The mayors of Canada's biggest cities are pledging to match new federal and provincial government funding dollar for dollar in an attempt to procure more funding from the federal government.

Modernizing Canada's "crowded and rapidly-aging transportation networks" was cited as a major reason behind the need for increased funding.

According to the the 22-member big city mayors' caucus, one out of every four roads is congested, with 50 per cent in need immediate repair.

The BMO Retirement Institute has released a report stating one-third of baby boomers are planning to sell their home to help fund their retirement.

The report, which examines the relationship between Canadians readiness for retirement and their attitudes regarding home ownership, found 32 per cent of respondents believe living comfortably in retirement is the most financial accomplishment to achieve over a lifetime but 40 per cent are not confident they can save enough to fund their ideal retirement lifestyle.

Government tightens lending guidelines

With concerns regarding overheated housing markets and household debt levels rising nationwide, the federal government has enacted new rules governing mortgage lending and borrowing.

The biggest change, and the one most likely to have an impact on Canadian homebuyers, is the reduction of the maximum amortization periodfrom 30 years to 25.