrett, of Port Coquitlam, B.C., got married last year and wanted to buy a house, but they weren’t in a rush.

That all changed when the couple heard Ottawa was tightening mortgage rules.

For the Perretts, locking into a 30-year term as opposed to 25 years meant an extra $300 a month that could go to strata fees or property taxes.

They sprang into action and called their mortgage broker.

“She was right on it, she got us the approval and the next day we were rolling,” said Denise Perrett. “Then we found out we had to have an accepted offer by [July 9] and then we panicked and called our realtor.”

The new rules limit buyers’ purchasing power, said mortgage advisor Milka Lukacevic.

Deadline stress

For every $100,000 it's about a $60 difference, and in an expensive market like the Lower Mainland, every penny counts.

But Lukacevic says the rush to take advantage before the rules change can carry a lot of stress.

“You can't necessarily — because the rules changed in a matter of weeks — go out and find something just to try and get it on a 30- year.”

The Perretts spent 48 hours looking at homes and put an offer that was accepted last week on a property in Maple Ridge that has everything they want.

The best part is that they qualify for a 30-year mortgage.

“We probably wouldn't have been able to afford to mortgage a house, or at least not the house we wanted, if we hadn't jumped on it,” Bruce Perrett said.

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• 12. Vancouver: $18.9 Million

  <strong>4798 Drummond, Vancouver:</strong> Located in Vancouver's posh Point Grey neighbourhood, this house features 15,000 square feet of living space across eight bedrooms, a circular driveway, fountain and gazebo.

• 12. Vancouver: $18.9 Million

  The circular grand foyer features marble floors. There is also a pool room (with a steam room and sauna), a media room, game room and recreation room. The garage fits eight vehicles.

• 11. Toronto: $18.9 Million

  <strong>75 Highland Crescent, Toronto:</strong> This house boasts "breathtaking views of the city skyline." There are four bedrooms and six bathrooms in this "smart home" that features "Porsche design" entry systems, security cameras, a power entry gate and a car elevator.

• 11. Toronto - $18.9 Million

  The house has a walk-in pool and sauna, a hot tub, a games room and a climate-controlled wine cellar. There's also an outdoor sound system with which to annoy your wealthy neighbours.

• 10. Oakville, Ont.: $18.9 Million

  <strong>2100 Lakeshore East, Oakville:</strong> This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house.

• 10. Oakville, Ont.: $18.9 Million

  The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat.

• 10. Oakville, Ont.: $18.9 Million

  Check out this virtual tour.

• 9. Austin, Quebec: $18.9 Million

  <strong>105 Chemin Fisher, Austin:</strong> The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog.

• 9. Austin, Quebec: $18.9 Million

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• 8. Caledon, Ont.: $19 Million

  <strong>17485 McLaren Rd., Caledon, Ont.:</strong> No fewer than ten bedrooms and seventeen bathrooms in this house in Toronto's cottage country. The terrain features ravines, ponds and rolling farmland. Not to mention a spa, tennis court, pool room and a hobby workshop.

• 8. Caledon, Ont.: $19 Million

  The realtor boasts that this property has been "in the same family for almost 100 years." One has to wonder whether this was intentional, given how long this estate has been on the market (it was there this time last year as well.) Nevertheless, a fantastic and absolutely classy dining room in this house.

• 7. Toronto: $19.5 Million

  <strong>346 Riverview, Toronto:</strong> Located in Toronto's prestigious Rosedale district, this six-bedroom, 11-bathroom house sits on a one-acre lot. Fourteen-foot ceilings, a wine cellar and an orangerie are among the features to be found here.

• 7. Toronto: $19.5 Million

  The modernist interior design is complemented by a basement home theatre, gym and a spa featuring its own sauna and steam rooms.

• 6. Vancouver: $19.8 Million

  <strong>4880 Drummond, Vancouver:</strong> Yet another house in Vancouver's Point Grey neighbourhood has made this list, this time a 9,000-square-foot mansion featuring seven bedrooms and bathrooms, and a four-car garage.

• 6. Vancouver: $19.8 Million

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• 5. Vancouver: $19.9 Million

  <strong>5771 Newton, Vancouver:</strong> There aren't too many private homes to be found on the splendidly isolated grounds of the University of British Columbia, but this property near Northwest Marine Drive is one. Seven bedrooms and eight bathrooms in this 12,000-square-foot home.

• 5. Vancouver: $19.9 Million

  The house features a "bonus wok kitchen," as the realtor describes it, on top of its regular kitchen, and the house in all boasts a games room, professional calibre gym, an indoor pool and granite floors. The patio is big enough to hold a wedding party, according to the realtor.

• 5. Vancouver: $19.9 Million

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• 4. Toronto: $28 Million

  <strong>1400-155 Cumberland, Toronto:</strong> This condo in Toronto's Yorkville district (the heart of the film festival) is monstrous by apartment standards: 10,000 square feet on two floors. Four bedrooms, five baths and "breathtaking views."

• 4. Toronto: $28 Million

  All but two of the condo's rooms open on a 5,000-square-foot terrace. The house features a library and a wine cellar, and comes with no fewer than four parking spots -- a heck of a lot by Toronto standards.

• 4. Toronto: $28 Million

  Check out this virtual tour.

• 3. Vancouver: $28.8 Million

  <strong>PH01-1011 West Cordova, Vancouver:</strong> This condo may well be located in the most prestigious apartment building in Canada -- no other building has had units featured in HuffPost's "most expensive" lists quite as often as 1011 West Cordova, also known as The Fairmont Pacific Rim.

• 3. Vancouver: $28.8 Million

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• 2. Vancouver: $31.9 Million

  <strong>3390 The Crescent, Vancouver:</strong> Villa Russe, as this estate is known, is located in Vancouver's Shaugnessy Heights and features six bedrooms (the master bedroom has three dressing rooms), five fireplaces and eight bathrooms.

• 2. Vancouver: $31.9 Million

  Given how expensive this property is, we're a little surprised the sellers stress walking-distance access to amenities. But in Vancouver, even residents of homes that feature their own greenhouses, heated pools and fish ponds prefer to walk sometimes.

• 1. Vancouver: $34 Million

  <strong>5365 Seaside Place, West Vancouver:</strong> We thought we'd show you the pool house first, just because it looks so cool.

• 1. Vancouver: $34 Million

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• 1. Vancouver: $34 Million

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• 1. Vancouver: $34 Million

  The house was rebuilt in 2008, and features geothermal heating and integrated lighting and security. The boat house will fit anything up to 40 feet long, and the garage fits five cars.