CMHC changes designed to protect home buyers will take effect July 1, 2020
Saturday Jun 27th, 2020
ShareEarlier this month, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to mortgage eligibility rules for insured mortgages. CMHC provides insurance to home buyers to protect lenders if a homeowner were to default on their mortgage. If a buyer purchases a home less than $1,000,000 and has less than 20% of the purchase price as a down payment, mortgage default insurance is mandatory. (Homes with a purchase price of $1,000,000 or more are not eligible for CMHC insurance.) These... [read more]